How much is your customer experience worth? When it comes to the financial value of your customer journey, executives rarely ponder the question because they generally see customer service as an operating expense, not a money-generating or money-saving process.
But according to the recent article, “13 Ways To Calculate The True Cost of Customer Service,” maybe they should. Along with improving customer satisfaction and retention, the revenue, costs and marketing associated with customer service can directly impact overall business profits. That’s something that will surely get the attention of any executive team.
Looking at your customer journey through a financial lens can help identify where the value is, and what areas of your contact center have the biggest impact your business profits.
For most businesses, any part of your customer experience can lead to frustrated or unsatisfied customers. Re-evaluating components of your service customers can help put a price on the various functions and outcomes of your customer journey.
For example, automating operating services such as customer authentication can help speed up service in a cost-effective, more customer-satisfying manner. Using telephone network forensics, the TRUSTID® Physical Caller Authentication solution proactively identify callers before the phone is picked up. This eliminates unnecessary customer identification processes such as knowledge-based authentication (KBA), which require customers to endure time-consuming telephone interrogations to prove who they are. This process, which can add up to a minute or more on each phone call, drives up labor costs. With TRUSTID, contact centers can save upwards of .50 cents on each call. Depending on your annual call volumes, the savings can add up really fast.
We’ve known for some time now that outdated security questions or no longer predictive or cost prohibitive for call centers. Deploying tools that make telephone agents lives easier while streamlining the overall customer experience can provide tremendous value for your customers, as well as your business profits. And that should be enough for any executive to sit up and take notice.