We’ve all heard of ROI, but what does it actually mean?
Return on Investment is simple: your business has to spend money to make money (another common term). Without actually profiting from your expenditure, you could run out of funding. Fast.
For example, if you were to invest $500 and earned $1,000 as a result, your ROI would be 100 percent. Alternatively, a $200 investment generating $250 would make for an ROI of 25 percent.
The better your ROI, the more money you’ll have to put back into the business and keep improving the CX you deliver. But you’ll need a great customer service team to actually invest in, or you’ll be throwing your cash away.
What is a call center team’s impact on ROI and how does good customer service team affect it?
Boosting Customer Retention, Boosting Profits
Research shows 80 percent of a business’s future revenue will be generated by just 20 percent of its existing customers, and increasing retention by as little as 5 percent can boost profitability by 75 percent.
On top of this, customers who had the best experiences have been found to spend 140 percent more than those with the worst experiences.
These impressive statistics show just how important it is to retain as many customers as you can through consistently high-quality service. Effective organization, training and evaluation are all fundamental to this, as part of an ongoing quality assurance program.
This will help you identify strengths and weaknesses within your customer service team, providing you with actionable data to drive improvements. By assessing your agents’ performance, you can keep enhancing the standard of experience your customers receive consistently.
They will come to trust your brand and (hopefully) see little reason to switch to another. You have to take advantage of customers’ feedback too: ask them to rate the quality of the service they received following an interaction, and ask how likely they would be to recommend your brand to a friend.
This will give you your Customer Satisfaction (CSAT) and Net Promoter Score (NPS) respectively. Both show how well your team’s performing and how much of a positive impact you’re making. The higher these scores are, the more likely you are to retain customers and acquire new ones through positive word-of-mouth marketing.
How does Each Member of the Team’s Work Impact ROI?
We’ve established good customer service can help to boost your ROI, along with quality products, strong advertising etc. But your customer service team is made up of multiple employees across different roles — so how does each affect your ROI?
Customer service agents are on the front line, and carry a lot of responsibility for your call center team’s impact on ROI.
They’re handling customer phone calls and live chats on a daily basis. They’re responsible for representing your business to countless individuals — and one mistake or moment of weakness can cost you a customer in seconds.
Let’s say John’s having a bad day. He’s bought a specific product but doesn’t know how to use it. He’s lost the manual and decides to call your customer service team for help.
Let’s say John is left waiting on hold for a few minutes, but is eventually greeted by one of your agents, Kelly. She’s polite, friendly and happy to help, though she doesn’t have instant access to the answers John needs.
John’s bad mood causes him to insult Kelly without thinking how he might hurt her feelings. Rather than remaining calm, Kelly goes on the defensive and enters into an argument with John. The two go back and forth until he hangs up, never to buy from your business again.
But it doesn’t end there. He spreads word of the incident on his Facebook account and leaves a negative review on every site he can find. Dozens, hundreds or even thousands of people could see his story and decide to avoid your business.
And with 84 percent of consumers trusting online reviews as much as personal recommendations, that’s a very real possibility.
The moral of the story: actions have consequences, and a lapse in judgement could have a lasting effect on your business’s success — and your call center team’s impact on ROI.
Your customer service agents must be given the coaching, training, support and motivation to keep delivering the highest standard of service they can. A quality assurance program will help determine which agents need further assistance and which can inspire others.
Team leaders must motivate, guide, supervise and support the agents they oversee, working to help create a stronger group.
A good team leader will keep agents on track to hit targets, act as a liaison between themselves and managers, and ultimately ensure they have everything they need to perform at their best. Their involvement is essential to keep driving improvements in the future, working alongside QA analysts and managers to provide a better experience for employees.
Without strong team leaders, your customer service could suffer, along with your ROI.
Quality assurance revolves around evaluating performance and finding ways to overcome flaws. Analysts use call monitoring, customer surveys and data gathered from different aspects of everyday processes to gain insights into the customer service team’s work.
An ongoing quality assurance program is vital to eliminate mistakes affecting customer satisfaction and improving service across the entire team, at all levels. This reduces the risk of poor choices being repeated and can help to transform your entire workplace for the better.
Engaged employees are more productive, not to mention likely to show loyalty to the business. This can be a powerful incentive to provide customers with great service.
Finally, let’s talk about managers.
Good managers must work closely with service agents, QA analysts and team leaders to maximize ROI. Every cent has to count, and that means striving to be the best in every aspect of customer service.
Managers have more power to improve employees’ working experience than anyone else. They can act on information provided by QA analysts and team leaders to boost morale, offer real motivation and cultivate a happier atmosphere overall.
For example, they may choose to introduce a reward program for high achievers, offering workers tangible goals to work towards. This carries some expense, of course, but it has real potential to encourage stronger service, boost customer service and dictate your call center team’s impact on ROI.
Managers should explore trends and patterns found through quality assurance too, to find out what customers respond to best. If they see altering certain processes or authorizing specific training programs will enhance CX, they should do so.
Achieving the level of ROI you hope for demands time, effort and, yes, investment. Businesses have to make smart decisions based on actionable data, appealing to their target audience as best they can.
Providing consistently high-quality customer service can make a positive impact on your ROI, but you must be patient. Perform ongoing quality assurance, listen to your customers and cultivate a positive working experience for employees. Over time, you could see lasting improvements in your revenue.
What call center team’s impact on ROI have you seen? What steps have you taken to improve the quality of your customer experience? Let us know!