The Price of Customer Service…
Customer service is something that all companies will have had to deal with at some point. With social media and the internet providing an open view of all the products, services and activities of different businesses, the expectations of customers are growing.
These growing customer expectations translates into more customer queries and complaints which is costly for a company to deal with. Our research found that the approximate cost for handling queries is:
- £8 per phone call
- £4 for live chat
- £70+ for processing a letter
When you consider the sheer quantity of these coming through a day, these costs can really be considerable.
Queries can often become complaints, which is even more costly – between £100 to £800 depending on the escalation and whether regulatory bodies become involved, at an average of £125.
With such a vast number of queries coming through each day, it can be difficult to be ensure that the customer receives what they are looking for and are dealt with to a high standard. Not doing so can lead to challenges for the company such as:
- Queries being drawn out and customers not reaching the appropriate department
- Queries becoming complaints when their expectations aren’t met
- Bad customer experience and long complaint processes leading to a tarnished customer perception
All of these challenges, if not dealt with, lead to potentially very high costs with a lasting effect on present and future customers.
Your company will probably already be collecting all of the information necessary to address these challenges and reduce the cost of customer service…
Making Your Data Work...
At CDO Partners we work with you to identify, deliver and sustain value by building your analytical applications and capability.
To begin we will collaboratively build a rapid Proof of Value to ensure you will see the benefits, using our agile frameworks, innovative architectures and industry-leading technologies to deliver quickly. From there we build out applications incrementally to support the analytical and decision making process flows such as:
- Why are people contacting us?
- How are they getting in touch?
- What is the impact?
- How could we improve their interactions to reduce the need to raise queries?
Why are our customers contacting us?
Using Squirro, a cognitive insights engine perfect for analysing unstructured content, we can ingest records from emails, telephone, speech-to-text, live chat, customer tickets and many more to really understand the root cause of why people are getting in touch and not rely on potentially mis-categorised issues.
How are they contacting us?
From there it's important to understand where the information breaks down causing people to complain and how they react when those occur - by building a picture of the customer journey you can start to see what drives demand on customer services.
For example are you seeing lots of calls related to Live Chat issues? Can you analyse the content to understand why? Are you seeing customers move from the FAQ page to the Contact Us page then call?
Using tools like Alteryx we are able to clean, integrate and model multiple data sources to build analytical workflows mapping
What is the impact?
Understanding the impact across the organisation is essential to determining and prioritising resolution.
Using our partners Tableau and Looker, we work with enterprises to define common definitions and metrics across products, departments and customer journeys to understand where the impact is greatest, which customer journeys result in information breakdown and what the impacts are on costs, churn and satisfaction.
How could we improve their interactions?
Based on the findings from the analytics processes described, we would then work with you to address areas that need improvement, whether it be the categorisation of complaints when they come in, or looking at the complaint itself to understand common themes to tackle the cause and prevent them at source.
Can this work for you?
Here's a few questions to ask to work out whether this is
- Do you know why your customers contact you?
- Can you easily see which channels?
- Can you easily see volumes on a timely basis?
- How well are your queries and complaints categorised.
- Does your whole company share a common definition of customer interactions?
- Do you know how customer experience is impacting churn and customer satisfaction?
What can I do?
Are you ready to start making your data work for customer services? Then we're here to help.
First you might want to find out how much you could save and what the costs are. Use our calculator here based on our cross-industry research to see how and where you might be able to benefit.
All you need is a rough idea of how many queries, how many complaints, how many escalations and what channel then the tool works out the rest:
Already decided you'd like to start making your data work? In that case just get in touch with us using the form below and we'll get right back to you to schedule an initial session.