Top 10 Key Performance Indicators
If you are unsure of where to get started or which key performance indicators (KPIs) that you should track, read on for our top ten list of metrics you can’t do without.
#1 Customer satisfaction.
One of the most important KPIs is customer satisfaction. If your customers are pleased with the results of the call, they are likely to continue doing business with you or you will have the opportunity to gain their business in the first place. Even more important than how long your agents spend on the phone, is how well the call went in the eyes of your customer.
#2 No answer or blocked calls.
When no agents are available to answer or your software can’t keep up with the volume, prospects and customers will get a busy tone. If they were calling to purchase, there is a good chance that they simply won’t call back. If they are a customer in need of assistance, this could cause anger and frustration which will only escalate emotions on the next call. This is one problem that you do not want to have when trying to improve customer satisfaction.
#3 Typical wait time.
Around sixty percent of people surveyed said that waiting on hold for longer than one minute was unacceptable and they would be likely to hang up. Whether your call center is tasked with sales, service, or both, this statistic does not bode well for any call center that is understaffed or whose agents are not handling calls effectively. Long hold times can result in poor customer satisfaction if they remain on the line. If they hang up, your team may never get the opportunity to solve their issue.
#3 Abandonment rate.
Are your customers hanging up before they get to speak with an agent? If they are on hold for too long, are transferred from one agent to the next, or are not having their questions answered, they may just abandon the call altogether. Tracking this will allow you to determine when customers are abandoning the call so that you can address that issue and lower this metrics.
#4 How quickly calls are answered by agents who can help.
You should measure how quickly calls are answered by the correct agent. This is different from how long a customer has to wait in general. Getting to the wrong agent and needing to be transferred is equally frustrating, if not more frustrating than waiting on hold. Pay attention to how many times calls are being transferred and identify agents that tend to transfer calls, rather than solve a customer’s problem. This provides opportunities to coach agents towards improvements or out the door. If, however, the transfers are not the fault of your agents but a confusing list of options, tracking this metrics will allow you to simplify the choices given to customers.
#5 Average time on each call.
You need to know how long each agent is spending on a call and how many calls are coming into your call center daily. This is a critical metrics because it allows you to make staffing decisions. Without this key data, you could have agents sitting around waiting for calls or too many customers sitting on hold. Typically, the goal is to decrease the amount of time an agent spends with each customer without decreasing customer satisfaction. In other words, you want to train agents on how to solve problems or close sales as quickly and efficiently as possible.
#6 Conversion rates.
Each time that your agents are on the phone they have an opportunity to close a sale. Whether speaking with new prospects or existing customers, the opportunity to generate revenue should be on each agent’s mind. You can easily track conversion rates to determine how many calls each agent needs to take before they close a sale, identify your rock star sales people, and find ways for your team to convert more sales on a daily basis.
#8 Resolutions on first call.
Customers want their problems resolved quickly. If you can resolve an issue on the first call, they will be more satisfied and likely to keep doing business with you. However, if agents cannot resolve the issue, need to transfer them to other agents, or call them back, there will be a decrease in customer satisfaction and overall engagement. Tracking this metric makes it possible to identify coaching opportunities so that you can help your employees to improve the number of times that they resolve an issue right away. If first-call resolutions are low, you should also consider empowerment and whether or not your employees feel that they can take the action necessary to solve problems.
#9 Work time per call.
When it comes to managing costs, you need to know how long agents are spending working on each call. This extends far beyond the amount of time they spend on the phone. Afterwards, there may be orders to place, paperwork to fill out, or notes that must be logged. Keep track of your agents’ time to identify areas for improvement.
#10 Agent turnover.
Agent turnover is a problem across the industry. As a call center manager, this is a metric that you need to fight to manage. Even though it is common for there to be a lot of turnover, this does a disservice to your organization because it means you will be spending more time in recruiting and training and less time having your employees simply doing their jobs. Instead, focus on the above metrics so that you can identify ways to help your employees become more successful at work. If they are thriving and the culture is positive, there is less of a likelihood that they will go anywhere.
Start Tracking Your KPIs
You can start tracking these metrics today using our hosted contact center solution. We understand the value of knowing where your agents are at all times and recognizing areas for improvement in real-time. Use it to start tracking and start improving today.