Since you’ve been reading our blog, you’ve probably noticed that we think data is a pretty big deal. Collecting and analyzing the right kind of data is key to improving a contact center’s operation and performance, and, unsurprisingly, its revenue. The effect of these analytics is trickle down: when data create a better strategy for the business, the business can better support its agents; when agents are equipped with data-driven insights, they are better equipped to satisfy customers; and when customers feel satisfied by the brand, they are more likely to purchase its products and services. When it comes to generating revenue, analytics take the guesswork out of determining the best strategies for building customer relationships and revenue growth: the validity is in the data!
In this post, we wanted to explore four specific yet interconnected ways that data analytics can help a contact center grow revenue. So without further ado, read on to learn how data-driven insights can help contact centers grow their brand’s revenue while gilding their reputation!
By leveraging and learning from its most successful agents
Customer experience and retention have become leading KPIs for contact centers, thanks to the depth of journey detail that call analytics provide. Brands now have a granular view of the entirety of their agent and customer interactions, right down to their vocabulary and tone, which allows for a thorough examination of how their most successful agents get results. Modelling these effective approaches to wording, syntax, emotional response and call progression creates a standard of customer service that reflects the best of your brand, so including these best practices in ongoing training initiatives can have a direct effect on revenue growth, especially with repeat customers whose previous positive CX has enhanced their loyalty.
Contact center agents who are supported by robust analytics and data-driven insights are more likely to excel in their position quickly and measurably; important factors in mitigating agent attrition, which can be deleterious to the brand. In addition, using analytics to standardize and super-charge your contact center training helps new agents benefit from the long-acquired success of seasoned agents, without putting in those same years of on-the-job experience; a considerable motivation for both companies looking to reduce costs, and newer agents looking to master case handling and service-to-sale conversion in order to create a long-term career with your brand.
By making cross-selling and upselling easy and effective
Piggybacking on successful agents’ experience and expertise, data analytics also help create opportunities to grow revenue through personalized cross-selling and upselling to customers, reducing the need to field more calls in order to improve the percentage of profitability. In a recent study, 77% of agents report being able to frequently cross-sell or upsell when resolving customer queries. With data-driven insights, agents are better prepared to develop stronger rapport with customers, enabling them to recommend related products and services with the confidence that accurate customer data provides. When customers receive recommendations that end up being a sure fit with their needs, their trust in the brand and its customer experience grows, which in turn grows the brand’s customer satisfaction and net promoter scores, leading to long-term, profitable customer relationships.
By giving your marketing strategy a data-informed edge
Your brand’s contact center is an integral part of its marketing strategy, and not just because of its capacity for promoting itself through cross-selling and upselling on a typical customer call! Customer data is an important tool in creating an effective marketing strategy that connects (and hopefully converts) at all levels of the customer lifecycle. A customer data-informed marketing approach understands its target audience at a granular level and is able to effectively communicate to potential and existing clients with greater relevance and impact, across appropriate channels. Customer data analysis can also help businesses identify and capitalize on emerging market trends, enabling them to emerge as leaders in their industry by anticipating and catering to the evolving needs of their customers.
By maintaining an optimal customer lifecycle
With great customer knowledge comes great responsibility: your brand’s customer lifecycle needs to maintain the strength of the relationships your contact center has been able to achieve. Just as data analysis can bring developing market trends to light, this same data can help a business spot trends in their customer journeys and lifecycles that they can use to improve their CX from first contact to multiple purchases, and beyond. From tracking the evolution of customer needs to implementing better self-service resources and effective automation for a more seamless CX pipeline, data-driven insights can help your brand keep its customers satisfied, engaged and validated for the long run. Remember; it is far more cost-effective to retain customers than it is to acquire new ones, and in this social-sharing age, your brand’s fans are eager to share their positive customer experience with others, regardless of how long they’ve been in a relationship with your business.
The connection between customer experience and improved revenue is obvious, and though it might be a slow game, it’s absolutely one worth playing. When agents are supported by data to succeed, their abilities to leverage their customer interactions and rapport into opportunities for cross and upselling can lead to more immediate transactions that make a measurable difference to the brand’s bottom line as well as its customers. Just like that, these satisfied customers become the brand’s motivation to continue to evolve its customer lifecycle, so that enhanced customer retention and loyalty become the drive for continued profitability. With effective, AI-enhanced analytics powering the engine, your contact center can operate like a well-oiled machine, primed for growth.
bespokeCX gives contact center teams the framework, tools and perspective to deepen customer relationships and deliver measurably improved revenue through exceptional customer experience. AI analytics maximize operational alignment while strengthening customer connection, helping agents excel at providing confident, authentic customer service that can improve your brand’s reputation and revenue. Visit www.bespokecx.com to learn more.
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