Customer interaction is the pulse of any thriving business. Whether through emails, web chats, or phone calls, every touchpoint can make or break a customer’s experience. In today’s time-consuming business environment, customers expect prompt and efficient responses to their concerns and queries. Every missed call is not just a lost business opportunity but a potential dent in the company’s reputation. Missing a customer’s call can spark frustration, as it often signifies a breakdown in communication, an unmet expectation, or a perceived lack of regard for the customer’s time and needs. This initial irritation can quickly escalate to anger, especially if the pattern persists, impacting customer trust and loyalty.
One key indicator of the quality of phone support and customer service is the “Number of Missed Calls” Key Performance Indicator (KPI). This blog will delve deeper into this KPI, understand its significance, and illustrate its impact with calculation. Dive with us as we decode its formula and unveil its profound impact through a real-world example.
What is the “Number of Missed Calls” KPI?
In the simplest terms, the “Number of Missed Calls” KPI represents the number of incoming calls to a business or service line that were not answered. These could be due to various reasons like high call volume, insufficient staffing, technical issues, etc
It’s our job every day to make every important aspect of the customer experience a little bit better.
Why should you track the Number of Missed Calls KPI?
Tracking the “Number of Missed Calls” KPI is crucial for several compelling reasons:
Missing a call can mean missing out on addressing a customer’s concern, query, or complaint. Regularly missed calls can lead to frustrated customers who feel neglected or undervalued, potentially damaging the business’s reputation.
Potential Revenue Loss
Every missed call might represent a lost sales opportunity. Whether it’s an inquiry about a product, a potential bulk order, or a service request, not attending to it can lead to a direct loss in potential revenue.
Monitoring this KPI can give insights into staffing and resourcing. If calls are consistently being missed during specific times of the day or certain days of the week, it might indicate a need for staffing adjustments.
In industries where prompt customer response is a significant differentiator, consistently answering calls can give a company a significant edge over competitors.
For customer support and sales teams, tracking missed calls can be an essential performance metric. It can aid in training and be a criterion for performance evaluations.
In a gist, the Number of Missed Calls” KPI isn’t just a number. Its one of the crucial KPI that help you to check on how effectively a business is engaging with its customers in real-time. It offers actionable insights that can drive strategy, operations, and customer engagement, making it an invaluable metric to monitor and optimize.
Formula to Calculate The Number of Missed Calls KPI
To compute the “Number of Missed Calls” KPI, you need to know two primary data points: the total number of incoming calls and the number of answered calls.
Let’s assume for ABC Tech Support, in the month of January:
Total Incoming Calls = 5,000
Number of Answered Calls = 4,200
Using the formula:
Number of Missed Calls=5,000−4,200
Number of Missed Calls= 800
So, ABC Tech Support missed 800 calls in January. This gives them a clear number to work with, and they can dive deeper to understand why these calls were missed and how to reduce this number in the future.
OKRs to Track & Monitor the Number of Missed Calls KPI
Tracking and monitoring the number of missed calls is crucial for businesses, especially for those that depend heavily on customer service, sales, and support calls. By setting up OKRs (Objectives and Key Results) around this KPI, businesses can strive to improve their customer responsiveness and satisfaction. By employing these initiatives and keyresults, the goal is not only to reduce the number of missed calls but also to ensure that every missed call is an opportunity for further engagement, rather than a potential loss. Not only does it provide insights into the effectiveness of call management, but it also offers a lens into potential customer dissatisfaction. To guide businesses in optimizing this area, we present a set of OKRs specifically designed to track and monitor this pivotal KPI.
Objective: Improve Customer Engagement and Responsiveness
Keyresult 1: Reduce the number of missed calls from 800 to 200
Initiative : Implement a rotating shift for customer service reps to cover different time zones or high-volume call periods.
Keyresult 2: Increase customer satisfaction scores related to call responsiveness from 60% to 90%
Initiative: Integrate a call-back system for customers who experience long wait times or prefer not to wait.
Keyresult 3: Attain a 95% success rate in responding to missed calls within a 4-hour timeframe.
Initiative: Implement a reward system for teams or individuals with the fewest missed calls each month.
“Missing a call? You might be missing out on more! The ‘Number of Missed Calls’ KPI isn’t just a metric; it’s a window into your business’s heart, revealing the pulse of customer interaction and potential revenue streams. Dive deeper, tweak your strategies – whether it’s beefing up your team, reshuffling hours, or squashing tech bugs. Every call counts, and so does every satisfied customer. Boost your brand by turning those missed rings into roaring revenues and raving reviews!”