November 14, 2023

Comprehensive CX Metrics That Matter Net Promoter Score (NPS) The Net Promoter Score (NPS) is an inbound Key Performance Indicator that assesses your customer happiness. It measures the possibility of your client referring you to someone based on a simple question: “How likely are you to suggest our product/service on a scale of 1 to 10?” Here is how it works; your consumers are classified into one of three groups based on their responses: (9-10) Advertisers or Promoters: these are your most devoted and passionate clients, eager to serve as authentic brand advocates. This is intentionally high to guarantee that clients are genuinely unwavering advocates of the products or services provided by your call center. (7-8) Neutral: Neutral clients are typically happy but not yet satisfied enough to blindly trust your business. The danger of switching to a competitive offer remains considerable. These clients are difficult to persuade. (1–6) Detractors: The lowest score implies that there is an issue with your agent-client interaction. Detractors are dissatisfied and may quit doing business with you and discourage others from trusting your contact center. HOW TO MEASURE YOUR CONTACT CENTER’S NPS? The following formula is used to measure the Net Promoter Score: NPS = Net Promoter Score – Net Detractor Score Things to consider when creating an NPS score: Clearly define your company goals. Identify which metric is needed to measure success, identify the sources from which the information will come, and define the goal of the strategy. Understand your “threats” and create an effective process to detect the red flags and reduce the threats. Improve your data quality and assessments by reviewing and adjusting various analytics, testing, and measuring activities. Determine the threshold with which the focus groups must respond to recognize success. NPS can be measured by multiple means, depending on your organization’s needs. So, if you are looking to determine your NPS performance, choose one of the following methodologies: Internal reviews. Call center recording. Monitoring calls. Qualitative or quantitative call center surveys. To learn more, read this article on What is The Call Center Net Promoter Score NPS – and How to Improve It? At NobelBiz, with over two decades of industry commitment, we've consistently delivered exceptional results to call centers worldwide. NobelBiz Omni+, our Cloud Contact Center Solution, stands out by consolidating all communication channels into a seamless platform, ensuring an excellent customer experience. Our highly redundant voice carrier network guarantees uninterrupted call delivery with worldwide coverage and 99.99% uptime. Equipped with advanced productivity tools tailored for call centers, we provide a cost-effective telecom solution that exceeds client expectations, driving towards a higher Net Promoter Score with every interaction. What NobelBiz can bring to the table: A unified platform for all communication channels Highly redundant voice carrier network with 99.99% uptime Advanced productivity tools designed for call centers Cost-effective telecom solution with global coverage Customer Lifetime Value (CLV) Enhancement CLV stands for Customer Lifetime Value. It is a metric that calculates the total net gains created by your customers during their business interactions with your call center. This amount deducts your sales, marketing, and customer service charges. This key performance indicator represents the sum of a company’s earnings made during its connection with a customer, from the initial transaction until the end of the contact. As a result, Customer Lifetime Value is a logical statistic based on quantifiable customer data. At the heart of contact centers, Customer Lifetime Value emerges as the bedrock—a critical KPI that captures the lasting echoes of exceptional service, unwavering loyalty, and meaningful connections. It transcends mere transactions, embodying the art of fostering transformative and enduring customer relationships. – Brad Butler, Contact Center Software Consultant @NobelBiz HOW DO YOU CALCULATE THE CLV? To calculate a company’s CLV, the various teams must work together and share their data. Indeed, multiple organizational divisions may be involved in acquiring and retaining a consumer: customer support, and even after-sales service. It is also crucial to collect the following vital information: Customer lifetime: How many years or months has your consumer placed orders with you? Purchase frequency: How many times has the consumer purchased your services or products during his lifetime as a customer? The average basket: is the average value of the orders placed by the customer over his tenure with your firm. Average basket = (Sales made with the same customer) / (number of orders placed by the customer). After that, you can calculate your Customer Lifetime Value. The information you have gathered and determined will allow you to do the following calculation: CLV = (average basket) * (purchase frequency) * (customer lifetime). Let us look at a basic example: We have an internet provider who suggests typical monthly subscriptions of 50$. The frequency here is monthly (1×12), the subscription being renewed automatically. The customer in average his subscription 3 years. This is the life of the customer. The average basket is 50$, which is the price of the monthly subscription. CLV = 50 $x 12 months x 3 years = 1800$. To learn more, read this article on What Is the Customer Life Value & Why Your Call Center Should Focus On It! NobelBiz OMNI+ cloud contact center software can enhance the Customer Lifetime Value by providing seamless, personalized interactions across channels, fostering customer loyalty and satisfaction. This results in increased customer retention and higher revenue potential. Quick overview of what NobelBiz OMNI+ can bring to the table: Seamless, personalized interactions Enhanced customer loyalty Increased customer retention Higher revenue potential Customer Churn Rate Reduction The churn rate is a decisive metric for understanding the health of a customer base. A decline in churn signifies that more customers are satisfied and loyal. Calculating the ROI of reducing churn can be done by analyzing the cost savings from not having to acquire new customers to replace those who have left. “Complex interactions are one of the biggest places you see ROI, especially with compliance requirements in sectors like debt collection and finance.” - Chris Robinson, Founder Awaken Join industry pioneer Chris Robinson from Awaken for a highly educational discussion! With over 20 years of expertise, Chris explores the role of self-service in reducing churn in contact centers. Dive into the evolution of self-service, onboarding complexities, and effective strategies. Chris shares invaluable insights that can transform your approach to contact center challenges. Tune in, learn, and be inspired—it's a game-changer!

Day: November 14, 2023

Unlocking the Value of Customer Experience: A Guide to Measuring CX ROI