It was once commonly believed that cost centers were a drain on company finances. Now we know that the opposite is true. Your contact center can be your top money maker, as they often serve as the first point of contact for the people who truly drive business revenue: customers.
Contact centers are key to keeping customers coming back for more, one surefire way to increase company value. According to Bain & Company, a five percent increase in customer retention produces more than a 25 percent increase in profit, because return customers will tend to purchase more over time. Nurturing repeat customers also saves money, as shown by White House Office of Consumer Affairs data revealing it costs 6-7 times more to attract a new customer than to retain an existing one.
Once an underutilized resource, contact centers now are instrumental in increasing revenue through customer retention and satisfaction. Contact center personnel are on the front lines with customers, and are the first to hear complaints, resolve issues, and give advice and support during the purchasing cycle.
An efficient contact center helps boost customer satisfaction through targeted support and quick issue resolution, both critical ways to satisfy and retain customers. And happy customers are more likely to tell their friends to patronize a business, another money maker.
Contact centers are also a goldmine of voice of the customer data, providing insight into customer activity, satisfaction, and complaints. Voice of the customer data can be used to improve processes and customer service, and can even help shape a company’s overall strategy, all factors that can better a company’s bottom line.