How to measure your live chat performance?

How to measure your live chat performance?
September 26, 2016 Denitsa Kozanova
How to measure your live chat?

Live chat can turn into one of your most effective sales and customer support channels. However, most companies never realise its potential because they don’t measure its performance. You can manage live chat without measuring it, but in order to understand it, you need KPIs.

Here are the KPIs that you have to keep in mind:

1

Number of chat/number of visitors

This is most probably the most important ratio for measuring live chat effectiveness. Number of chat/number of visitors should not be less than 1% per month. So, if 10, 000 people visit your website per month, then that means that at least 100 should start chatting with you.
Of course, there are good and bad times, but if you are experiencing a ratio of less than 1% for 6 months in a row then you will have to revise your live chat strategy.
In addition, you can track what the portion of self-initiated chats is versus chats that started after a pop-up message or an invitation from the agent.
2

Offline chats/All chats

Being offline is even worse than not having a chat widget at all. Offline messages leave customers frustrated, especially new ones, for whom this is their first impression of your business.
So, keep track of the offline/all chat ratio. From our experience it should not exceed 10%. Keep in mind that I am talking only about chat sessions, unanswered by agents. You can also track the number of abandoned chats by your customers, but I will address this point in another post.
There are many ways to maintain your availability. One is to switch off the widget outside working hours. Another option is to use external agents. For instance, Crowdio has a pool of crowdsourced external agents who work remotely. So, if your business is based in Denmark we can provide you with agents who live on the other side of the globe, speak Danish and can cover your website while your team is out of the office.
3

Chat Content

Are customers asking for help? Or for contact details? Or pricing clarifications?
First, your live chat tool is a great channel for receiving customer feedback. Let’s say you keep getting questions regarding your contact details. This is a clear indication that your contact details should be more visible on your website. Of course, this can be a good trick from your side. You might be leaving some information out on purpose, in order to trigger a chat conversation.
Second, you can get customer insights. You will understand in what areas your customers usually ask for or need clarification. If you spot some trends there you can approach those topics directly at sales meetings.
Third, you can track the performance of your customer care team and see how well they represent your company.
All of the above is important, so spend few minutes every week to read through chat sessions and try to spot similarities between the requests, valuable feedback points and the reactions and behaviour of your agents.
4

ROI

Good old ROI! I have to mention it and we all know why. Three ratios to pay attention to in this regards: price of your product/service; price per chat/lead; average conversion rate.
Live chat is usually an inexpensive service, so profit from it can be really high. Especially for industries selling high-involvement good, such as real estate, insurance, travel agencies, car dealers etc.
The most popular pricing model for chat services is a monthly subscription, usually, between 20 to 50 Euro. Crowdio uses a pay-per-chat pricing model, which is another alternative. In addition to paying only for chats or/and leads, our customers are free to set their own price.
When it comes to conversion rate that solely depends on your sales team. You will certainly increase the number of generated lead per chat but the actual sales coming from that can’t be directly linked to live chat.
5

Chat Satisfaction

Live chat is a communication tool, and with your customers the way it is handled is the way your company will be perceived. If your agents are impolite and/or unprepared that might leave a long-lasting impression on the customer. Chat providers recognise this threat, thus, almost all online chat providers offer a chat rating system. There are also immediate call-to action notifications if the customer is really dissatisfied.
But, be careful and make sure that the rating system is clearly explained and check the chat message before you get really angry. Sometimes a customer in a hurry can mistakenly rate with a 1 for highest satisfaction instead of a 5, even though the rating system has been explained. So, you have to track negative results and sort out the real examples from any misunderstandings.
Finally, you have to measure the positive/negative ratings ratio. From our experience your average should not exceed 1 negative to 20 positive chats.target-1747234_640

Chat response time, chat length, speed of agent response can be also added to the list of metrics you have to pay attention to. Can you think of any others?

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