5 key self-service metrics to watch for reducing costs

Customer experience (CX) has changed immensely over the years and even in the last few months. With the proliferation of digital channels, customers are now looking for a more personalized, timely and efficient service.

For many organizations, this includes the deployment of self-service technologies. Customers are now looking to solve issues on their own terms, using their channel of choice and spending as little time as possible.

Delivering a superior CX is solid ground for improving customer loyalty, retention and consequently boosting profits. According to Harvard Business School, increasing customer retention rates by 5% increases profits by 25% to 95%.

If you’re worried about retaining your customers while maintaining a cost-efficient strategy for your business during these uncertain times, here are five self-service metrics you should be tracking in your contact center.

Call deflection rate

Deflecting calls means customers are given the  channel that best suits their needs, whether it be FAQs, live chats or community forums. This provides a more personalized experience and avoids a high volume of calls needing to be handled by live agents.

Call deflection rate metric can be tricky, as it tells you that a call has been deflected but fails to provide the full picture of how the customer issue was resolved. However, the call deflection rate can give you a general idea of whether your self-service channels are being put to good use while relieving some of the stress and workload of your customer service representatives.

Call volume

Following the previous metric, this one doesn’t entirely provide a holistic view of channel performance but can provide meaningful insights. Call volume tells you the number of calls your agents are handling, which means customers couldn’t solve their issues through alternative channels. If your call volume is high, you should look at why and how your self-service options are underperforming. This will help you understand what you can do to take some weight off your agents’ shoulders.

Total cost per contact

Enterprises tend to look at total cost per contact beyond calls, which includes all available channels that the customer uses to have an issue resolved. Additionally, staff, systems and tools should also go into the equation.

This will give an overview of how much you are spending on each of your customer support channels. You’ll understand which are performing well, where you need to improve service and finally, where you should increase funding to improve service.

IVR abandons

Abandonment rate should be measured across all channels. If your customers are using  a self-service option but are abandoning rapidly, you’ll see a spike in drop outs at certain points in the journey. This is  a warning sign for you to revisit the contact flows and figure out why the desired flow is underperforming. Abandon rate is also a good indicator of a poor customer experience (CX) and can help you determine where to quickly apply resources to improve the journey.

Customer satisfaction (CSAT)

This one might be obvious, but it’s always worth mentioning. CSAT should be measured as much as possible for each of your support channels. Your self-service options can include measurable items such as surveys, direct feedback and Net Promoter Score (NPS). It’s not enough to deploy an omnichannel strategy without ensuring it meets customer expectations as much as possible.

Although service executives believe 40% or more of customer demands could be resolved through self-service channels, only 9% of those are solved entirely by self-service options. This means that an omnichannel strategy is not only a good way to work on customer retention and propel profits, but it also presents new service capabilities with many opportunities to improve your customer’s experience.

Closely monitoring these contact center KPIs should help you address your evolving approach to customer service. Metrics that measure the success of self-service options will give you an idea of how many calls are being deflected, consequently lowering operational costs for traditional channels and giving agents more time to provide a personalized and convenient service.

Want to know more?

• Learn more about Talkdesk CX Cloud™

• Read why our customers recommend us
• Subscribe to our blog and get all the latest news in your inbox