Customer experience (CX) is the most important factor that decides the success and growth of your business.
Gone are the days when the call centers were dedicated to answering only sales-related queries or product-related issues.
Nowadays, you have advanced call center software that keeps a track of the customer behavior and help the companies to evaluate the response to a particular product or service.
When the vice-president of Gartner research, Olive Huang made a study of people’s discussions on the social media she found out that CX was at the core of most of the discussions.
The study reveals that 76,000 conversations were on CX design, 163,000 were on CX data and analytics, 146,000 were on CX channels whereas 82,000 conversations were on CX strategy.
Moreover, the study also says that CX contributes 40% to the success of data analytics projects and most of the brand’s review and rely on the analytics data for improving the customer experience.
So, in nutshell, if you want to improve your sales, retain existing customer and add to the overall growth of your company, you should really take customer support ROI seriously.
Measuring Customer Support ROI Quantitatively
Now that, it is clear measuring customer ROI is important for retaining the existing customers you must think of how you are quantitatively going to measure it. Here are a few suggestions:
1. What Should Be Measured?
There is such a vast data to be measured, knowing exactly what you want to measure will save your time and provide you with the accurate result.
Experts believe that whatever you choose, it should be a metric that can be easily quantitatively measured.
According to Bruce Tempkin, you should decide brand goals or business that can influence the metrics of your CX to determine what to measure.
2. Which Survey Instrument Should You Use?
For measuring business-side ROI you can measure attitudes, behaviors, interactions, and perceptions.
But when it comes to measuring CX-side ROI you need to decide which survey instrument will fulfill your requirements and demands.
Generally, there are three industry-formats – Customer Effort Score (CES), Net Promoter Score (NPS), and Customer Satisfaction Score (CSAT) that are popularly used for making such measurements.
3. Co-Relating The Two ROI Measurements
When you have both the business as well as CX metrics with you, it is time to co-relate these ROI measurements collectively.
Finding how the customers behave in relation to the data collected through business metrics will help you understand the exact influence of customer behavior on your products/services.
Here are the top 9 tips that you can use to measure customer support ROI effectively:
1. Measuring Key Performance Indicators
More often, when you are setting revenue expectations from social media users, then you are headed towards failure because people do not come on social media to buy.
So what should you do?
You should look at the referral traffic, engagement rate, and audience reach.
Depending on the type of business, factors that impact the overall growth of a company also differ.
So, it is important that you know how to identify such metrics that reveal to you how the customer service team is making an impact on the success of your business.
For that, you need to track retention rate, an overall increase in the sales revenue, number of repeat purchases made by the existing customers, reduction in operational costs, and upgrade subscription availed by the existing customer base.
2. Fixing Goals Ahead Of Campaign
How much return you expect from your investment?
Actually, for every businessman, the amount of return on investment is his primary goal behind setting up of business.
So prior to measuring ROI, you must set these goals for your campaign or for any social media efforts you are going to put in.
Your answers to the questions such as, are you working to gain visibility or increase sales or grow your audience should influence your strategy and also the ways to measure the ROI results.
The first goal for measuring ROI is always to generate business.
So, even when you consider certain indirect angles such as customer satisfaction, support, branding for measuring, you should give prime importance to the factors that categorize you in front of the social media audience.
Although it can be difficult to select one single factor of value, you can at least narrow down your analysis to few platforms that are contributing towards the growth of your business.
Ticking these items will make sure that you have optimized and fine-tuned the factors that are important for measuring the ROI.
3. Monitoring Site Behavior & Conversion Funnel To Ensure Reasonable Flow
With an e-commerce business, it is easier to measure the impact of social media on Google analytics through direct conversations as well as assisted conversations.
Importantly, you must regularly check and monitor the behavior of your site and the conversion funnel and check out whether there is a reasonable conversion flow for the social visitors on your site.
It is better to check how the social media is leveraging the consumers.
For example, you can track down the power of social media by finding out how much conversions are being made while you are running exclusive online campaigns such as special offers or discounts for the social followers.
You can track down the response to your offers by checking the total clicks using the link tracking service.
Compare the links with the total number of conversions you have made.
There is also a way to get this information in a more detailed way by using different links for different social channels like Facebook, Twitter, LinkedIn and more.
By checking each of these platforms on different links you will know exactly which platform is serving as a better converter for your business.
