Any flourishing and successful business relies on excellent customer support service. Customer service's aim is to create and maintain relationships with customers by ensuring that they are satisfied with your products/services and listening to their suggestions on how to improve your organization. As a result, providing a positive customer experience can have a substantial influence on your business's ROI by raising conversion rates, increasing market share, developing brand loyalty, increasing the potential for upselling and cross-selling, and attracting talent. Negative experiences, on the other hand, might lead to a loss of money as well as irreversible damage to your company's reputation.
The benefit to an investor from an investment of a resource is known as return on investment (ROI). A high return on investment (ROI) indicates that the benefits of the investment outweigh the costs.
At Wow Customer Support, about how important it is to provide excellent customer support service in general. However, we stress the need of using concrete numbers to evaluate the success of your efforts. When you combine the two, you'll be able to see exactly how your customer service efforts are benefiting your company's bottom line.
Let’s discuss the ways a company can improve its return on investment by taking the below-mentioned measures.
Tips to improve your ROI from your Customer Support Service
More than 88% of businesses now place a premium on customer experience in their daily operations. Yes, it's that crucial. And it's not hard to see why. If a customer chooses to do business with you based on their customer experiences, then that's where you must stand out. Customer experience is now the primary differentiator for more than two-thirds of businesses. Consequently, you're increasing your company's return on investment because more customers mean more sales.
Improving ROI by improving customer service management
- Calculate Customer retention - It’s all about the perspective. If you start watching customer support services as customer success operations, the game changes. Customers will stay longer with the company if they’re getting their answers properly addressed. They are going to continue using your products and services because they know the customer support services provided by your company are reliable. Observe how and when customers reach out with an issue, getting the problem addressed by a call or any type of communication results in reducing cancellations and refunds. This way, you can improve the services and keep your customers coming back!
Nonetheless, we know that excellent customer service is linked to company success, and it's apparent that customers want to contribute their money to organizations that care about them.
- Educate and Train your Staff - If your employees don’t have a proper understanding of your products and services, it’s going to cost you a lot of company resources. It’s important that employees are easily able to navigate through different processes and systems are able to help your customers with ease. By training your staff you’ll be able to resolve your customer issues effectively and efficiently. Training them regarding the different processes, troubleshooting skills, product/service knowledge, active listening and resolving conflicts will enable your company to perform better in the long run and a small investment will be worth all of it and more.
- Identifying the right ROI indicators - It’s easier to sell your product or service to an existing customer rather than a new customer. Hence, the customer support service provided should be exceptional. Identify which ROI indicators seem to be working for your company and are proving the results. You can start executing modest, measurable trials with specific ROI figures once you've figured out which customer service metrics your team can use and how that adds to the company's performance.
- Implementing Feedback Software - By installing feedback software, you can get complete information on the customer’s experience. This way, you can understand what’s working and what’s not working. The technique and approach used by high performing employees to handle customer queries can be utilised in training the one’s that are struggling to perform.
- Reward Employees for practising great Customer Service - Providing great customer support service and customer incentives that braces great customer experience, a company can expect direct investments in marketing and referrals. Keeping incentives for your employees will drive them to provide a high-quality customer experience. Moreover, prospects when going through your customer service reviews are likely to turn into customers after seeing a positive compliment on your company’s efforts to keep their customer’s happy.
- Sales - Customer support acts as marketing by offering a fantastic customer service experience that customers want to tell their friends about.
Improving ROI by reducing costs
A company can get a high return on investment by cutting costs on the customer service operations. The two major factors that play a big role in this strategy are Efficiency and Effectiveness. By improving the efficiency of processes and individual activities, time consumption is going to get lower and hence the cost per unit of work will reduce. If your employees are able to resolve customer issues faster, they would not be required to work extra.
Similarly, if customer queries are solved on the first call, they won’t have to contact customer service agents several times through different means of communication. Less number of calls to attend means you’ll require less staff.
Keeping these two factors in mind, there are proven strategies you can implement to lower the cost of your customer service, they are listed below:
- Customer service tools and data - Improve the productivity of your customer support service operations by installing an IT system that’s updated and services like helpdesk management and online support can help along with customer queries and requests. Agent assisted support can be minimalised if there are self-sufficient solutions available for customers. Furthermore, with the quality of the information provided to agents, they’ll be able to handle customer problems effectively.
- Process Optimization - By reducing the number of steps in a particular process, eliminating the need of piling up work and unnecessary tasks will not only help your company in saving resources but is also going to improve the customer support service experience.
- Restructuring Customer service operations to build better teams - When customer support service operations increase, the possibility of redundancies developing between teams, business processes and organizations increase as well. Restructuring of customer service operations in specific intervals can create greater synergy and it will also help in reducing overhead costs of customer service management.
- Outsourcing - Customer support service outsourcing will give you the opportunity to access less costly resources to perform large scale operations. It will also allow you to work along with global workforces that will be of great support to your company’s needs.
Improving ROI by improving performance
In order to improve your ROI by customer support services, you’ll have to improve the quality of your customer service functions. Here are the top four ways you can implement to improve your services -
- Listen to your customers - Sometimes when a customer comes to you with their query, more often than not they’re looking for a customer service representative to hear them out and empathize with their problems. Even if the problem isn’t resolved quickly if you’re customer service representative is able to communicate and build a relationship with the customer, it will improve customer loyalty and satisfaction.
- Don’t keep them waiting - A very simple and effective way to increase the value of your customer service operations is by not making them wait. One of the main problems faced by the companies is customers having to wait to get the agent’s attention and get their issues resolved. By the time, the customer service representative attends to the issue, the customer is already upset. Minimizing the customer waiting time will show them that you value their time and business.
- Caring and Knowledgeable staff - When customers interact with your company regarding a problem, they expect to interact with a knowledgeable staff that can assist them properly and handle their issues with utmost concern.
How a Call Center Can Help
Even if you grasp the concepts of high-quality service, putting them into practice successfully is a different story. Despite their greatest efforts, many companies still struggle to provide excellent customer support services.
So, what can you do right now to improve your customer support services? Contact an outsourced call centre.
With Wow Customer Support, you can improve your customer service results and increase your return on investment.