Can You Really Cut Down On Expenses Using CX Strategies And Thereafter Also Prove It

0
86 views

Share on LinkedIn

Every month as one of the leading vendors of easy to use CRM software platform here are a few questions that we come across and are asked by our loyal customers looking for answers to these three critical and interconnected questions in different forums:

• How can we find the most useful Customer Experience (CX) improvement project?
• How can we influence our C-Level executives and managers to fund these projects?
• How can we show that these CX projects generate results that help in business growth?

Now it is really surprising for our customers to hear when we say to them that they can find all the answers to these above-mentioned questions in their minds since once businesses use the right easy to use CRM tool the software can hold a wealth of insights that can help businesses to create projects that can help in cost-cutting in a quantifiable way which can prove to be a win for both the company and their customers.

CALLS, EXPENSES, AND CX

Now, customers who prove to be expensive to any business are so, since these customers, in general, have more issues and pain-points, which consequentially makes these customers reach for help several times over text, social media platforms, phones, and emails.

Hence these customers cost more money for businesses to handle and thereafter resolve these consumer’s issues. However when businesses can track down and get rid of the root cause that is causing pain to these customers, it not only makes the customers happy, but it even cuts down call volumes and so saves a considerable amount of money for the company.

Additionally, as a bonus when brands adopt this strategy, they can produce results that are also extremely easy to quantify in terms of money generated and revenue, which is capable of building a solid business case that is logical enough to thaw the ice that can arise in the mind and heart of even the most skeptical and doubtful CFOs.

How Can You Leverage Your Customer Support Centers For CX Improvements?

When your loyal customers reach out the support centers, allow your support reps to attach metadata in their information stored in the CRM software application that can aid in distinguishing the reasons for the customers to call, which is a process that is known as “case classification” whereby a human agent can do this classification manually or use even an Artificial Intelligence (AI) driven software solution to do it by integrating it with their business growth tool.

Now using this strategy and the required tools support reps can even generate reports that are capable of accumulating the most frequent reasons for calls, that can easily help provide the support centers a list of the most frequent problems or issues that are habitually faced by the customers.

Additionally, as executives working in support centers knows the cost of emails, calls and other instruments of communication it can let them calculate the cost to your business for each type of customer-related issues that can be done by just multiplying the number of contacts for any specific problem by the cost per contact spent by the support center of your brand.

Therefore, even if your small business or startup is using the best CRM for small and medium businesses to provide world-class CX to your customers armed with this critical knowledge we can assure you as one of the most popular vendors of Salesforce Alternative CRM tools that you can easily scope projects to fix up the most frequently reported issues.

THE PATH FROM MERE INSIGHTS TO ACTIONS

Hence to show quantifiable and measurable improvements in CX, the most necessary thing that businesses need to do is to perform a “root cause analysis” that can help in unveiling the true source of each issue faced by the customers and we can assure you that any experienced business process expert in most organizations can do it easily.

Now, if you are a startup are a small business that is incapable of employing a business process expert in your organization, then also it is not really hard to learn a very effective and simple methodology (like the 5 Whys) and then personally conduct the root cause analysis for your business growth.

Scope a project to source the root cause of the problem.

Now even if the project might be dissimilar from each other (like fixing a back end process versus rewriting a customer-facing communication) nevertheless all projects will for sure be somewhat similar to any other projects that your support staff has done in the past.

Hence to measure and improve upon the results of your CX projects, cast a very wide net across the length and breadth of your organization and seek out the appropriate skillsets that are required for performing this heavy lifting task, and after that make a grand total of the number of work hours and any other expenses involved to estimate a total cost needed for fixing a habitual issue with your offerings.

Lastly, bring all these factors together in a funding pitch and conduct a predictive guess as to how many of the calls you project can eliminate for a given issue.
Try to remain realistic and hence do not assume that you can get rid of all the problems related calls, rather work with the stakeholders to pick up a safe number which according to the stakeholders can be anywhere between 50-60 percent.

Always remind yourself that your goal is not to hit the bull’s eye and be right every time, but to agree upon an assumption that none among the stakeholders can classify as irrelevant or wrong.

In the final step multiply the total cost of all those calls (going by your safe number), which will illustrate your ultimate benefit as ROI= Benefit subtracted by Cost/Cost and so the only math you need to learn to do this are additions, subtractions, division, and multiplications.

MAKE MONEY, RUN WITH THE PROJECT, MEASURE THE RESULTS

Now once you have ended the project, wait for a fortnight and then use an easy to use CRM to fetch another report showing the number of calls needed for that issue, which can easily reveal the percentage of the problem that in reality got fixed and after that, by performing a simple multiplication (the number of call times multiplied by the cost per call) you can easily calculate and report how much money you have saved for your company.

As an end note, we would even like you to monitor that situation over a period of time to ensure that the problem does not reveals itself once more and thereafter start seeking out new issues as a support centers are a gift for any brand that keeps on floating new problems that surface over time as you are working to solve the old ones.

LEAVE A REPLY

Please enter your comment!
Please enter your name here