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How to transform customer service into revenue generation?

Businesses are working towards cost reduction as a way of increasing their service revenue, and are turning to various channels of revenue creation in an effort to increase their profit margins. They are increasing their service revenues to supplement their revenues, and this has worked really well. Companies have to improve their performance through various means including increasing the coverage of their contracts, increasing the visibility and insight into the customer service history, supporting their service offerings by increasing sales and marketing support, and empowering high end agents to maximize service revenue opportunities. Placing service revenue initiatives is one of the best ways to increase the revenue generation capacity of a business.

Essence of customer service revenue

Customer service has always been in support of corporate growth through keeping customers satisfied and happy, and making sure they are royal buyers of the business which increases service revenue. The challenges of the environment of these days require customer care to take advantage it the associated exclusive opportunities and capabilities to increase their contribution to the top line.

A customer service department has the ability to increase volume of sales drastically, become a service revenue generating department, and improve the shape of customer relations. All that’s needed is choosing the right tools and strategies, some of which have been outlined next.

• Aggressively mining data on customer service

This will help to realize which sales opportunities exist, and which are better that the rest. If the right tools are employed, several opportunities will be uncovered, and usually they include ad-on, accessories, training, cross-sells, and service contracts. The major strength for this strategy is that it’s less intuitive and customer service staff does not need new training. Other parts of the company initiate the sales cycle.

• Online promotions sensitive to context

This strategy is best in that does not require modification of tasks for customer service staff at all. But, it requires slight modification on the business online service channels. The strategy is founded on use of context sensitive internet based promotions.

• Creating lead, generating service revenue and referral using real-time

This enables the creation of highly skilled sales leads in real time through taking advantage of customer provided information during interaction with field service officers. Because customer attributes are specific, each of the customers qualifies as sales lead for unique offers or products.

• Contact center transactions

The contact center transactions execute the transaction and qualify leads. This is an ideal strategy for impulse purchases, and not planned purchases.

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