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Answer Upon - Training and ROI (Return On Investment)
All customers want and expect superior customer service, and it is all too important that we give it to them. Otherwise, our competition will.Your customer doesn’t want to be treated like another statistic along an assembly line. They want to be treated with respect. It is very important that your customer realizes just how important their business is to you.Imagine if you were a daily customer at a bank, restaurant, or some other establishment. And every day that you walked in, a sales associate would take care of your business, than hurry you out the door, without so much as a hi, bye, or even making eye contact for that matter.
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a drama
Profit the foremost purpose of any business venture. A company is set up or an investment is made with the key aim of generating profits out of operations. The invested material and non-material resources must be utilized so as to earn enough to cover up the cost and generate an additional mark up. The key issue than that confronts the leader or the owner is: How to improve sales profitability?To find out the ways to increase sales profitability, let us start by analysis the profit equation.Profit = Earnings – Cost.In order to increase the sales profitability aim must be to either increase earnings, (keeping cost constant),
Research has been making a case for how spending in human performance areas such as training, translates into bottom line growth. Accenture's study on the impact of training on ROI has some interesting results. (Smith, David. Y. and Waddington, Ted. Running Training Like a Business: Determining the Return on Investment of Your Learning Programs, Outlook Point of View, March 2003.)
First, in the area of recruitment, training opportunities were among the top three criteria people considered when deciding where they want to work (the others are the opportunity for advancement and a good benefits package). In the area of productivity, as a result of training, employees were:
17% more productive
20% higher performance levels relative to their peer group
Stayed with the company 14% longer
In the area of retention, employees who had access to the training were:
More than 2 times more likely to expect to be with the company in 2 years
More than 6 times more likely to think the company is a 'great place to work'
More likely to think they are fairly compensated
Dollar figures associated with their statistics for a fiscal year report the annual per person net benefit or $25,324. They multiplied this number by their 50,000 employees yielding a companywide benefit of training of $1.26 million. By dividing the benefit by the cost of one year of training ($358 million), researchers concluded that the ROI (at Accenture) is 353%.
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle age.
Therefore, it's very important to take great care of your younger callers so as to maintain their loyalty. Callers above 36 have more of an 'emotional bank account' with the company they're dealing with-probably had some good experiences and are more willing to 'forgive' a bad one.
If you know your percentage of bad experiences, put a dollar amount on that call and then total it out for the year. I think you'll be very surprised at the amount of lost revenue. Now if you have a 1% improvement, as a result of a training initiative for example, the amount of recovered revenue (and customers) is very encouraging.
This is just another means to tie soft skills to ROI, and to include your front lines as part and parcel of the revenue-producing operation of your company.
Customer Satisfaction Driver #1
We all know first call resolution (one and done) is the #1 driver for customer satisfaction with best practices reported at 86%. However, if your center is at 86%, this means that 14% of your customers are contacting you more than once to resolve their issues! This not only frustrates your CSRs and yourselves, but your customers as well. Repeat calls are costly not only to operations and the bottom line, but they negatively impact customer satisfaction, and ultimately, customer loyalty.
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a drama
I received this inquiry asking how I would assess this Customer-Gone-Wild episode. After I share it with you, I'll affix my answer, which I hope everyone will find useful.Two women came into the store and I greeted them with a smile and a pleasant hello and one "lady" proceeded to tell me what a rotten company (ours) was and how disgusting that the figurines were now being made in Thailand, not England. Said she had over 100 figurines and started saving them over 40 years ago. She never would have started if she had known. It went on for several minutes, no matter how I explained what we have been advised to, she just kept on and on
17% more productive
20% higher performance levels relative to their peer group
Stayed with the company 14% longer
In the area of retention, employees who had access to the training were:
More than 2 times more likely to expect to be with the company in 2 years
More than 6 times more likely to think the company is a 'great place to work'
More likely to think they are fairly compensated
Dollar figures associated with their statistics for a fiscal year report the annual per person net benefit or $25,324. They multiplied this number by their 50,000 employees yielding a companywide benefit of training of $1.26 million. By dividing the benefit by the cost of one year of training ($358 million), researchers concluded that the ROI (at Accenture) is 353%.
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle age.
Therefore, it's very important to take great care of your younger callers so as to maintain their loyalty. Callers above 36 have more of an 'emotional bank account' with the company they're dealing with-probably had some good experiences and are more willing to 'forgive' a bad one.
If you know your percentage of bad experiences, put a dollar amount on that call and then total it out for the year. I think you'll be very surprised at the amount of lost revenue. Now if you have a 1% improvement, as a result of a training initiative for example, the amount of recovered revenue (and customers) is very encouraging.
