Customer success is the ultimate goal of any business that provides products or services to its customers. It means that customers are satisfied with their experience, loyal to the brand, and willing to recommend it to others. Customer success also leads to increased revenue, retention, and referrals. One of the key metrics that can help you gauge and enhance customer success is total call volume. Total call volume is the number of calls received by your call center in a given period. It reflects the demand for your products or services, as well as the quality of your customer service.
Dive into our latest blog post as we unravel the crucial role of Total Call Volume! Discover its significance in driving customer success, master the art of calculating it, and learn strategies to supercharge your call center’s performance.
What is Total Call Volume KPI?
The Total Call Volume (TCV) KPI is a straightforward metric that represents the total number of calls received by a call center or a customer service team during a specific period. It can be utilized daily, weekly, monthly, or for any other time frame depending on an organization’s requirements.
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Why Measure Total Call Volume?
It is important to measure it because it can help you understand your customer behavior, needs, and preferences. You can evaluate and improve your call center performance and customer service quality. Also, it can boost revenue, retention, and referrals. Given below are some of the top picks on the reasons behind measuring the Total Call Volume KPI.
Insight into Traffic
TCV gives organizations a raw number indicating the volume of inquiries, complaints, or other interactions.
By understanding the total number of calls, managers can allocate resources efficiently, ensuring that call wait times remain minimal, and customers are satisfied.
Tracking TCV over time can help identify peak periods, which can be invaluable for planning and forecasting.
A sudden spike or drop in TCV can serve as an indicator of operational issues or market changes, prompting a need for a deeper investigation.
Formula to Calculate The Total Call Volume KPI
The formula to calculate TCV KPI is simple:
Imagine a call center that offers support for a popular e-commerce platform. The platform recently rolled out a significant update on the 1st of the month.
To understand the impact on the support team, the call center manager decides to track the Total Call Volume for the entire month.
Here’s a hypothetical breakdown:
- Week 1: 5,000 calls (immediately post-update)
- Week 2: 3,200 calls
- Week 3: 2,800 calls
- Week 4: 2,500 calls
Using the formula:
TCV for the month=5,000+3,200+2,800+2,500=13,500 calls
The manager found that the call volume was significantly higher immediately after the update, likely due to customers having questions or facing issues. As the month progressed and users became familiar with the changes, the TCV decreased
This insight could prompt the e-commerce platform to improve its update announcements, offer better user documentation, or conduct a feedback survey to understand and rectify the concerns that led to the high call volume.
Measuring the Total Call Volume Metric with OKRs
Objective and Key Results (OKRs) offers a structured approach to setting and tracking organizational goals. When it comes to monitoring a call center’s performance using the Total Call Volume (TCV) metric, OKRs can be pivotal. Let’s explore how one might structure OKRs around TCV.
Objective: Enhance Call Efficiency
Key Results 1: Achieve reduction in average call wait times from 5 mins to 4 mins
Initiatives: Train agents on advanced problem-solving techniques to resolve issues faster
Key Results 2: Increase the First Call Resolution (FCR) rate from 60 to 85%
Initiatives: Implement a callback system for high call volume periods to reduce abandoned calls.
Key Results 3: Decrease the number of dropped or left calls by 8% by the end of the quarter.
Initiatives: Review and refine the Interactive Voice Response (IVR) system to ensure callers are directed to the most appropriate agent or department.
Total Call Volume is a foundational metric for call centers and customer service departments. While it provides a top-level view of customer interactions, combining it with other KPIs, such as First Call Resolution (FCR) and Average Handle Time (AHT), can provide a comprehensive view of operational efficiency and customer satisfaction. Always remember, the key is not just to measure but to act on the insights drawn from these metrics.