Understanding the Purpose of Competitive Benchmarking For Social Customer Service
August 31, 2016
One of the biggest reasons businesses take on social customer service is their competition. In some cases, competitors are already doing social customer care and they need to catch up. In other cases, their competitors are missing the boat and leaving open the chance to gain a strong competitive advantage.
Businesses are clearly afraid of falling behind, and that fear is real. Customers will likely switch to a competitor if they offer better service. In addition, customers are often willing to pay more for quality service, especially in industries where there are multiple customer touch points on a frequent basis (e.g. telco, public transport, retail, etc.) that are essential to make a lasting impression on customers.
One way to gain a leg up on your competition is to analyze your top competitors’ social customer service performance. Ideally, you will identify a differentiating element to outsmart competition and help customers stay on board and/or encourage them to switch to your business. Competitive benchmarking is key to:
- Compare social customer service KPIs
- Learn more about your competitors’ workload/volume on social
- Adjust your engagement strategy with greater flexibility
- Identify a differentiation point to outshine competition
Luckily, in great contrast with traditional customer service channels, there’s a lot of public social media data about your competitors to take advantage of. By monitoring and analyzing your competitors’ social profiles you can get quickly up-to-date and achieve great results. It would be a real pity not to benefit from the wealth of intel–such as learning how your competitors are performing in terms of response times and understanding the volume of social media messages they need to handle.
A company that takes competitive benchmarking to heart and uses it to its full potential is Sky Betting & Gaming, one of UK’s fastest growing digital business. As they’re dealing with fierce competition in the gambling industry, knowing how they stack up against competitors is necessary intelligence to benefit to adjust their engagement strategy.
Primarily, Sky Betting & Gaming is using competitive benchmarking to compare average time to reply and response volume with their top competitors. In their competitive comparison, they’ve noticed they really outclass competition at goodwill gestures. For example, if they notice a customer has had an unfair bet they go through great lengths and sometimes even the refund the bet.
In addition to gaining competitive intel, Sky Betting & Gaming’s social customer service program includes the use of automation for real-time follow-up, measuring team performance of their social customer service teams in UK and Ireland, and tracking success metrics.
Want to learn more on how Sky Betting & Gaming was able to streamline and optimize their response process to make them stand out in the marketplace? Read all about it in their case study.