Because of the limited resources, many small-sizes companies and startups make one common mistake making hiring decisions: prefer sales experts over customer support. And nothing is surprising. In fact, they’re striving to scale their client base in the shortest possible time.
But in today’s business environment, attracting new consumers costs companies five times more than to retain existing ones. The statistic shows that customers expect businesses to offer top-notch support. As a result, they are willing to pay more for your products. According to Accenture, more than 45% of clients are ready to pay a premium if a company can guarantee a high level of customer support.
Exceptional customer support is a key to successful business growth. Just look at the corporations like Apple or Amazon as examples of customer-oriented approach. Unfortunately, most companies don’t meet high standards of customer support. But it’s great news for your business as you can still make a name through first-rate customer service. And your company doesn’t need to have a tremendous support team to deliver the best support possible.
If your business is growing, first your should evaluate strengths and weaknesses of provided support and find out what’s working and where you need to improve. So let’s focus on 3 simple metrics that will help you take your customer service to the next level.
First of all, figure out how many requests comes from customers in a given period. By getting an overview of your total customer request volume, you can discover:
What is more, take into consideration an expansive growth of incoming requests during a specific time of the day and week. This will help your team allocates resources effectively. Thus, you’ll have the needed number of representatives online to answers customer questions.
There is nothing more annoying for clients than waiting on hold on a phone-call for a long time. Treating your customers in that manner, you put yourself at risk to turn a small problem into a huge issue.
In fact, more than half of respondents say that they become angry if they can’t get a response from the real person directly. Therefore, it’s essential to reduce wait time to a minimum when receiving customer calls. But it’s not the only thing that plays a crucial role. What really counts is a fast and efficient resolution.
To guarantee your clients the best service possible, you have to keep track of the following metrics (the 3 Rs):
The faster an issue is resolved – the better it’ll be for customer satisfaction. Once your support team exceeds the allowed level for all three “Rs,” they must strive to lower the numbers.
Customer Lifetime Value (CLV) is one of the most significant metrics that must be considered.
As a result, you will find out how much you should invest in customer retention per client and be able to budget for your customer support in the best way.
So how to measure this metric? To determine the CLV per client, analyze the gross revenue from all previous purchases made by a particular consumer. Don’t forget to take into account all discounts and refunds. Then, average this out over the number of years they’ve cooperated with your company and multiply the results by your average customer lifespan.
Note that it would be far more accurate to segment your customers (by age, interests, location, demographic, etc.) than finding a basic CLV. Doing this, you will be able to predict customer lifetime value for every type of customers and analyze what impact each of them can have on your future profit.
As you can see, tracking these metrics is super simple. For businesses with limited resources, keeping track of parameters is fundamental. It allows to strengthen problem areas and deliver extra support to stay close to your customers.
If you need a professional team to find the most effective tools and metrics for your company, turn to WOW24-7 for assistance. By tracking the given metrics, we can easily find out what your customers expect from your brand to offer them an exceptional customer experience.