As the business world continues to evolve, so does the way your customers interact with businesses. With the rise of digital channels and the increasing expectations of customers (you haven’t seen this have you? ), delivering an outstanding customer experience has become more critical than ever. An essential tool that businesses can use to measure and improve their customer experience is key performance indicators (KPIs).
The hard reality is that your customers have a plethora of options to choose from, and the bar for quality service has been set high and keeps getting raised. To remain competitive, it is essential for businesses to monitor and improve their customer experience consistently. A company’s contact center serves as the face of the company and is often the first (and maybe ONLY) point of interaction between your customer and your business. As a result, it is crucial to measure the success of the contact center in terms of customer satisfaction, agent performance, and operational efficiency.
When it comes to selecting the right KPIs, it can be challenging to determine which ones to use, as different organizations have different objectives. However, some common KPIs that businesses use to measure success in their contact centers include:
- Average Handle Time (AHT): This KPI measures the average amount of time that an agent takes to handle a customer interaction, from the start of the call to the end.
- First-Call Resolution (FCR): This KPI measures the percentage of customer interactions that are resolved on the first call, without the need for the customer to call back.
- Customer Satisfaction Score (CSAT): This KPI measures the level of satisfaction that customers have with their experience with the contact center.
- Call Abandonment Rate: This KPI measures the percentage of calls that are abandoned by customers before they are connected to an agent.
- Net Promoter Score (NPS): This KPI measures the likelihood of customers recommending a company to others.
Distinguishing between leading and lagging indicators is also important when selecting KPIs. Leading indicators are metrics that predict future outcomes while lagging indicators measure outcomes that have already happened. For example, the customer satisfaction score is a lagging indicator as it measures the customer’s experience after the interaction has taken place. On the other hand, the call abandonment rate is a leading indicator as it predicts customer frustration and potentially a decline in customer satisfaction.
It is critical to avoid common benchmarking mistakes when selecting KPIs. Examples include comparing metrics that are not directly related or using metrics that are not relevant to an organization’s objectives. For example, it would be inappropriate to compare the call abandonment rate of a high-volume call center with a low-volume call center. The former would likely have a higher rate, as they handle a much larger volume of calls.
Having a technology services partner can help organizations navigate their KPIs and benchmark their performance against industry standards. A partner can provide valuable insights and guidance to help organizations achieve their desired outcomes. Furthermore, a partner can help organizations implement and manage advanced technologies, such as artificial intelligence and self-service, to drive customer engagement and improve customer experience.
KPIs are an essential tool for businesses to measure and improve their customer experience. By selecting the right KPIs, organizations can gain a clear understanding of their performance, make informed decisions, and drive positive outcomes. A technology services partner can provide valuable support and guidance to help organizations achieve their desired outcomes and deliver the best possible customer experience.