Senior executives often expect contact centers to do more than simply resolve customer issues; they expect them to be revenue-generating entities that increase customer lifetime value. In fact, 69% of strategic decision makers within both UK and US in-house contact centers believe they are “business critical revenue generators,” according to a study conducted by Loudhouse Research.
This does not mean that your company’s senior executives expect your contact center to become a telemarketing firm. To the contrary, one of the main causes of this shift in thinking is the fact that customers are being bombarded by so many marketing and sales messages daily that they are increasingly opting-out of being contacted for marketing or sales purposes, putting their names on “do-not-cold-call” lists, and using caller-ID to screen out telemarketing calls. As a result, organizations are looking at inbound calls and other forms of contact initiated by customers as one of the last untapped revenue producing opportunities, as well as the best forum for building a relationship with the customer that will hopefully lead to longer-term brand loyalty. As a result, many are turning to workforce optimization solutions.
The Skills Gap
However, according to the study by Loudhouse Research, 86% of strategic decision makers in contact centers do not think that their agents currently have the skills required to meet their obligations in terms of up-selling and cross-selling. If this is true, simply requiring customer service agents to attempt to up-sell or cross-sell during every contact they have with customers will not necessarily lead to profitability, because asking agents to sell can increase average talk time by 10% to 15%, which increases operating expenses since more agents are required to handle the same number of calls.
Crossing the Gap
Many of our customers have found that the best solution to this issue is to power their agent coaching, training and self-learning programs with Speech Analytics that are part of a workforce optimization suite. These customers have used Speech Analytics to help them to: identify the agent skills that are most important for selling their product or service; train all of their agents how to use those key skills; and continuously monitor skills usage. By leveraging this methodology, one of our customers increased their sales conversion rate by 41% in less than a year, generating approximately $2 Million dollars per year in additional revenue.
To learn more, check out the webinar “Rev Up Your Revenue with Analytics-Driven Continuous Workforce Optimization.” During this webinar, you will learn how Continuous Workforce Optimization will help you deliver on your ambitious revenue goals through the transformation of your contact center from a “cost center” to a “profit center.”