This is just another means to tie soft skills to ROI, and to include your front lines as part and parcel of the revenue-producing operation of your company.
Customer Satisfaction Driver #1
We all know first call resolution (one and done) is the #1 driver for customer satisfaction with best practices reported at 86%. However, if your center is at 86%, this means that 14% of your customers are contacting you more than once to resolve their issues! This not only frustrates your CSRs and yourselves, but your customers as well. Repeat calls are costly not only to operations and the bottom line, but they negatively impact customer satisfaction, and ultimately, customer loyalty.
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a drama
Life is full of challenges. We meet many confront in our daily life. When we are at the stage of entering school/college/university, we face many hard nut cracking challenges and learn many lessons of practical life through them. After acquiring graduation/post graduation, students usually move towards their specialization or adopt a profession of their choices, according to their own interest, keeping in view the market demand.Talents and Skills are the only tools, which could lead an individual towards the door of success in this challenging time. To qualify for a professional degree or a job, one should have strong past educational ba
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle age.
Therefore, it's very important to take great care of your younger callers so as to maintain their loyalty. Callers above 36 have more of an 'emotional bank account' with the company they're dealing with-probably had some good experiences and are more willing to 'forgive' a bad one.
If you know your percentage of bad experiences, put a dollar amount on that call and then total it out for the year. I think you'll be very surprised at the amount of lost revenue. Now if you have a 1% improvement, as a result of a training initiative for example, the amount of recovered revenue (and customers) is very encouraging.
This is just another means to tie soft skills to ROI, and to include your front lines as part and parcel of the revenue-producing operation of your company.
Customer Satisfaction Driver #1
We all know first call resolution (one and done) is the #1 driver for customer satisfaction with best practices reported at 86%. However, if your center is at 86%, this means that 14% of your customers are contacting you more than once to resolve their issues! This not only frustrates your CSRs and yourselves, but your customers as well. Repeat calls are costly not only to operations and the bottom line, but they negatively impact customer satisfaction, and ultimately, customer loyalty.
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a drama
‘Another day, another dollar’, ‘Thank God it’s Friday’, ‘You can take this job and shove it!’Why are so many common phrases about work so negative?What would it take for your people to say: ‘Another day, another exciting challenge’, ‘Thank goodness it’s Monday’, ‘I’ll take this job and love it!’?Some managers claim the best way to motivate staff is through the wallet: increase pay, expand allowances, give more cash incentives. While money is certainly useful, it is not the only key to human motivation.Sincere recognition can mean a lot more to your staff than just another dollar in the bank. A genuine pat on the back
Therefore, it's very important to take great care of your younger callers so as to maintain their loyalty. Callers above 36 have more of an 'emotional bank account' with the company they're dealing with-probably had some good experiences and are more willing to 'forgive' a bad one.
If you know your percentage of bad experiences, put a dollar amount on that call and then total it out for the year. I think you'll be very surprised at the amount of lost revenue. Now if you have a 1% improvement, as a result of a training initiative for example, the amount of recovered revenue (and customers) is very encouraging.
This is just another means to tie soft skills to ROI, and to include your front lines as part and parcel of the revenue-producing operation of your company.
Customer Satisfaction Driver #1
We all know first call resolution (one and done) is the #1 driver for customer satisfaction with best practices reported at 86%. However, if your center is at 86%, this means that 14% of your customers are contacting you more than once to resolve their issues! This not only frustrates your CSRs and yourselves, but your customers as well. Repeat calls are costly not only to operations and the bottom line, but they negatively impact customer satisfaction, and ultimately, customer loyalty.
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a drama
However, working for an employer that does not consider your welfare as a human being can outweigh the financial advantages of even the best salary package. Our needs as individuals don’t simply evaporate because we are paid a good salary.Who is the employer?The employer is the organisation for whom you work, but in reality your manager or supervisor is the visible face of your employer. Have you been in a situation where your work group is full of tension and unhappiness whilst another group within the organisation seems to thrive on co-operation, good humour and great results? If staff from both groups were asked what the
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a dramatic fall in call volume—identifying that a minimum of 20% of all calls were repeat calls from customers needing an answer or help they didn’t get. Further, that the absence of first call resolution was found to account for a minimum of 30% of a call center’s operational costs!
The bottom line: Invest in your people—give them the training, the tools, and the authority to get their job done right the first time. After all, CSRs are the interface who handle customer issues. One of the foremost methods to boost customer satisfaction—and improve first call resolution—is to consistently and ongoingly train, train, train your CSRs in world class customer service skills.
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