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Article : Want to Increase Customer Lifetime Value? Look to the Contact Center

#contactcenterworld, @inContact

When a brand begins seeing customers return for a third or fourth time, the potential of earning a lifetime customer is extremely promising – and incredibly valuable to a business’ topline. Not only is there a potential for recurring revenue from that customer, but they can also spark a domino effect with their peers, creating positive momentum that leads to immense revenue value. However, it isn’t always easy to get customers to return repeatedly and become advocates – it is the result of many factors and interactions that all draw back to delivering exceptional customer experience.

Contact centers are the powerhouse to drive exceptional customer experience all through the customer lifecycle, from acquisition, growth and retention to advocacy. Here are some insights into the impact that contact centers have in helping businesses achieve the ultimate goal of gaining and keeping customer advocates for life.


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Acquisition

Timing and relevance are two critical factors when it comes to customer acquisition. Contact centers help businesses acquire customers by meeting them in their channel of choice at the right time, on the right device. Along with proactive engagement with the customer, businesses must provide a personalized offer based on customer profile and interaction history. Both factors – timing and relevance with proactive personalization – drive exponentially higher conversion. Contact center dialers offer a very effective and efficient way of reaching out to prospects without sacrificing agent time. Integrated with a CRM system, they can produce a high volume of quality, personalized calls that not only drive efficiencies but also effectiveness in sales conversions.

Growth

It’s no secret that satisfied, loyal customers drive more business, but did you know, on an average, seven in ten consumers with high emotional engagement spend up to two times or more on brands they are loyal to? Customer satisfaction has a ripple effect on a business, especially in today’s experience economy where brands are measured by their ability to provide superior service. Contact centers have a crucial role in ensuring customers are satisfied – they are the key connection between a brand and its consumers. When combined with the right customer data and agent tools, every service moment can become a sales opportunity.

Retention

The contact center is an extremely critical component of a customer retention strategy. Customer retention has a direct revenue impact. In fact, eight in 10 customers will consider switching brands due to one bad customer experience, according to the NICE inContact Customer Experience Transformation Benchmark study, which surveyed over 700 customers. Lost customers equal lost revenue, and not just that, it impacts the cost side as well: it is six to seven times more expensive to win a new customer than to retain one (Esteban Kolsky, thinkJar). Proactively solving customer issues and personalizing every experience is possibly only with the right contact center technology. A technology that can provide agents with an ability to serve customers in their channel of choice as well as pivot to channels that can best solve the problem – a true omnichannel experience which can resolve their problems quickly, at the first instance.

Advocacy

Customers are the best advocates to attract other customers – more so than any advertising or marketing campaign. According to a Nielsen, 92 percent of consumers trust recommendations from other people—even if they don’t know them personally—over promotional content that comes directly from brands. And, trust heavily influences their purchase decisions. With an exceptional service delivered through contact centers, there is a greater prospect of converting customers to advocates. That’s the kind of effective marketing that money simply can’t buy.

Contact centers have traditionally been seen as cost centers – reduced cost to serve is seen as the key metric of success. But times are changing, and that state is being overridden by the experience economy. Customer experience is taking the front seat in terms of driving competitive advantage, far ahead of product and price. That presents a huge upside for contact centers that play a critical role in delivering exceptional customer experiences. It will shift contact centers to a more strategic revenue play, rather than a cost and efficiency play. For that strategic shift to happen though, contact center leaders need to measure their impact on the customer journey and lifetime value through Net Promoter Score(R), CX score or CSAT and others. The benefits of lifetime customers certainly include cost savings, but it is much more than that, lifetime customers drive true topline revenue growth. Contact centers that build the case and quantify customer lifetime value will be poised to win and reap the most benefits in today’s experience economy.

#contactcenterworld, @inContact


About NICE inContact:
Company LogoNICE inContact works with organizations of all sizes to create customer experiences that create deeper brand loyalty and relationships that last. With NICE inContact CXoneTM, a cloud customer experience platform, we combine Customer Analytics, Omnichannel Routing, Workforce Optimization, Automation and Artificial Intelligence, all on an Open Cloud Foundation to help any company transform every single customer interaction.
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Today's Tip of the Day - Consider Your Center As A Production Line

Read today's tip or listen to it on podcast.

Published: Tuesday, July 17, 2018

Printer Friendly Version Printer friendly version

2021 Buyers Guide Recording

 
1.) 
ASC

ASC Recording Insights and neo
ASC Recording Insights guarantees legally compliant recording and analysis of all communication channels in Microsoft Teams - including audio calls (internal and external calls), chat conversations and video meetings.

neo Recording, QM & Analytics address all enterprises with recording needs, especially contact centers. The content of communication becomes accessible and critical information and trends are revealed, providing real-time business intelligence for immediate management action.

2.) 
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.

3.) 
Geomant

Microsoft Teams Cloud Recording Service
Geomant offers a fully managed recording service for those organisations who need to address compliance or quality management while working on Teams. The Service utilises Verint’s market leading recording technology and is hosted by Geomant in Microsoft Azure. Our managed service approach is unique in that it allows organisations to benefit from advanced recording features, all while being free from any technical infrastructure or maintenance requirements that come with a traditional on-premises set up.

4.) 
Lieber & Associates

Recording System Consulting
L&A provides vendor-independent consulting services to select, contract for, test, and implement contact center recording systems. The firm's consultants specialize in contact center I.T. and have several decades of experience each with all major and many smaller makers of phone and call recording systems.

5.) 
Numonix

IXCloud
Numonix's IXCloud is one of the first fully managed compliance recording solutions for Microsoft Teams. IXCloud securely records, stores and analyzes interactions in the cloud without physical or virtual servers. As a fully managed Azure-based, Software-as-a-Service cloud interaction recording solution, IXCloud takes interaction capture into the future. It enables instant and elastic scalability to support business growth and provides the necessary tools to enhance business performance while maintaining compliance. IXCloud redefines versatility with its OpenAPI framework that enables application development. Companies and third-party developers benefit from IXCloud native capture technology, whether it be integrating with internal systems or building a third-party application.

6.) 
Nuxiba Technologies

CenterWare
Enterprise recording management for storage, retrieval, playback, and monitoring communications throughout your contact center.

Record screen activity and calls across agent workstations, measure and monitor quality levels across all campaigns and analyze recordings to capture first-hand customer data and requirements.

Easly access all recordings and critical information to provide improved customer experience, sales, and productivity!

7.) 
OrecX

Oreka TR
Oreka TR total recorder includes all of the call recording capabilities you will need, at about half the cost of competing for call recorder solutions, including screen recording, mobile phone recording, live monitoring, on-demand recording, multi-tenancy, multi-site recording, audit trail, call exporting, retention management, auto-tagging (for speech analytics and phrase spotting) and so much more.

8.) 
PCS Software

PCS GD
Call recording solution fully integrate to all main pbx solutions.

9.) 
Teckinfo Solutions Pvt. Ltd.

InterDialog UCCS
InterDialog UCCS enables organizations to adhere to all compliances with its inbuilt call recording software and also has an option for screen recording. With centralized repository of all voice logs, its easy to maintain & retrieve all voice files and have a central control in case of multiple branches set up.
 

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