The Business Case for mySQM™ Customer Service QA Software
Customers love us, and we experience 95% client retention because over 70% of our clients improve their FCR and customer service due to using our mySQM™ software. mySQM™ Customer Service QA software is specifically designed for call center agents to help them deliver great customer service. The primary metrics SQM captures in our mySQM™ software are First Call Resolution (FCR), Call Resolution, and Customer Satisfaction (Csat) at the agent and supervisor levels.
FCR is a rare 'silver bullet' metric for measuring call center quality and cost performance. Furthermore, FCR is extremely effective at measuring and identifying the areas to improve service and cost. It is also a leading indicator of improving customer journey metrics (e.g., customer satisfaction, customer experience, etc.) and business outcome metrics (e.g., Net Promotor Score®, Net Retention Index, etc.).
Our high-value software help call centers improve their customer service and lower operating costs by using the following:
- Six-Core Standard Features: data capture, data analytics, data visualization, customizable, real-time notifications, and recorded customer feedback.
- Six-Personalized Intelligence™ Features: benchmarking, recognizing, training, coaching, knowledge building, and customer quality assurance.
As a result, our client's average ROI is 450%, and the payback period is less than 3 months. The high ROI and quick payback period are tied to the following six main benefits of using mySQM™ software: reduced operating costs and customers at risk of defection, improved customer and employee satisfaction, increased opportunities to sell, and increased high-performing agents.
Additionally, 95% of new clients who measure their FCR with SQM for more than 1 year improve. The FCR gain shown by these clients ranges from 1-20%, with the average being 3%.
Benefits of mySQM™ Customer Service QA Software:
Reduce Operating Costs
For every 1% improvement in FCR, you reduce your operating costs by 1%.
- For a call center performing at the FCR industry average of 70%, potentially 30% of customers will have to call back because their issue was not resolved on the first call.
- For the average call center, it takes 1.4 calls to resolve a customer’s inquiry. For 30% of customers who do not achieve FCR, it takes 2.5 calls to resolve their inquiry.
- Repeat calls represent 23% of the average call center’s operating budget, which is an enormous opportunity to reduce a call center’s operating costs.
- For the average midsize call center, a 1% improvement in their FCR performance equals $286,000 in annual operational savings.
Reduce Customers at Risk of Defection
95% of customers will continue to do business with the organization as a result of achieving FCR.
- If the call was unresolved, 23% of customers express their intent to not continue to use the organization’s products and services as a result of their call center experience.
- It costs five times more to attract a new customer than it does to retain one.
- For many call centers, retaining customers represents the biggest opportunity to add true value to their organization.
- Resolving calls is the key to reducing customers at risk.
- For every 2% improvement in FCR there is a 1% improvement in call resolution, helping the call center retain customers.
Improve Customer Satisfaction
For every 1% improvement in FCR there is a 1% improvement in Csat.
- FCR is the metric with the highest correlation to Csat out of all call center internal or external metrics.
- The absence of FCR is the strongest driver of customer dissatisfaction.
- Csat (top box response) average drops 15% every time a customer has to call back to get their initial call resolved.
- If a customer had to call in three times to get their call resolved, their Csat would be 30% lower than a customer who had their call resolved on the first call.
On average, 14% of customers describe their call as a complaint call. For every 5% improvement in FCR you reduce your complaint calls by 1%.
Improve Employee Satisfaction
For every 1% improvement in FCR there is a 1% to 5% improvement in Esat.
- Call centers with high FCR tend to have high Esat. Conversely, call centers with low FCR tend to have low Esat.
- The level of stress is very high for the agent who handles the second or third call when a customer’s issue was unresolved on the first call.
- Increasing FCR improves both Esat and Csat. Consistently resolving inquiries on the first call can increase Esat substantially.
- Most call center managers understand that high Esat can provide high Csat/FCR, but high Csat/FCR can drive high Esat too.
Increase Opportunities to Sell
When a customer's call is resolved the customer cross-selling acceptance rate increases by up to 20%.
- SQM’s research shows that the customer’s needs must be resolved before the agent has earned the right to move on to any type of sales activity.
- If the agent cross-sells before the inquiry or problem is resolved, the customer typically becomes irritated.
- The customer can feel that the organization is pushing its needs, rather than serving the customer’s needs.
- Focusing on business needs versus customer needs can cause the fundamental customer relationship to be undermined.
Improve Net Promoter Score®
For the average call center, every 1% improvement in FCR increases transactional NPS by 1.4.
- The average call center FCR is 72% and their NPS is 48
- FCR and NPS have a high correlation of .64
- NPS goes down by 18 points for each additional call made
- NPS is 64 points when customers resolved their call in one call (FCR)
- NPS is 40 points when customers resolved their call in two calls
- NPS is - 10 points when customers call is unresolved on the first call
What Differentiates SQM:
SQM differentiates itself from our competition based on mySQM™ Customer Serivce QA software, research, best practices, and awards. Specifically:
Call Center Specialists
We are Call Center specialists that deliver actionable FCR and CX improvement opportunities to individual agents and their Supervisors.
SQM best practices are specifically designed to help call centers improve FCR and provide great call center customer and employee experience and reduce their operating costs.
SQM has been awarding call centers and agents for FCR and CX excellence for over 20 years. Our FCR, CX, EX, and Best Practice awards are considered the most prestigious and sought after North American call center industry awards.
FCR, CX, & EX Improvement
Specializing in call center FCR, CX, and EX improvement, SQM has over two decades worth of data and experience proving its effectiveness for driving performance improvement.