Did you know that customer service can actually be measured? Yes, in terms of numbers. Simply put, calculate the investment in your customer service resources and the returns from that investment, and there you have it – the precise profits from your customer support. But does this really matter enough?
Here are five reasons why measuring customer service ROI really matters for your business.
1) Customer experience is now a priority more than ever. 71% of businesses have said that customer experience is the primary factor that gives them a competitive edge. By measuring ROI you can tackle precise problem areas and constantly improve customer experience to boost retention and loyalty.
2) Acquiring a new customer is 5-7 times more expensive than retaining an old one says consistent reports. Meticulously quantifying your customer service by calculating the ROI reduces churn considerably and boosts profits.
3) Measuring customer service ROI can also give you incisive insights into how well you are optimizing your assets. Free up the workforce, minimize task durations, increase response times and bring in many other beneficial changes by just knowing your numbers.
4) Gain a better understanding of your growth and scalability prospects by knowing how much you spend on customer service and where you can shave off those extra dollars. Increasing customer retention rates by just 5% can make your profits skyrocket from 25% to 95%, which gives you ample opportunity to grow and scale your business.
5) Treat every customer as a walking database into which you have invested and your ROI comes in the form of intelligence on your competition, product feedback, chances of being recommended etc. Knowing all these parameters help you beat competition by being ‘in the know’ and anticipating changes in trends.
Suma Soft’s highly efficient customer support services enable you to optimize your customer experiences at minimum costs. We provide round the clock support and full trained personnel so that you have only happy customers.