Trends and Realities of Successful Organizations (Blog Series)
Video outperforms all other communications methods when agents and customers need to quickly resolve an issue
In our first blog in this series, we explored how successful companies focus on implementing and optimizing the use of new technologies that help improve the customer experience. This blog will provide some insight into the benefits that can be extracted from video along with how.
Blog #2 of 4: It’s NOT just another channel. Video is the new Face-to-Face
With technology adoption increasing across all industries, more companies are leveraging video-based capabilities to become more customer-centric, increase their overall responsiveness, and by extension, become more successful.
In Metrigy’s recent Industry survey [see Blog#1 for more info], they’ve seen conclusive proof that successful organizations are adopting video as an enhancement to their customer experience (CX) projects – which is helping them drive significantly better business results. Over the last two years (2020 vs 2019) it’s no surprise that 15.8% of all organizations have added video as an additional customer communications channel to improve their competitive advantage in better serving their customers. For organizations making up the Metrigy Success Group*, that figure is even higher, they use video 21% more than all other companies.
By doing so, they have seen significant improvements in their results.
Revenues – when using video as a communications channel, 59.1% of successful organizations saw an increase in attributable revenues versus 37.3% that did not use video. This is due to better agent/customer engagement, by providing the opportunity to demonstrate solutions and up-sell/cross-sell other products. Using video can also impact revenues in other ways:
– Helps to close deals with real-time access to subject matter experts when customers need more information to finalize their decision
– With the transformation brought about by Covid-19, it’s become an efficient and effective way to nurture and maintain high-value, long-term strategic relationships, which are not just transaction-based but require personalized and frequent interactions
Customer Satisfaction Ratings – Significantly increased 41.7% versus 27.7% without video. By using video agents can interface directly with callers on a more personal level, where empathy becomes tangible while being able to show customers how to resolve issues instead of explaining how to do so:
– For organizations that have implemented contact center automation, using video can add back the human touch, which has been shown to have a huge positive impact on CSAT results
– For customers, being able to show agents exactly what problems they are experiencing e.g.: pieces missing, components don’t fit, car accident damage, etc., reduces frustration levels and helps agents more effectively resolve the situation
Agent Efficiency – improves by 8.7% due to quicker issue resolution times through two-way visual communications, by sending relevant video content directly to the customer on an as-needed basis. In addition:
– With expert resources available anytime, anywhere without the need for travel, each situation can be resolved no matter where it occurs, and more problems can be solved within a working day, and at a much lower cost
– Staff utilization can also be improved as pools of experts (centralized or geographically dispersed for multinational co.’s) can provide customers with their guidance without the need to have staff at each retail location
Yet, video as a communications channel is not a new concept… previously infrastructure capacity and speed issues, proprietary technologies, and protocols created numerous technological issues and deployment complexities, frustrating and confusing user interfaces, high operating costs, and lack of interoperability held it back.
Complexity is no longer an issue. Intuitive Interfaces Mean No Instructions Needed
The rapid adoption of smartphones and tablets in the consumer market has transformed realities and expectations. Video is now used by consumers daily in just about all their communications and is expected when dealing with companies as well. From an organizational perspective, video has been enabled and accelerated by the resiliency, redundancy, and operational flexibility provided by cloud delivery technologies, empowered by the high capacity networks that now underpin them, which ensures that cloud has become the preferred deployment approach for video and all other communications channels in the contact center.
Look into using video for your organization – you’ll see what you’ve been missing.
Help make sure your organization delivers the service experience that exceeds customer expectations. Doing so will transform your contact center from a cost-center into a powerful revenue generator.
Next blog in this series, coming February 9th
UC and AI – Better Together, Maximizes the CX
Throughout the course of this blog series, we’ve explored how successful companies think differently. By leveraging advanced technologies, organizations can successfully meet the ever-changing needs of customers while preparing for the future… simultaneously improving their customer’s experience with industry-leading efficiency.
Find out much more by registering for our upcoming webinar:
*Metrigy Research – defininhttps://www.enghouseinteractive.com/contact-center-solutions/#webinarg the “Success Group”
Their most recent research “Customer Engagement Transformation: 2020-21 Research Study” was undertaken in August – October of 2020, and reflects key learnings from their transformation accelerated by the Covid-19 pandemic. They asked participants for their before-and-after business metrics on revenue, cost, customer ratings, and/or agent productivity for projects that use artificial intelligence (AI) or AI-enabled analytics to improve customer engagement. Those able to, provided detailed information on projects that they completed and had measured their success.
See our Issues Paper for more information.