Retail businesses that work offline can run deals or coupons and directly measure the efforts to the sales.
4. Rely On Your Goals & Objectives
Experts advise that you need to start from the end to measure social media return on investment.
According to them, your goals and objectives can tell you, on which platform you should focus and the type of content strategy you need to adopt.
There is a strong probability that the investors would like a company to try all the different social media platforms for getting the results.
But if you try to be everywhere and do everything, it will not give any favorable ROI to your company.
So while measuring goals and objectives, split their results into hard and soft numbers.
Hard numbers indicate the bottom line such as new customers, new leads, and clicks on the site.
And soft numbers are the social and engagement metrics that will be used by the social media team for creating better digital marketing and content strategy. Such metrics include engagement, followers, and likes.
5. Knowing Things That You Can Measure
You should be well aware of the things or factors that are contributing to the success of your team and whether you can measure it or not. Factors that you must include while measuring customer experience ROI are:
a. Will your customers recommend you?
b. Are your customers satisfied enough ?
c. How much is the company investing to answer each customer?
d. Calculate the cost per conversation by multiplying the cost per contact?
e. Find out how much time you need to succeed in retaining a customer for a period.
f. Check the active customers of the last month
g. Active customers who contact your support system
6. Use Multiple Tools To Measure ROI
You need to use the necessary tools for measuring the efforts you have put to market your products through online marketing including your social media efforts.
Fluffy metrics such as retweets, likes and follows are just empty calories that really do not help you to obtain any measurable ROI. What matters the most is the revenue.
So the ultimate metric is also revenue.
For that, you should keep on using marketing automation software that helps you measure things like lead-to-customer conversions and visit-to-lead conversions.
These metrics provide you a detailed picture of whether the content you have shared online is engaging users or not.
Experts recommend focusing less on surface-level metrics including retweets and likes.
Instead, you should focus more on behavioral elements from the moment the users visit your website.
It gives a better understanding of what attracts ROI.
7. Give More Importance To Long-Term Value
Focusing more on the long-term value instead of one-off metrics such as follow or a share will give you a good idea of the things you need to focus.
Metrics of engagement are certainly important.
But what is more important is a socially engaged customer who can bring more value to your business over a period of time.
At any given time, customers buying for a long-term from you are of more value as compared to those who are one-time buyers similar to a social follower.
Long-term customers engaged on your social platform are more likely to provide you business for a long period.
Thus, they will provide greater value as they will defend and advocate your company, share your content, create content supporting your business by coming up with reviews.
In this way, your ROI will increase both through online and offline efforts of the customers.
8. Use Google Spreadsheets To Track ROI
Google spreadsheet is a sophisticated way of tracking ROI.
Well, to many it can come as a surprise but here is a quick break-up about how you can use it for tracking down response to Google+.
• Google+ post shared•
Difference between embedded posts and picture links
• Number of shares, likes, and comments for that post
• Click-through rate of the links used for Google+ posts
• Conversions from the links like adding to shopping cart or filling out a web-form
Now compare this one share report with other visitors from other channels as well.
9. Measuring Traffic From Shares
The effectiveness of social media or any online marketing campaign can differ from one business to the other.
So, it is simply impossible to have one perfect strategy for measuring ROI for all the companies.
However, experts believe that one element that is common in all the ROI measuring models is social media shares which expose more people to your content.
Whenever the content is shared multiple times, measure how it increases traffic to your website and then analyze the effectiveness of the content.
When it comes to increasing sales through your online campaign, you should focus more on maintaining the right voice for your brand and building a good relationship with the audience rather than just focusing on quickly generating a lead.
So, instead of relying on a quick fix solution like discount and voucher, give more importance to the social part of the social media.
At present, price and product are the key brand differentiators.
However, experts studying customer experience believe that by 2020 CX will overtake both these factors making use of call center solutions all the more important.
Companies now should gear up to deliver seamless customer service experience if they want to get an edge over the competition and emerge not only a survivor but also a winner in the ever-changing dynamic environment.
The best call center software can go a long way in helping a company retain its existing customers and offer services beyond just answering their post-purchase queries.
Using right call center software solutions will impact cross-selling, selling and ultimately the sales revenue in the long run. It is an established fact that selling to someone who is already your customer is much easier than convincing a new prospect.
Advanced telemarketing software provides the much-needed customer support that supports your strategy to keep the existing customers satisfied in every way.