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The ROI of video calling: 5 beneficial business results

Rolling out video calls for customer interaction isn’t a simple one-step process. For a roll-out to succeed, it requires proper planning. But first and foremost, you need to get buy-in from key stakeholders, and convince the board or C-suite of the return-on-investment (ROI). In other words, you need a solid business case.

We’ve put together the business results of video calling with customers here, for you to determine its ROI for your organisation and make a successful business case.

calculate-roi-of-video-calling_CTA-Blog

  

Making a business case for video calls: before you start


If you want any business case for new technology to succeed, the most important action is to align your objectives with the broader company goals. 

So before you can even start determining the ROI, here’s a step-by-step plan of things to consider in order to make a successful business case and scale out video calling in your organisation.

Step 1. Find out what the company wide business goals are

Apart from the goals and KPIs your own team has set, be sure to also ask other departments and lines of business what their goals are. Try to uncover their challenges and needs, and how video calls could help solve those.

Step 2. Determine your objectives
What challenges does your own department or team hope to solve by video calling with customers? Complement them with the needs from other departments that you discovered in step 1.

Step 3.
Define your use cases
Scope which possible use cases video calling offers for your industry and business activities. For what customer journeys and processes can you best offer video calls as a new channel in order to attain your business goals? Then choose one or a couple of use cases to start with that match your industry and business.

To make a roll-out successful on the long term and properly test your planned outcomes of video calling, it’s important to develop a separate business case for each use case. Be as specific as you can when working out these use cases and their corresponding business case.


> Looking for possible use cases of video calls in Banking or in Insurance ?


Step 4. Determine the possible results for your use cases
Time to start thinking about results and ROI. Which KPIs matter to your team, department or organization? What business results can video calling with customers generate by boosting your KPIs?

Determine these results and then go back to step 1: make sure to align your planned results with the company-wide business goals.

 

Measuring the ROI of video calling: business results and KPIs 


1. Save time

By meeting with customers via video instead of face-to-face or in-branch, you allow both clients and advisors to save travel time. They enter a video call in literally one click. Plus, advisors and agents can also make the meetings themselves shorter and much more productive (see right below👇).

2. Boost productivity

Video calling increases the productivity of your team. Not only because advisors save time on travel, but most importantly because video offers extra technological options. Thanks to screen sharing and application sharing, for instance, agents and advisors have the means to explain the topics they’re discussing more clearly. Visual illustrations make it easier for customers to understand complex subjects.

Moreover, when customers have more complex queries, it’s easier to connect them with a subject matter expert from a central office or a different department. 

Productivity KPIs positively impacted by video calling
 
+ Shorter waiting time, time-to-serve
+ Reduced handling time
+ Increased first-contact resolution
+ Reduced abandonment

 

business-results-roi-video-calling

 

3. Increase sales revenue

Video calls offer new opportunities to increase sales conversions, because they constitute a more efficient way to interact with customers than in person. They speed up decision making, shorten the sales process and boost sales.

Plus, as video is a personal communication channel, it helps agents better understand customers’ needs and signal ways for up- or cross-selling. This way video calling can create higher sales conversions in comparison with contact via chat or phone only.

Sales KPIs positively impacted by video calling
 
 + Increase conversions
 + Shorter sales cycles
 + Increased up-sell and cross-sell  


 

4. Improve NPS and CSAT scores

Video calls have proved to boost customer satisfaction and NPS scores. The reason: they provide a channel for interacting with customers in a digital, efficient way that is personal at the same time. With the help of video calls, our customers have attained NPS scores ranging from +63 to +78.

Customer satisfaction KPIs whose scores video calling boosts
 
 + NPS
 + CSAT
 + CES
 + Higher customer engagement - thanks to more personal contact
 + Increased customer loyalty  

 

Green impact of video calls-v2

5. Reduce your company's footprint 🌱

Views on how to measure CO2 emissions (and decrease in emissions) still vary, but what we can say with 100% certainty: meeting via video is better for the planet, as it reduces travel time.

One example: by meeting with clients via video instead of face-to-face, you save at least 2.4 kilos of CO2 per meeting (based on driving 20 kilometres by car, emitting 120 grams CO2/km on average). That's 10% of the CO2 emitted by an average person in Western Europe per day.*

 * Emission per capita of 9,000 kilos CO2 a year, amounting to 24.66 kilos per day

 

Calculate what results video calling can bring to your business


This list of beneficial results makes it quite clear - video calling with customers can bring lots of business value. But these are general results, based on averages.

To make the positive impact of video calls for customer contact clearer to your specific situation, we’ve created a real ROI calculator. Try it out here:

calculate-roi-of-video-calling_CTA-Blog

Topics:Insurancevideo bankingvideo callingStart with video callingcontact centerpublic sectorDoes tagging work with a spaceTest

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