In the current environment of rising consumer expectations around fast and personalised customer service, it is vital to understand, track and target key performance indicators (KPIs) to measure the effectiveness of your call centre.
Abandonment rate is one of the most popular KPIs, and rightly so. A recent study across 250 contact centre professionals showed 62% of respondents deemed abandonment rate as ‘very important metric’ and 33% as ‘quite important’.
The optimal abandonment range is usually considered to be 5% - 8% whereas anything above 10% is generally deemed high and could have a detrimental impact on many aspects of your business.
Customer satisfaction has a direct correlation to the abandonment rate and can drop off significantly if you exceed the optimal abandonment range. We all know it’s frustrating when you cannot get an answer to a question or complete a purchase because there are no agents available to pick up the phone.
Every abandoned call is a missed opportunity to connect with a customer or a prospect, to assist them in their time of need or to complete a sale. The importance of it should never be underestimated. Customer service defines your company and not being there for your customers will have an adverse effect on customer retention which can lead to lost revenue as your customers turn to your competitors looking for a better customer experience.
Often overlooked, yet such an important part of any business is customer insight – understanding your customers to make better decisions, provide a tailored service and improve brand value. Low abandonment rates can open the door to engagement with your customers and help grow your business by collecting and analysing feedback to optimise business strategies and provide a first-class customer service.
Last but not least, advisor satisfaction which is a metric that has gained popularity and importance in recent years. More companies are focusing on the happiness of their workforce as it can be the differentiating factor between good and bad service. High abandonment rates could not only lose you customers, it will add pressure to your staff which can drive up your employee attrition rate and hiring costs as they look for other opportunities.
High abandonment rates can be caused by numerous factors such as inadequate staffing, improper routing or low first contact resolution. While the impact may not seem complex at first, considering the wide effect it can have on your business, it is imperative to strive for the optimal abandonment rate as it will be one of the key factors for success.
At TieTa we use a range of Key Performance Indicators and metrics to ensure that we are delivering the very best customer experience. We are continually evaluating and improving our customer engagement to stay at the forefront of the customer contact centre industry delivering the very best customer service.