How can companies better equip their agents to mitigate against this risk? Superheroes need super tools, like a social care platform. With automated issue routing, customer service representatives have the ability to push volatile messages onto private channels, and provide resolutions that are faster and secure. These social care platforms do a lot more than just make agents happy: they also improve efficiency and deliver ROI.
Social care is now officially the most cost effective way to deliver customer service. A Forrester study found that Conversocial customers can reduce costs by $1.5m over a 3-year period. The largest contributor to these savings is reduced transaction costs. The Harvard Business Review found that social care transactions only cost around $1 each, whereas legacy customer service centers using phone and email can cost over $6 per interaction.
$1.5M savings over 3 yrs, 83% cheaper per-interaction, $54k cheaper subscription cost.
Social care platforms are also much cheaper than most legacy software. Forrester analysts found that companies who switched to Conversocial were able to consolidate their alternate customer service platforms to avoid almost $54,000 a year in supplemental software costs. These savings can be passed down to customers or reinvested into other areas of the business, driving up value.
Social care platforms also boost marketing performance. Forbes reports that when customers have positive interactions with social care agents, they are 3 times more likely to recommend that brand to a friend, boosting word-of-mouth buzz and referral sales. This type of organic messaging is hugely valuable to a marketing team, and can reduce the need for costly ad campaigns and digital efforts.
3x more likely to refer, 2x more likely to advocate.
Customer success teams are also playing defense on social. If issues are ignored, customer advocacy can drop by 50% . Without referrals driving traffic, marketing teams are forced to dive into their budgets to purchase impressions and combat any negative brand chatter from disgruntled customers.
Acquiring new customers is a huge expense, but social care can reduce that too. It can be up to 25 times cheaper to retain a customer than acquire a new one, so loyal customers are a must. Forrester found that social care platforms can increase customer retention rates by 58%, driving down your need for new acquisitions and padding your customer funnel. Quality social care makes customers happy, and when your customers are happy, they stick around.
25x cheaper to retain than to acquire, 58% higher retention.
Social care is the perfect tool for maximizing your profits and satisfying your customers. It’s time to issue capes to your agents and let your savings soar.
Want to learn more? Download our report on Social Effort Report: Unlocking Value with Effortless Social Customer Service.
If you missed Part 2 in The Social Care Advantage series, here it is: The One Simple Reason That Your Agents Will Love Social Care.
Stay tuned for part 4 in our 4-part series, The Social Care Advantage, on why how social care drives more sales.