10 Ways to Make Your ROI More Measurable

Posted May 24, 2017

YEC

Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

Some customer service ROI figures are too broad and unusable. What’s one way to make it small, measurable and impactful?

 

1. Start with a Net Promoter Score.

The Net Promoter Score is a very easy way to measure customer satisfaction. Customers can rate their likeliness to recommend a company on a 1-to-10 score. It’s very easy to implement and there are public benchmarks for every industry. An NPS tracked over time lets a customer service team and the company see how they are performing over time, as well as whether any changes have a positive impact.

– Adelyn ZhouTOPBOTS 

 

2. Look to retention and growth.

Every interaction holds an opportunity to understand the impact of customer success. The most important will always be retention and growth, but every interaction holds the opportunity to understand the impact of customer success or service. CSAT surveys after any significant interaction give you the opportunity to get a pulse on your customer and respond to their feedback. Trends will emerge and you can adjust quickly ahead of the lagging indicators of retention and growth.

– Kristine SteuartAllocadia 

 

3. Segment the ROI data.

All ROI data is broad until you segment your clients by certain parameters. Examples of some could be age, area, referrals, clients who purchased within the year, ones who didn’t and so on. Once you start segmenting the data, those broad numbers become laser focused, which will give you the most impactful data needed.

– Raymond KishkInterstate Air Conditioning & Heating 

 

4. Focus on the biggest failures.

Don’t get overwhelmed by too much data. Instead, focus on the area where you know that you’re having the most problems and use the data to look for specific insights that might help you solve your problems. For example, how long it takes for customers to hear back on an issue they’ve complained about, or how satisfied they are that their problem was solved via a customer service call.

– Adam SteeleThe Magistrate 

 

5. Tie it directly to a KPI.

Customer service is about satisfaction and problem-solving. Train your people to be able to set specific objectives for the ideal result of a customer service interaction. Track those ideal outcomes as KPIs. Then you will be able to convince clients or upper management about the significance of such measures.

– Duran InciOptimum7 

 

6. Let the CEO answer some calls.

Identifying value in customer service requires everyone getting involved. Being in the trenches provides unusual insight into what customers are saying about your company. Identifying the best return on your customer service dollars will become more evident when the CEO gets to answer calls. Armed with real customer experiences, your team will be able to identify the best ROI opportunities.

– Diego OrjuelaCables & Sensors 

 

7. Choose one area to study.

Pick one area of customer service, such as timely responses, and measure that to see if the tactics implemented have made improvements or more needs to be done. Too many companies generalize customer service and do not segment these based on response time, assistance level or customer return rate, for example.

– John RamptonDue 

 

8. Call a few customers each month.

There are plenty of systems out there that harvest and harness reviews from customers. While these services are vital, to truly find out if your customer service is generating ROI, pick up the phone and call a few customers each month and actually speak with them. Not only will you see what is working, you will build an amazing level of loyalty to your brand.

– Ryan BradleyKoester & Bradley, LLP 

 

9. Ask users specific questions in polls.

Get customer reviews, but make sure they aren’t broad questions. Don’t ask “Are you satisfied with our service?,” but instead ask, “Are you satisfied with the way X product has improved X part of your life?” Be as specific as possible and target a specific audience. Change your questions and ask on a regular schedule. That way, you can track and use the results in advertising, etc.

– Kevin ConnerVast Bridges 

 

10. Measure real results.

As is the case with most metrics, the numbers aren’t always telling the full story. Oftentimes, you’ll find there is a lot of unsubstantiated claims being made about the accuracy of ROI data, and so it’s important to sift through the false data and dig into the real results. If something seems difficult to quantify or prove, it likely is and should be ignored.

– Blair ThomasFirst American Merchant

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