Episode 3 – Frankie’s Top 9 KPIs Part 1

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Part 1 of a 2 part series. Catch part 2 on Episode 8.

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

Brought to you by:

  • The Social Pack: Get on the inside to stay on the topside. Join today!
  • MorningBrooke Digital Consultancy: If you need help with digital customer support strategy go to www.MorningBrookeDigital.com

“You can’t manage what you don’t measure.” – Peter Drucker

Book of the Day:

Winning at Social Customer Care by Dan Gingiss

Key Performance Indicators: Developing, Implementing and Using Winning KPIs by David Parmenter

Frankie’s Top 9 KPIs Part 1

  • Definition (According to Frankie): A key performance indicator is a metric that illustrates the health of a business. If your business is selling vacuum cleaners, then your primary key performance indicator is total vacuum cleaner sales over the reporting period. A secondary key performance indicator could be number of contracts sent out, number of sales meetings held, etc. If those numbers are trending up, that is an key indication your business is moving forward.
  • Top 9 KPIs Part 1
    1. Initial Response Time (IRT)
      1. Definition: How long it takes, on average, for agents to respond to the first post in a customer thread
      2. Why It Matters: Because it tells you how long customers are waiting to hear back from your agents
      3. So? So, waiting feels bad to customers. They fear you won’t respond. It creates uncertainty. Feels like a bad customer experience.
    2. Average Handle Time (AHT)
      1. Definition: How long it takes to fully resolve an issue
      2. Why It Matters: Because taking too long feels bad to customers.And because you can’t calculate your cost per transaction without fully knowing your AHT.
      3. Note: This refers to fully resolving not just individual posts, but entire “help tickets,” “trouble tickets,” or however you refer to them.
    3. Cost Per Transaction (CPT)
      1. Definition: How much it costs to have agents handle customer issues via social media
      2. Why It Matters: Because you want to be able to compare this to your other care channels like phone and chat
    4. Resolution Rate (RR)
      1. Definition: The percentage of time you are able to resolve customer issues
      2. Why It Matters: You want to understand how effective your social channel is at resolving customer issues as compared to other channels, and for which types of issues. Maybe some issues are better resolved elsewhere.
    5. Escalation Rate (ER)
      1. Definition: The percentage of time you must transfer issue resolution to a department outside of social care
      2. Why It Matters
        1. Customer satisfaction has been shown to decrease significantly when customers must be transferred
        2. Transfers can increase costs to your customer operations business model
      3. Department Design Impacts
        1. Triage Setup: If your department is setup to triage issues and always transfer out to different departments, your escalation rate will naturally be higher
        2. One-stop-shop: If your department is such that each agent can resolve almost all issues internally, your escalation rate will naturally be lower

Part 2 Next Monday!

Tune in on September 11 for the second half of Frankie’s Top 9 KPIs and a bonus KPI!

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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