For every 1% increase in the FCR rate, there is an equal 1% increase in the customer satisfaction (CSAT) rate of the service and the company.
What is FCR? – First Call Resolution
First Call Resolution (FCR), also called First Contact Resolution, is a crucial CRM metric that helps monitor customer service and customer satisfaction (CSAT).
Having a reasonable FCR rate shows the company’s ability to efficiently handle customer queries from calls, emails, chats, and other social media platforms within the first reach out without the customer's call back.
It is also critical to determining the Net Promoter Score (NPS). The more the number of FCRs handled or completed, the more likely the customer will promote the company or the service to others and use it more frequently by themselves. Thus, helping to contribute to a reasonable Customer Retention Rate (CRR) as well.
Simple Steps to Improve First Call Resolution
The following are some best practices for improving the First Call Resolution.
Estimate and evaluate the First Call Resolution rate
Two methods do this:
1. Extrinsic Survey This survey method is usually done post-the call through email, text, or recorded and manual calls, which is time-consuming and increases the operational cost.
It may lead to customer reluctance and fatigue and is an outdated method for this faster-moving world.
2. Intrinsic Calculation This estimation method uses Customer Relationship Management (CRM) technology and software, where the resolved calls are identified through non-repeat and repeat callers during a specific time frame.
The data is automatically gathered and computerized using the FCR formula below to get one single accurate percentage at a lower cost and without any overhead cost.
This is an ideal method of calculation for improving your contact center and the business in a faster-moving world.
Identify the reasons behind repeated calls.
There could be only a few possible reasons for a customer to call repeatedly.
It could be that their concern wasn’t solved due to
Agent mistakes, or
Miscommunications, or
The concern cannot be resolved due to some organizational regulations and policies, or
Wanted to check up on the status, or
Maybe even they got disconnected from the call or were kept on hold for too long.
Such issues affecting the FCR rate are fixable through regular monitoring and integration of customized CRM tools.
Find ways and implement API and CRM tools to improve and solve the problems faced
Top business leaders and contact centers having a good customer reputation use a good Customer Relationship Management (CRM) system.
The reasons for repeat calls are identified, then a plan of action is drafted, according to which the issues faced are improved and customized at ease with a faster repair management system.
Improvisations can then be implemented and go live instantly using the Kapture CRM software.
Importance of FCR
First Call Resolution (FCR) can be understood in customer support and customer care.
Customer support is one of the most crucial departments in an organization or a company, whose primary responsibility is to offer assistance to customers that can be either new or already existing. But Customer care is ahead of the field and a game-changer, where First Call Resolution for your customers plays an important role.
Customer care nurtures a culture that focuses on ensuring customer satisfaction (CSAT) with the help of several KPIs and the automation of CRM software. It is a process of ease and a better experience, offering a suitable resolution and providing care.
For customers who come up with a unique query, the one-size-fits-all solution doesn’t work in customer support. When your customers feel heard, supported, and cared for, they become your brand promoter and protector.
In that way, their concern being heard and solved in the first call creates a more significant impression about the brand and lets them know that you care for your customers, promoting the overall brand value.
Hence, the FCR rate is directly proportional to customer satisfaction (CSAT), customer referrals, and customer retention rate (CRR).
Formula to understand the rate of First Call Resolution (FCR)
The formula to determine the FCR rate is straightforward; it is simply the percentage of the total number of customers’ issues resolved within the first call by the total number of customers’ calls with a problem.
First Call Resolution Formula
An FCR rate of around 90% is considered a high and good percentage, and an FCR rate of about 40% is regarded as the low and poor end.
The average FCR rate is 72-76%, which varies per industry and platform.
CRM software like Kapture not only determines such rates but also helps to keep track of customer service provided in a much broader way and will adequately help in managing to give a better overall experience to both the contact center and the end-use consumers.
Use of CRM software to measure FCR rate
FCR rate is measured using customer relationship software (CRM), a tool to manage your customer service efficiently and helps your business to step forward in terms of customer relationships. This software is specially built for contact center management.
When the FCR rate is high or low, so is customer satisfaction (CSAT). Keeping track of the FCR rate regularly can be challenging and complex.
Hence, with the help of Kapture CRM software, you can effectively measure and manage the matrices related to customer satisfaction and level up the overall customer experience.
By utilizing the right Customer Relationship Management software, customer relationship and retention for the brand and business can be improved incredibly.
Data suggests that a delighted customer contributes 2.4 times more revenue to the company than a partially satisfied customer, so it is essential to maintain a customer satisfaction (CSAT) rate for substantial business growth.
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