3 Economic Benefits of Simplr & NOW CX
How Simplr helps brands generate profit with machine-enabled human engagement (that’s always on)
178% return on investment over three years with an under three month payback period.
It seems almost too good to be true, but this is what companies have experienced since starting to think differently about their CX operations with Simplr. In a commissioned Total Economic Impact™ study conducted by Forrester Consulting on behalf of Simplr, we see how Simplr and the NOW CX movement are helping brands transform CX from a cost center to revenue generator while making employees and customers happier along the way.
How did we get here?
After spending years in the traditional Enterprise call center space, Simplr’s leadership team and I decided to reimagine the contact center model. We knew that businesses were facing a unique challenge in the form of the “NOW Customer,” the consumer who expects rapid-fire customer service that’s helpful, authentic, and available 24/7. We kept coming back to the same question: How are brands expected to keep up with the impossibly high CX standards set by world-class brands when the contact center approach is decades behind?
Not only are brands winning more NOW Customers with Simplr and NOW CX, they’re reaping the economic benefits as well: increased conversion rates, cost savings in the millions, and increased productivity across CX operations.
I’m extremely proud of this study because it’s entirely based on Forrester’s independent analysis and interviews with our customers. Our relationships with our customers are incredibly valuable, and it’s an honor to help them realize the full potential of their CX teams, goals, and operations.
Here’s a closer look at the findings from a commissioned study conducted by Forrester Consulting on behalf of Simplr:
Economic Impact of Simplr #1:
Increase in profits through improved conversion rates and repurchase rates
The best way to convert the NOW Customer is to meet them in the moment. When buyers on your site need help, they expect assistance no matter the time of day, no matter the channel. Having that availability can mean the difference between a customer making a purchase or never coming back to your site again. With advertising costs soaring, winning over site visitors critically important.
The fact that Simplr Specialists provide 24/7 coverage increases customer engagement and mitigates customer neglect, ensuring every buyer gets the attention they need. The result is that Simplr partners see a 44% increase in conversion rates.
Plus, Simplr’s technology provides Simplr Specialists with evolving guidance and best practices when interacting with customers. These consistent adjustments, at scale, have a proven positive impact on repeat purchase rates too, with one Simplr partner reporting:
According to the study, a composite enterprise Simplr partner increased profits of over $1 million from increased conversion rates.
Economic Impact of Simplr #2:
Brands would need to increase resources (and costs) by 50-100% to match Simplr’s service levels
Over the years, we’ve had CX leaders come to us with the same, ongoing challenges:
- Limited capacity to scale
- Persistent backlogs
- Difficulty forecasting peaks and troughs
And it’s no wonder. Scaling a business while trying to keep pace with the NOW Customer can be nearly impossible (and traditional outsourcers can add to the headache).
CX leaders find great relief in Simplr’s technology and its Human Cloud network: expanded customer service hours, faster response times, high-quality responses, and careful attention to metrics that drive better business outcomes. One of our partners interviewed in the study told Forrester:
“We went from 64 hour response times to below .1 or .2 hours, which is something that would have been so expensive to do that through our internal team. In periods of higher volume, we would need to triple the size of our team or more to get to [Simplr’s] service levels.”
While the personal relief is very real, what is the financial impact of having this hyper-flexible, hyper-scaled model? According to the study:
- Simplr partners estimate that they would need to increase their customer support teams between 50% to 100% in order to match the expanded hours Simplr’s Human Cloud network provides and to manage the volume of inquiries they receive.
- Persistent backlogs were eliminated since partnering with Simplr. Over three years, this cost avoidance amounts to $8.96 [KR1] million for the composite organization.
- Customer Satisfaction Score (CSAT) average increased 10-20% without adding additional staffing.
Economic Impact of Simplr #3:
Improved productivity of customer support leaders
Since Simplr can scale instantly, responding to any peaks or surges in demands in real-time without any notice necessary, the time customer support managers spend forecasting, recruiting, and managing other staffing activities for internal teams is drastically reduced.
The interviewees in the study spoke in particular about the challenges of scaling staffing up and down, and the heartache of the hiring-and-firing cycle.
“I was spending a lot of time reacting to changes in volume and hiring people. I was hiring, at first, probably two to five folks every week as we ramped up … Then you get into a position where you have all these people hired and then you have low volume, so your cost per contact goes off like crazy. Through partnering with Simplr, you just don’t have to worry about that.”
Forrester found that partnering with Simplr reduced hiring responsibilities by 50%, revealing a remarkable opportunity for CX leaders and teammates to focus on creating amazing experiences and generating more revenue.
We’re in the NOW era of CX
Customer experience is the battleground for business. Consumers have more options than ever to buy their products, so CX is an increasingly critical area for brands to improve if they want to reclaim revenue and retain customers. The key to cutting through the noise and solidifying loyalty is to think about CX in the context of NOW.
I recommend that everyone check out the study to hear directly from CX leaders who have felt the positive impact Simplr has had on their wellbeing, productivity, and ability to generate revenue for their companies.
Looking for more?
–Register for MOMENTOUS 2021, our 3-day virtual CX conference happening April 6-8
–Connect directly with the Simplr team to talk about your unique CX and CS challenges and goals