Proving that your quality program contributes a positive ROI often times feels like searching for the Holy Grail with your contact center investments.
On the surface, the question “can you prove that your quality program produces a positive ROI?” sounds simple. If not simple, at least do-able. But, the answer to this question is anything but simple, and for many it’s not even do-able.
Very few contact center leaders go through any type of ROI calculation with their contact center investments. Ironically, this is exactly what you need to do for your contact center investments to propel your performance.
All contact center investments need ROI calculations
ROI analysis is more common in the biggest of the big contact center operations, but most contact center leaders work in medium or small centers. The fact is that all contact center leaders need to do it.
Many contact center managers struggle to calculate their total Cost of Quality (CoQ). However you must calculate your CoQ in order to discover the ROI for your contact center investments.
Do you practice the multi-faceted discipline of ROI? If you do, then you know it’s a holistic discipline because managing with (or to) an ROI requires a continuous model that permeates all aspects of your contact center.
It’s not all about cost
A key is know that cost is not just an outlay, but must include gains and savings. In fact, the “return” in Return on Investment refers to financial benefits, which involves both costs and revenues.
Your model has to be thorough and potentially include things like your hiring process where one type of candidate versus another yields a more positive ROI.
Rearview mirror ROI (actual) is great to have when reporting the value of initiatives, but the ultimate goal is to have ROI projections. I have witnessed too many contact center leaders falsely say that they do not have the money to make an investment in people, process, or technology.
It is false to say you have nothing to invest when you do not calculate value (that includes benefits). Those that say they don’t have the money to invest while not calculating value are definitely not thinking with a true ROI mindset. They are merely cost managers.
Cost managers are common. Value managers are extraordinary and exceptional.
Could these contact center investments skyrocket your performance?
Here are two quick examples of cost management mindsets in the contact center industry:
- Speech Analytics: This, as a solution (not software), has the potential to generate a 1000% (blast off) return on investment (on-going) for many organizations. Regretfully many (cost managers) only look at the price (lower price options do exist) and shut-off their engines (minds) to greater understanding of value.
- Survey chimpanzee type or built-into-unrelated-software customer feedback tools: High flying Voice of the Customer (VoC) programs are not founded on these types of solutions. I have never witnessed a customer value model being fueled by a low cost customer feedback tool.
To focus your view on the critical nature of ROI, the self-assessment and ebook 29 Quality Assurance Mistakes to Avoid asks – “Can you prove that your quality program produces a positive ROI?” Wait! The knee-jerk response may be for you to say “yes”.
For your contact center investment to blast-off you must challenge yourself to critically dissect your answer. First, understand that Internal Quality Monitoring, or the call monitoring process, is too narrow a focus. You must open your eyes to the bigger view to build a proper ROI model.
Your Cost of Quality (CoQ) must include a fully loaded calculation of:
Do you want to be an extraordinary value? To deliver exceptional value from your quality investments, compare your quality program with the Impact Quality Assurance (iQA) methodology.
The Impact Quality Assurance graphic reveals the core dimensions of quality service delivery. Your costs need to drive greater performance in these core areas for it to translate into customer-centric outcomes.
Aborting your mission is insanity
Assuming your effort should be aborted because the task seems too large is insanity. Aborting means you decided to keep doing things the way they’ve always been done.
You’ve heard it. How is the best way to eat an elephant? One bite at a time. Same answer when striving for extraordinary results. Start by isolating the aspects of iQA and determine the ROI of your quality investments in:
- 1. Internal Quality Monitoring (iQM)
- External Quality Monitoring (eQM)
- Metrics (KPIs, Reporting, Dashboards, Analytics, Actionable Insights)
- Emotional Intelligence (Greater customer and employee relationships)
Each of the above aspects of your contact center will have ROI models and collectively become the ROI for your contact center. Once the models are developed and monitored for changes over time, all contact center investments can be assessed for impact (ROI) and continued support.
Doing these financial calculations is exactly what is demanded of contact center leaders today. You have to be extraordinary to receive extraordinary opportunities. If you choose to abort this activity there is little chance you will skyrocket forward.
- Putting Humanity in Contact Centers - July 26, 2017
- Avoiding Pitfalls of Customer Satisfaction Surveys - July 19, 2017
- Why Customer Experience is Like Sex in High School - January 11, 2017
- VoC Execution Gap in Contact Centers is Huge - June 29, 2016
- How long should my contact center survey be? - June 7, 2016
- Stop the Freaking Customer Feedback - April 27, 2016
- What is your Contact Center Top Priority? - April 11, 2016
- Nine words to stop using to describe your quality assurance program - March 10, 2016
- What NOT TO DO with your contact center budget - March 9, 2016
- What to aim for with your Contact Center Budget - February 15, 2016