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Helping You Deliver Tomorrow’s CX, Today

The ROI of Visual Engagement

Ashwin Venkatesh
Principal Product Manager, Oracle CX

In my last blog, Humanize your CX Strategy with Visual Engagement, I discussed the positive impact that visual engagement can bring to a company’s omnichannel CX strategy. Let’s break it down further to understand the significant return of investment (ROI) attained from customer adoption of visual channels.

Companies that adopt visual channels could expect to see a wide range of benefits.

Higher Customer Satisfaction (CSAT)

Research indicates that visual engagement is a powerful real-time concept that enables agents and their customers to reduce conversation clutter, better understand each other, and drastically save time in problem resolution. This drives an overall positive customer experience and leads to higher customer satisfaction (CSAT) rates for the company.

Improved Net Promoter Score (NPS)

Companies use CSAT as a foundational measurement to help aim for long-term customer loyalty. Companies often conduct frequent surveys of their high-value customers to ensure their continued product and service satisfaction. An important metric of such surveys is the Net Promoter Score (NPS). Visual channels go a long way toward increasing long-term NPS, initially originating from high CSAT.

Reduced Visitor Abandonment Rate

In the retail sector, a positive online shopping experience is often the most important factor when it comes to converting web site visitors into buyers. Companies make significant investments toward creating simple and seamless user experiences for their online visitors. By combining a great user experience with helpful services options, companies can significantly reduce visitor abandonment rates. Companies can increase their conversions rates by up to 2.5X with the inclusion of visual channels to assist the overall visitor experience.

Reduced Customer Churn

While it’s extremely rewarding for companies to successfully convert web site visitors into buyers, it is equally important to nurture, delight and retain existing customers through smart customer service. Research shows that companies have experienced 9.5X customer retention rates after the adoption of visual channels to differentiate their customer service, from competitors that lacked these channels.

Higher First Call Resolution (FCR) Rate

Imagine when a customer has to repeatedly call the customer service department on the same topic multiple times because their original problem wasn’t resolved the first time. It’s happened to all of us. This is a classic recipe for customer anger, stress, frustration and churn! The essence of visual engagement is all about being able to see, engage and resolve customer issues and goes a long way toward promoting first call resolution (FCR) and preventing customer callbacks.

Increased Brand Recognition & Differentiation

Adding visual channels to a company’s omnichannel portfolio can increase popularity, loyalty and brand advocacy from delighted customers through differentiated customer service.

Higher Upsell and Cross-Sell Opportunities

With companies reaping the benefit of long-term customer loyalty and brand recognition from visual channel adoption, sales and marketing departments are more empowered to upsell and cross-sell the company’s products. Companies in the late stages of maturity with visual channel adoption have experienced an impressive 81% higher year-on-year increase in revenue than their revenue prior to adopting visual channels.

Conclusion

As you can see, the bang for the buck with visual engagement is evident. Oracle Service Cloud recognizes the positive impact that visual channels bring to a customer’s omnichannel portfolio, and enables video chat, co-browse, and screen sharing capabilities to bolster the overall customer experience. For more information on the use cases, features and capabilities of these offerings, please refer the Video Chat Data Sheet and Co-browse Data Sheet or simply leave a comment and I’ll respond.

 

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