What makes customer service ROI the best choice for your business?
Satisfied customers are the backbone of success for any modern business. An engaging customer experience and higher customer satisfaction are integral elements of sustainable business growth and competitive advantage. Investing in customer care outsourcing solutions can help you ensure high-quality customer service for improved customer experience and satisfaction.
However, many modern businesses fail to consider customer service and support in terms of return on investment (ROI) and end up neglecting the importance of customer care outsourcing. 90% of the customers consider customer service when making purchase decisions, and 95% consider customer care an integral part of brand loyalty.
What is customer service ROI?
A typical customer service ROI would be the return you get, in terms of repeat purchase, upgrade of the order or referral, against the time and resources you invest in customer service operations and customer care outsourcing.
Measuring your customer service ROI
Calculating how much you have invested (time and resources) in customer service is easy. However, it is challenging to calculate how much you have earned. So, how can you make well-informed decisions about investing in outsourcing customer care services?
A customer service team generates ROI in three primary ways –
Customers spend more money as the customer service team helps them better understand available services (or products).
Customers stay loyal to the brand and become repeat customers.
Customers share their experience with others and attract more perspective customers.
And with these in mind, you can take the following steps to measure your customer service ROI:
- Be in touch with your customers regularly to get their feedback and gauge customer satisfaction. This can also help you track and address bugs or feature suggestions customers report and improve your value proposition.
- Track your response time to ensure you respond quickly for happier and satisfied customers.
- Focus on customer retention through better customer care, which is much cheaper and easier than acquiring new customers.
- Work to improve your net promoter score or the percentage of customers likely to recommend your products or services to others. This reflects your higher customer service quality and can reduce customer acquisition costs.
- Track sentiment analysis to get a snapshot of your customers’ satisfaction levels, understand their expectations and get to know them better to build a better relationship with your customers.
- Observe and resolve frequent queries by building an easily accessible knowledge base for your customers and reducing the number of support tickets you receive.
- Build robust customer support SOPs to ensure smooth customer service operations. This can help you standardise customer service quality across multiple channels while keeping it flexible to suit customers’ needs.
- Use multiple KPIs to get a comprehensive understanding of your customer service ROI. First, decide which behaviours you want to influence through customer service. Then, focus on KPIs, like repeat behaviour, social media engagement, customer retention or overall revenue, to understand your ROI.
Doing every single one of these things in-house is a significant investment in staff expertise, resources, and tools. Outsourcing customer care services can allow you to focus on your core business capabilities and leverage customer care experts to improve customer experience and satisfaction scores.
Why does customer service ROI matter?
Customer support is integral to business growth as customers are willing to stick with businesses and pay more for better customer service. Beyond that, here are five reasons for you to focus on customer service ROI:
- Measuring customer service ROI can help you pinpoint issues with your customer service operations, address them, and improve customer experience.
- Evaluating customer service ROI can help you reduce customer churn rate considerably, improving customer retention and reducing the need for expensive customer acquisition.
- Customer service ROI can give you insights into optimising your resources and assets for improved efficiency.
- You can get better insights into your growth and scalability prospects, allowing you to optimise your costs and affording you opportunities for business growth.
- Modern customers are walking databases, and focusing on ROI can give you intelligent insights into their expectations, needs, feedback, recommendations and sentiments about you and your competition. Knowing these, you can respond to changing customer trends and easily beat the competition.
Customer care outsourcing can give you access to the experience, expertise, tools, and resources of the best experts in the customer care industry and leverage modern technology to ensure improved customer satisfaction with better customer service.
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How can Infosys BPM help?
Infosys BPM Customer Service Outsourcing process helps you evolve with the ever-evolving demands of the customer service industry. By investing in IBPM customer care outsourcing solutions, you can get continuous custom value and handle different touch points across the customer lifecycle.