Assess your knowledge management maturity with the TSIA Knowledge Management Maturity Model.
Let’s first take a look at the significant economic consequences that occur when your customers cannot access the information they need, when they need it:
Low return on information assets
Your team is spending time creating knowledge articles and other assets but it’s trapped in silos, hidden away from your customers. Not only is your information underutilized, you’re burning through company dollars by reinventing the wheel with every new asset that’s created while tarnishing your customer experience.
Influx in calls to your call center
Most customers will jump ship if they can’t find what they’re looking for but in the event they decide to pick up the phone, you better hope your support agents have the answers they need. Without an effective knowledge management strategy in place, this can become incredibly costly. Not only are your agents being put on tasks that your customers would have been able to solve on their own with the right information, if your agents can’t find what they need, you can be sure the situation will escalate to highly solicited experts, costing your company even more.
If your customers spend more time searching than they do acting on information, you are falling short on their expectations. They demand personalized experiences and a lack of relevant information is an indicator that you don’t have what they’re looking for or care enough to want to accommodate their preference to self-serve. Unfortunately, if they can’t find answers on your platforms, their next click is onto your competitor’s website.
These economic ramifications extend beyond customer service and satisfaction, they can be felt across the organization in sales, engineering, and even your interaction with partners. Every area of your business is affected by your knowledge management efforts, or lack thereof.
Empowering your customers with relevant knowledge yields results
Just as every area of your business can feel the repercussion of knowledge inaccessibility, so can every area benefit from an effective knowledge management strategy, like Knowledge-Centered Service®. Most notably, customer service. Empowering your customers to self-serve starts by creating a unified layer of relevance. Through AI-powered search and machine learning capabilities, your company knowledge is leveraged and provides your customers with access to the best information in real-time, that is personalized to meet their individual needs.
Effective knowledge management helps drive business in the following ways:
- Enhanced customer satisfaction. Putting the right information at your customers fingertips drives significant and immediate customer satisfaction. Your customers don’t have time to waste. The quicker you’re able to meet their demands, the happier they’ll be. Considering it costs five times as much to attract a new customer, than to keep an existing one, it just makes good business sense to keep them satisfied.
- Increased Net Promoter Score (NPS).Empowering your customers to successfully self-serve contributes to the overall experience they’re looking for. Being able to deliver increases their willingness to recommend your product or service which ultimately results in additional business.
- Boost case deflection. Based on Coveo customers’ experience, you can expect to see up to 40% in case deflection when doing web self-service right. This has a huge impact on your bottom line considering phone and email support are each well over 100x more expensive per incident than web self-service.
- Only create content (and pay your agents to do so) once. An effective knowledge management strategy keeps tabs on what information exists allows your agents to build on past work. Usage analytics help to identify true knowledge gaps rather than wasting resources and duplicating content.
- Generate more revenue through partners. Your customers aren’t the only ones turning to your platforms for answers. Providing your partners with relevant resources allows them to do more business with you and add value to your business. Learn how to enable your partners for self-service success here.
To assess the strengths of your organization’s KM initiatives and to learn more about developing an effective knowledge management strategy to drive business results of your own, download our complimentary report;