List penetration refers to a measurement used throughout the call center companies to calculate the proportion of the entire list that has reached a final resolution. The list penetration rate calculates the number of prospect records closed according to the overall number of campaign records. It emphasizes the precision and data of the call list.
The higher the penetration rate of your list, the better. It indicates that you’re running on clean records. You can always check the details if the list of the penetration rate is lower than the expected result. Looking at your details will show if your agents call cold or inactive leads.
Monitoring the list penetration may help minimize the challenges that your organization may encounter from the risks. Embracing proper security practices will protect your company. You will resolve the prioritized risks and regularly monitor your market risk exposure by taking a risk-based approach to cybersecurity.
How to measure list penetration rate?
Calculating the list penetration allows the management to assess the scale of the future demand for their offering. If the overall value of the competition is high enough, the new entrant should be persuaded that it can achieve a fixed proportion of the total number of future buyers.
The list penetration rate is simple to calculate if you know the scale of your target market. To compute, divide the number of clients you have by the size of the target market to measure the penetration rate, and then multiply the figure by 100.
The formula looks like this: “Penetration Rate = (Number of Customers ÷ Target Market Size) × 100”
What is Key Performance Indicator (KPI)?
Key Performance Indicator definition
A Key Performance Indicator (KPI) is a critical indicator of a company’s progress in reaching its objectives. It is used by different organizations at different levels to evaluate each process that contributes to the progress of the company and its overall performance.
Critical indicators are categorized into two categories: quantitative and qualitative. Quantitative is based on numerical standards of a goal while qualitative refers to the quality based on physical feelings, tastes, or opinions. They are also measured into five types: input, process, output, outcome, and project. Since this is an embodiment of a SMART goal, it measures its objectives and individual goals through the methodology and presents it in data form.
Key Performance Indicator examples
Indicators may fall into different points of measurement: financial metrics, process metrics, customer metrics, and people metrics. For instance, assessment of net profit, cost of goods sold, and the tally of revenue vs. target falls on the financial metrics. For people metrics, there’s the average number of employee turnover, training and seminars held for employees, and the number of open positions every quarter. Process metrics, meanwhile, measures the number of processes it has for each role over the efficiency of these processes.
The BPO sector also has a set of KPIs followed. Supervisors monitor and measure the performance of its employees through the average number of calls in a day, the percentage of call drop rates, call handling time, transfer rate, and the average of issues the agent resolved since the first call.
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What is Customer Service Representative?
What is a customer service representative?
A customer service representative is an individual who interacts with customers on behalf of the company, usually to address their concerns. They are the front lines of service providers in customer support. They know first-hand how satisfied and dissatisfied customers are with the services they availed.
A CSR possesses a lot of skills they need to effectively deliver customer service. This includes good communication and problem-solving skills, quick wit, and interpersonal skills. Other terms may include customer service associates, and customer service advisors or consultants.
Duties of a customer service representative
Their duties depend on what type of customer service they handle, whether inbound or outbound. Inbound CSRs are the ones who handle incoming calls, chats, or emails from customers, attend to their concerns, do basic troubleshooting, and help them navigate a website or app.
Outbound CSRs, meanwhile, deal mostly with lead generation, billing reminders, appointment confirmation, and market surveys. Unlike inbound CSRs, they are the ones who reach out to customers for these concerns either through cold calling or emails.
Customer service representative in the Philippines
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First call resolution definition
First call resolution definition
First Call Resolution is one essential element of Customer Relationship Management (CRM) and is one of the crucial metrics of a call center. It measures the way the customer service representative addresses issues, problems, and queries on the first point of contact.
This exhibits how the recipient of the call gives quality resolutions to customers being catered first hand. Regardless of the level of difficulty, as long as it was appropriately handled on the initial call, it would still be tagged as First Call Resolution, improving the representatives' metric scorecard.
First call resolution call center
In Business Process Outsourcing (BPO) companies, First Call Resolution (FCR) is a standard. With their in-house team players, it is easier for them to find immediate resolutions despite who or what the concern is all about. They should be equipped with extensive training and more exceptional experience in BPO. It is essential to know that the blueprint of First Call Resolution is being alerted. However, not all concerns can be resolved immediately with just one call; there are specific issues that need to be escalated. Therefore, it is imperative to get professionals to improve their First Call Resolution by evaluating their calls with the help of a quality assurance team.
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What is Business Process Outsourcing (BPO)?
What is Business Process Outsourcing BPO?
Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.
BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift in focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position in-house because of the cost associated with doing so.
How does Business Process Outsourcing work?
When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.
Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing.
What are the benefits of business process outsourcing?
There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include:
Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions
Business process outsourcing examples
The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include:
Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber
A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines.
Small business and entrepreneur
It is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines.
What are the different types of BPO?
The type of business process outsourcing can be characterised by their specialisation, location, and size.
Generalist or specialist BPOs
Business process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation).
Business process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages.
Size of BPO
The bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people.
Functions of business process outsourcing
Collectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include:
Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Business Process Outsourcing (BPO) services
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