3 KPIs to monitor in 2015

3 KPIs to monitor in 2015 – Impact Blog!

So much infor­ma­tion and so lit­tle time! This is not an unfa­mil­iar lament amongst small-to-midsize con­tact cen­ters. With so much data read­ily avail­able to con­tact cen­ters, it’s some­times hard to know which met­rics really mat­ter. For com­pa­nies that don’t have the lux­ury of big bud­gets, the amount of infor­ma­tion avail­able is some­times over­whelm­ing. It’s no won­der, then, that fewer than 50% of com­pa­nies have a good han­dle on their Key Per­for­mance Indi­ca­tors (KPIs). Know­ing which met­rics mat­ter and how they fac­tor in to your company’s strate­gies takes time and resources.  Suc­cess­ful call cen­ters have dis­tilled the KPIs that are most use­ful to their oper­a­tions and cus­tomer expe­ri­ences while win­now­ing out those facts and fig­ures that are dis­tract­ing. Let’s take a look at three KPIs that suc­cess­ful call-centers mon­i­tor and use to con­tin­u­ously improve the customer’s expe­ri­ence and the bot­tom line

1. First Call Res­o­lu­tion (FCR)

It can be argued that FCR is the sin­gle most impor­tant KPI regard­ing cus­tomer sat­is­fac­tion. The research and con­sult­ing com­pany Ser­vice Qual­ity Mea­sure­ment (SQM) found that for every one per­cent improve­ment in FCR there is a cor­re­spond­ing one per­cent improve­ment in over­all cus­tomer sat­is­fac­tion. Amongst the top per­form­ing con­tact cen­ters in terms of cus­tomer sat­is­fac­tion, the aver­age FCR rat­ing was 86%, while other cen­ters hov­ered around an FCR rat­ing of 67%.

In addi­tion to higher cus­tomer sat­is­fac­tion rat­ings, boost­ing FCR scores also ben­e­fits con­tact cen­ters by:

Low­er­ing oper­at­ing costs. When FCR rates are low, there is a lot of cost asso­ci­ated with the high num­ber of repeat callers.
<Bet­ter cus­tomer reten­tion. When customer’s issues are resolved on the first call, they are less likely to defect to your competition.
Improv­ing employee sat­is­fac­tion. When employ­ees can help a cus­tomer resolve their prob­lem on the first call, there is a boost to morale. Addi­tion­ally, employ­ees are more sat­is­fied with their job if they aren’t deal­ing with a lot of frus­trated cus­tomers who need to phone in mul­ti­ple times to resolve an issue.

Focus­ing on boost­ing FCR rates is impor­tant, but there is more than meets the eye with this KPI. Defin­ing a “resolved call” can be sticky. Is it when an agent doesn’t need to trans­fer the call to another depart­ment, or is it when no fur­ther action needs to be taken? You cer­tainly can’t go wrong by aim­ing to meet both def­i­n­i­tions, but remem­ber, it’s the cus­tomer opin­ion that most mat­ters. If cus­tomers aren’t sat­is­fied with how their issues are resolved, then a higher FCR rate means lit­tle.  To get the most out of higher FCR rates, make sure you’re cap­tur­ing cus­tomer opin­ions through sur­veys. This win­ning com­bi­na­tion will yield the best over­all results!

2. Aban­don­ment Rates

Track­ing aban­don­ment rates is another impor­tant KPI, as it can alert con­tact cen­ters to inef­fi­cien­cies in the queue process or other issues that are prompt­ing the cus­tomer to hang up or abort a live-chat con­ver­sa­tion. If your com­pany offers both phone and live-chat sup­port, then you’ll want to track aban­don­ment rates sep­a­rately, rather than lump them together. Most suc­cess­ful con­tact cen­ters have low aban­don­ment rates, but here too, chas­ing the low­est num­ber doesn’t nec­es­sar­ily mean higher cus­tomer sat­is­fac­tion lev­els. In a paper pub­lished by HDI, they found that lower aban­don­ment rates have lit­tle impact on cus­tomer sat­is­fac­tion lev­els. Only when aban­don­ment rate lev­els increase above seven or eight per­cent do cus­tomer sat­is­fac­tion lev­els drop. If lower aban­don­ment rates have lit­tle effect on cus­tomer expe­ri­ences, then why does this KPI mat­ter? It mat­ters because con­tact cen­ters should be look­ing for the “sweet spot”—if this num­ber is too low, there are higher over­head costs to achieve a lower rate; if this num­ber is too high, you run the risk of frus­trat­ing you customer

3. Response Time

This KPI is an umbrella term that often includes Aver­age Han­dle Time (AHT) and Aver­age Speed to Answer (ASA). These met­rics are fun­da­men­tal to con­trol­ling costs and ensur­ing pos­i­tive cus­tomer expe­ri­ences. Mon­i­tor­ing your response time allows you to see how acces­si­ble your agents are to cus­tomers and give you a mea­sur­able tool for proper staffing lev­els. In terms of set­ting bud­gets, this is arguably one of the most impor­tant KPIs to con­sider, as it tells you how effec­tive you are in pair­ing cus­tomers with agents.

While this KPI is nuanced, sim­i­lar to those men­tioned above, with ade­quate train­ing, you can reap huge ben­e­fit in terms of pro­duc­tiv­ity, cus­tomer sat­is­fac­tion, and lower over­head costs.

As with any met­ric, you’ll want to focus on the big­ger pic­ture and not just the num­ber. At the end of the day, what mat­ters most is the cus­tomer expe­ri­ence, and if you’re just chas­ing a bet­ter score, then you’re lim­it­ing its over­all value. When the afore­men­tioned KPIs are uti­lized in tan­dem with mea­sur­ing cus­tomer sat­is­fac­tion, you can max­i­mize their poten­tial in help­ing you become a world-class con­tact center.

Leave a Reply