Metrics

Definitions | Key Performance Indicators | Measurement Strategies | Benchmarks

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Service Renewal Metrics: Definitions and Benchmarks

Service renewal metrics indicate the level of performance for sustaining service relationships and retaining recurring revenue. Tracking both service contract renewal and recurring revenue retention is essential to help identify the factors that lead to customer and revenue retention and attrition and provide important indicators about the overall state of customer relationship health.

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Service Revenue Generation Metrics

The ability to accurately track the effectiveness of Service Revenue Generation activities is essential to maximizing revenue from new and existing customers. There are three primary opportunities to capture service revenue including the sale of new contracts at the time of the initial product sale (Attach); renewal of existing service contracts (Renew); and as reinstatements (Win Back) of contracts that have been previously cancelled by customers. This article presents a consistent set of metrics and definitions to help companies measure the overall of service sales and renewal policies, programs and personnel.

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Bad Attach? Is There Such a Thing?

If you only care about the first-year revenue from support and maintenance contracts, then any attach is a good attach. If you want to maximize revenue from the support annuity , then contract attach followed by a successful renewal is essential.

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Stemming Maintenance Contact Attrition

When achieving industry-average renewal performance the percent of customers under contract erodes to 46% of the original relationships at the end of a five-year period. Here are suggestions for moving beyond industry average performance.

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Beyond Deflection – What to Do with Your “Savings”

Self-help and service automation (e.g. chatbots) provide a means to save money and lower the overall costs of service delivery.  Consider however that savings from deflection represents an opportunity to reinvest to improve service outcomes by reallocating staff to high value activities (e.g. onboarding, adoption, retention, expansion, etc.).  This article introduces the top opportunities to reinvest in service.

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How to Define and Measure Deflection

Using an accurate measure of deflection is imperative. If not measured correctly it is easy to overstate the impact of self-help and service automation on assisted support demand.

The average rate of case deflection within the technology industry is 23%. This article defines deflection and provides a step by step guide to implement a reliable deflection metric. This report is FREE with registration.

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Knowledge Management – Defining the Business Need

Successful knowledge management is not achieved by chance, rather it is a function of understanding the scope of the required effort, establishing a clear vision of the expected benefits, and securing the support and resources necessary to execute.  The formulation of...

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Maximizing Satisfaction with Support Case Resolution

Customers do not typically like to call for technical assistance, but when they do they are most often satisfied with the results of the service they receive. Overall 70.5% of cases are resolved to the satisfaction of customers regardless of time to close.  To maximize customer satisfaction with case resolution you must provide a satisfactory answer that solves the customer issues and do so within a reasonable amount of time.  Learn what it takes to drive customer satisfaction and increase NPS.

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