Episode 158 – Rewind – Measuring Social Care ROI with Himadri Sarkar

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A Manic Monday Episode. Manic Monday focuses on Numbers, Measuring, Reporting and Workforce Management.

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The Socially Supportive Podcast is Part of the C-Suite Radio Network

Announcements:

“The brave may not live forever, but the cautious do not live at all! ” – Richard Branson

Book of the day: Winning at Social Customer Care – Dan Gingiss

Today’s Guest

Himadri Sarkar is a consulting director with Cognizant’s Digital Operations Consulting practice. Cognizant is a global leader in business and technology services helping clients bring the future of work to life today. He has 18 years of experience as an advisory thought leader and has driven process re-engineering and lean-enabled digital transformation, across multiple industries such as hospitality, telecommunications, insurance and healthcare. His success mantra has always been to inspire and drive cross-functional teams towards a common vision and shared goals. Himadri and I have worked together building social strategy for Cox Communications and he brings very innovative perspectives and conceptualized a financial model that helped in articulating the true ROI to senior leadership.

Calculating Social Care ROI

  • Building a Case for Social Media Adoption
    • Market Trends and Financial Impact.
      • 72% of adult internet users in the U.S. are now active on at least one social network and by 2020, most customers will manage 85% of their relationship with an enterprise without interacting with a human (source: Gartner)
      • 87% expect an increase in non-voice interactions (source: Forrester
      • Servicing via social media boosts customer satisfaction by 15-20% (source: Gartner)
      • 62% of consumers who have heard about a bad “customer experience” via social media intentionally avoided or stopped doing business with the company as a result (source: McKinsey)
  • Calculating True Cost to Serve
    1. Calculate Labor Costs
      1. Determine volumes: Total social media transactions handled or forecasted
      2. Determine AHT and multiply with volumes to derive the total effort as a unit of time(min/hrs.)
      3. Factor in productivity yield or utilization/FTE on the total effort. 70-75% utilization is a good estimate to go with
      4. Divide this with the annual production hours and you would get the number of FTEs required to manage the volumes
      5. To finally arrive at the labor cost, multiply FTEs times the average annual compensation per FTE
    2. Calculate Additional Expenses (can vary depending upon the category. Some of the most common categories that are included in a costing model for social media are:
      1. Cost of the social media tool (Conversocial, CX Social, Sprinkl’r, etc.) and its subsequent development cost
      2. Cost of gamification integration (as in the case of support forums like Telligent Community
      3. Cost of API integration for unified channel strategy
  • Completing the Business Case
    • First Call Resolution has to be higher or the same. One recent project saw a 3% higher FCR for social vs. call
    • Avoidable truck roll rate should also be higher than calls. For the same project, ATR was 400 basis points higher in social center vs. call center
    • Social forum benefit will also result in speedy resolution and lower down the propensity to call (see Episode 3 – Frankie’s Top 9 KPIs Part 1 and Episode 8 – Frankie’s Top 9 KPIs Part 2)

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    • Ticket Liquidator:  Concerts, Sports Theater tickets. Buy or sell!
    • GoldMedalWineClub.comWine of the Month Club Award-winning wines delivered to your doorstep every month. They never feature bulk wines, private labels, or closeouts. Each selection is a genuine, small-production wine crafted by a winery with their family’s reputation on the line in each and every bottle.
    • CraftBeerClub.comGood People Drink Good Beer. Get the finest craft beers from America’s best microbreweries delivered to your door! They search out exceptional craft beers from around the country and then deliver the monthly beer club selections direct-to-you or your gift recipient’s door. You can choose an ongoing beer club membership or Craft Beer Club gifts to ship monthly, every-other-month or even quarterly. This is a fantastic gift for the Craft Beer enthusiast in your life. Give 1 to 12 shipments and receive up to 3 bonus gifts and an additional $25 bonus with your order.
    • OneTravel: Search and compare flights from over 450 airlines.

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Who’s Doing it Well?

About the author, Frankie Saucier

Frankie Saucier created the Socially Supportive podcast because believes that in order to advance digital and social customer care, leaders must come together in a community where colleagues can collaborate on the latest strategies and discuss the best technology. The Socially Supportive podcast creates a space for that community to thrive. She is also the Founder and CEO of Socially Supportive, a digital consultancy that helps brands communicate effectively with customers online. Frankie is a member of several consortiums, including the Social Care Leaders Group, an international group of leaders in the digital and social care space. She has over 20 years' experience in customer experience, including 7 years creating and running the digital customer support team at the 3rd largest cable company in the U.S. She also holds a bachelors in Mass Communications.

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