7 Customer Training KPIs You Need to Track
In this blog, we’ll take a look at the best ways to assess customer training through KPIs (Key Performance Indicators).
KPIs are designed to give a clear piece of information on an area of the business. It’s really important that they produce a result you can trust and that isn’t subjective or open to interpretation.
Providing you have a result you can trust, don’t ignore or feel defeated by negative results. KPIs that return negative results are accomplishing their goal by giving you clear information on areas of your business and customer revenues that can be improved.
KPIs can also become very granular. This is great if you have the resources and experience to understand them but in the first instance, try to focus on simple pieces of data. This will give you a great platform to build on.
Some companies get caught up in the KPIs themselves when the indicators should only be there as a way to push positive change in a business. That’s true of customer training as it is of employee training. And while in all cases, training should yield improvements, the incremental steps towards improvement should be measurable too.
1) Training Retention
Most of us, if pressed, couldn't remember what we had for breakfast, lunch, and dinner over the last 5 days. The constant push and pull of information in our brains means that our systems forget information we aren’t using regularly.
This is of course important when it comes to training. Why? Because if you offer a course, and within a week someone has forgotten its contents, you need to make it stickier.
This KPI highlights the need to make learning more interactive and engaging, and reduces the learning time of individual blocks, ensuring that they are reviewed as part of module summaries.
These reviews can be via quizzes or surveys – among other media – as ways of solidifying learning and furthering engagement with course content.
2 ) Impact of Training on Business KPIs
This might sound difficult to measure (and admittedly a bit ‘meta’ too...) but the key point of training is to enable improvement. Whether this is to meet compliance requirements, skills development, or just further understand the markets of the business – training should give people usable strategies and tools.
As a result, the natural impact of good training should be that wider business KPIs such as sales revenue are improved upon. It’s a tough thing to track and needs a lot of forethought, but this KPI is vital – otherwise, the training becomes rather tokenistic.
The best way to measure the impact of your training on KPIs is to pick your key metrics and track how they change following related training. For instance, if customer service representatives are given more product training, improving their knowledge base and tracking any noticeable improvements in customer satisfaction through post-contact surveys or customer questionnaires could work very well.
This is a particular favorite at Raven360. We see the power of effective training and the difference it can make by getting buy-in from staff and customers.
Where employees are concerned, not only do those who are engaged work better, they also stay longer and are generally more positive about their role and the company.
According to a 2016 Gallup study “Compared with disengaged teams, engaged teams show 24% to 59% less turnover, 10% higher customer ratings, 21% greater profitability, 17% higher productivity, 28% less shrinkage, 70% fewer safety incidents, and 41% less absenteeism.”
Now if that’s not an endorsement, what is?
While the same can be said of engaging customers through training, the added bonus is that you can create external brand ambassadors – true advocates for the way your company works. Which can only improve the way your business is perceived and increases that customer’s lifetime value.
4) Average Time to Complete
Understanding how long it takes to complete a course or a specific module is really important when planning training submissions. By understanding the time-cost of training an employee, you can better estimate the overall ongoing financial cost of that person within the business.
The same is true of customers – albeit through a slightly different lens. The amount of time you invest in them should be benchmarked against the amount they’ll ultimately spend.
Put more simply:
Projected Revenue Improvement - Customer Training Cost = Impact of Training Investment.
Also, from a training perspective, if there are specific sections of training that take much longer than others, their layout or content may need to be reviewed to make sure they aren’t overly complex or poorly delivered.
5) Total Competence by Department
Different roles and responsibilities require different levels of training. In employee terms, being able to get an idea of how much training toward full competence each department has will enable you to deploy your resources where they’re needed most.
This is best done through pop quizzes and content reviews – activities that don’t pile pressure on your teams but do test their knowledge.
Customers are no different really. It’s just that training in their case can be closely aligned with the conversion funnel. If their level of competence can be linked to their customer journey, then the more qualified they become, the more engaged and valuable they are.
6) Average Test Score
This one almost goes without saying, as it should form an integral part of any series of training KPIs. How well are your learners doing in their assessments?
It seems like a basic question, but if test scores are low then your training needs to improve, or your assessment criteria and grading need to be reviewed. Improving on this can be a great exercise in co-creation too – particularly where customers are concerned.
The more involved they are in the process, the greater their sense of ownership.
7) Overall Cost of Training
In an average business, financial planning is critical for the rollout of training. Getting halfway through the year only to discover the cost of training is far higher than initially thought can make the rest of the year far harder and could even lead to reducing the quality of training available.
However, where customers are concerned, if they’re paying for qualification and ultimately, accreditation, then the cost of training is offset by their investment. But this means that the quality of training needs to remain high – even if the barrier to entry is low.
This is why having access to all of the right customer training resources is absolutely vital.
Customer Training Resources
To be able to effectively measure training you have to have KPIs in place to monitor both quantitative and qualitative metrics.
Analyzing the learning going on in your business and pairing it with KPIs allows for the development of the business as a whole and the training itself.
The training should always benefit the business, and in turn, that improvement can be reinvested into further training.
I strongly believe that customer training can have massive benefits for almost any business. Access to a platform through which customers can be trained, and further buy into your brand, is proven to pay dividends.
What are KPIs for training?
KPIs (Key Performance Indicators) for training are a great way of tracking the success of any element of training and that could include learner success rates, cost of training, just any metric you want to track. These metrics can be quantitative or qualitative so long as you have a consistent way of measuring them.
What are some KPIs for customer service?
- Customer Service Satisfaction - this can be quickly calculated by assessing the number of positive customer responses as a fraction of the total number of customer responses.
- FCR - First Contact Resolution - this is a great stat for showing how many of your customers have their issues resolved on their first interaction with a customer service operative.
- ACR - Average Conversion Rate - from a sales perspective this is going to show how good a job your sales team is doing when interacting with potential buyers.
What are key KPIs that you measure as a CSM?
- Call abandonments - focuses on the number of customers who hang up a call before a resolution or action is agreed with a representative.
- Average Waiting Calls - this metric looks at the typical backlog of live calls that a customer service team is dealing with.
- Cost per Call - A critical KPI in customer service and integral in many aspects of the business, particularly finance and product and service pricing.