How To Maximize Profit From Your Contact Center?

Are you gaining maximum profit from your Contact Center? More importantly, how are you measuring your profitability? Is it measured by customer satisfaction or agent productivity? Well, let’s find out.

The success of a contact center is determined by many factors and not by a singular one. All these factors together, assign a standard of success to any enterprise. These factors are:

• Agent Productivity
• Cost Efficiency
• Customer Satisfaction
• Operational Efficiency
• Employee Satisfaction

Gaining profit from the contact center was never about generating revenue alone. There will be no consistency in your profit if your internal processes are barely succeeding. It is very difficult to achieve agent productivity, cost efficiency, and all the other factors simultaneously. In this blog, we will discuss what tools and tricks will allow you to achieve this:

How to gain maximum profit from your Contact Center?

Any contact center can maximize the profit gained. Again, this depends on how you define profit. While the popular consensus believes that a contact center should generate financial gains to be profitable. On the other hand, it is also believed that money aside, some value must be attributed which will be more consistent than monetary gain. These additional values can be anything like successful budgeting in a quarter, maximum retention of customers and employees, etc.

1. Gain ROI With Consistent Customer Satisfaction:

Customer retention is an important aspect of profitability. There is no value to earning revenue if that is going to get spent due to leakage in the funnel. It could cost between 5-30 times more to get new customers than retain the ones you already have. This means customer satisfaction is an essential factor that a contact center must ideally achieve. It will result in customer loyalty and repeat purchases. Here’s how customer satisfaction leads to profitability:

• Satisfied customers are more likely to purchase again or even upgrade their plan
• Consistently satisfied customers offer essential feedback 
• Generates brand loyalty 
• Retained customers usually need less support over time, driving down costs

One of the best ways to maintain profit generation is to ensure a higher rate of first call resolution. We always prefer the quickest resolution and the fastest response. Hence, reducing AHT and increasing FCR will always lead to Customer Satisfaction.

2. Train Contact Center Agents to be Versatile:

Well, support agents and sales agents are different. Their paths rarely intersect. However, in successful contact centers, the agents are trained to be versatile. For example, if a customer is calling with concern and if that is an opportunity to sell a premium subscription, then your support agent must do that. Upselling during support needs to be approached sensitively and only by experienced agents.

It is important to remember that, despite what the customer chooses, a resolution should be offered nonetheless.

Agents are important assets of your contact centers. Enterprises should invest time and effort in recognizing these revenue-generating skills, and train their agents on it. The customer support area is also evolving. Agents can leverage different channels as well such as social media, or video chat.

3. Use Your Contact Center as a Data Center:

It is no secret that contact centers are a major hub of information. In fact, Contact Center Solution runners have more knowledge than the verticals of an enterprise. With regular customer interaction, an agent knows better about the status of an organization, than any other member. Subsequently, contact centers also have a technology that is responsible for generating different kinds of insights and analytics. This data can be used to improve the quality of the enterprise- be it product, service, or customer relationship.

Contact centers must own the huge pool of information and create campaigns accordingly. It is not very difficult to become a customer-forward organization. Every piece of data can allow you to target your audience correctly. You can optimize to the customer’s needs and engage them. Hence, contact centers should be used to their maximum potential and not just centers of support and sales.

4. Upgrade to a Cloud Contact Center Setup:

Cloud Contact Center Solutions are far cheaper than on-premise setups. The benefits are obvious:

1. Save up on office rents
2. No more expenditure on office maintenance
3. Save on employee sustenance in office
4. Save up on maintenance costs for on-premise setups
5. No expenditure on hardware

Nothing screams cost-efficiency like a cloud contact center setup. It is cheaper and comes with quality features that are easily scaled to meet all your needs. Cloud setup is ideal for any business from the small -to- medium. Cloud setup will also allow your agents to work from their homes which is a great booster for employee satisfaction. All-in-all it’s a win-win situation.

CZ-Cloud allows your contact centers to offer omnichannel solution based customer service, without any friction. It is also equipped with robust analytical and automation features, making it a flexible solution.

Conclusion:

The ideal way to turn your contact center into a profit center is to recognize where you can drive value. Value can be driven through revenue, budgeting, workforce management, and innovation. Creating a cohesive strategy that will achieve this all, is very important. But the first step towards this is obviously through cloud and automation. Contact our experts to learn more about the benefits of a cloud contact center.