Top 12 factors Live Chat Metrics & KPIs to Measure Agent Performance Analytics!

Live Chat is a great communication channel for businesses to handle real-time conversations and deliver high levels of customer satisfaction. It provides customers with an easy way to get to your business faster to report their questions and issues.

As per Forrester, “More than 30% of customers expect live chat on your website.”

However, unless you monitor your live chat metrics and KPIs, and have an effective strategy for business growth, it's hard to figure out what's working and what's not. Therefore, live chat performance analysis is essential to evaluate the effectiveness of your live chat and to know the areas you need to improve.

The businesses that implement live chat require a thorough understanding of the key performance indicators (KPIs).

Top live chat metrics & key performance indicators (KPIs) to measure chat performance analytics

 As you know, live chat is definitely easy to implement, but the hard part is measuring the success of your live chat. By continuous measurement with chat support metrics and KPIs, you can improve the chat performance experience of your customers as well as team productivity

Here are the key live chat performance metrics that you should keep an eye on to measure the effectiveness of your live chat on a regular basis.

 1. First response time (FRT)

 First Response Time (FRT), also known as First Reply Time, is a major live chat metric, which suggests that customers with problems have to wait for the support agent's initial response.

 While the first response time support agent takes the average time to respond, this is the first step to finding an effective solution. This chat plays an important role in customer satisfaction. The lower your first response rate, the more satisfied your customers will be, with both your customer service team and your brand.

 Satisfied customers become sticky customers with a high customer lifetime value (CLTV), making them more profitable for your business. According to the American Express survey, "satisfied customers are those who spend 14% more." "

 Live chat helps provide real-time support, which is why it's the preferred channel for customer communication. Here are some tips on how you can improve live chat response time.

 Number of resources - You have to appoint well-trained support agents to handle conversations effectively in real time.

Deploy chatbots – Use AI chatbots to engage customers 24 × 7 by providing quick responses to simple questions when your team is busy or unavailable.

Use canned responses - prepare answers to pre-asked questions and use them during conversations to respond faster.

Enable routing - Routing helps connect the customer to the right agent or department to provide a fast and effective response.

  2. Total number of chats

 The total number of chats refers to one of the important lead generation metrics via live chat that measures successful chat sessions by the total number of chats. The high number of engaged chats indicates that you have effectively engaged visitors to your website.

 The live chat performance metric helps you learn the problems and questions your customers are experiencing. When there is a problem with your product or website, you will see an increase in the number of chats initiated.

 Here are some tips to follow:

 When analyzing if you find that most of the questions are related to specific information, you can create an FAQ page covering all the details or create it on the most visited pages.

You need to check not only the number of chats, but also the content of the chat history.

 3. Average resolution time (ART)

  Average resolution time (ART) means the average time taken by support agents to stop the conversation. Also known as average handle time, chat metrics help measure customer satisfaction.

 The short chat resolution time indicates that the short time was used to resolve issues and has had a negative impact on the customer satisfaction rate.

 The high average handle is time means that customers are waiting longer in between responses. This could mean that your agents are handling a lot of chats at once, or just doing a lot of work. Focus on managing your chat queue on additional training or guidance, more efficiently, to solve issues quickly.

 Live Chat gives you the right to add and gain first-hand customer information in real time. Agents can use various engagement tools (co-browsing and video chat) to solve problems in the first contact.

 To maintain an ART chat KPI, you can follow the tips below:

• Integrate your live chat to the places where your customers hang the most.
• Train your agents with strong interpersonal skills to effectively handle chats.
• Use canned responses to answer customer questions.
• Route the chat to the right team for quick feedback.

 4. Chat to conversion rate

 Live Chat is a great channel for lead generation. 38% of customers have said they have finished shopping due to a good live chat session. By providing real-time support to sales queries, Live Chat helps to change sales leads by maximizing your return on investment (RoI).

 Chat in conversion rate metric means total number of visitors, out of the total number of visitors who chat with a live chat agent.

 Tracking this chat metric can be a good indicator to know if the efforts made are effective. Successful conversions can vary with business goals. It can be a purchase, sign up for a newspaper, or just participate in a webinar.

 You can follow the tips below to increase the conversion rate.

• Start an active chat with customers when they are on a specific page and solve all their questions.
• When visitors visit your website, you can trigger personalized welcome messages.
• Use AI chatbots to get leads by transferring preset questionnaires and sales teams.

 5. First contact resolution rate (FCR)

Research from Asset Group shows that 60% of companies measuring FCR for 1% year report a 1 to 30% improvement in their performance.

The first call resolution (FCR) is an important call centre metric that measures customers' ability to make problems, questions or first-time calls, with no follow-up requirement.

FCR is almost always associated with customer satisfaction – the higher your first contact resolution rate, the more satisfied your customers are and increasing customer loyalty.

Call centre metric measures how effectively your service desk operates your business and is a function of a number of factors, including complexity and types of transactions, the experience of your agents, the quality of agent training and the tool agents available to you.

Live chat is the most preferred channel as it provides real-time analysis that helps in effective answering customer queries and increasing customer satisfaction.

 Here are some tips on how live chat kpis can improve performance:

• Train your support agents – After setting your professional goals, agent training is the most important step to achieve a better FCR.
• Measurements on multiple channels - a high FCR on phone calls, but less on chat is not a good sign. Make sure you are measuring in all communication channels.

 6. Customer satisfaction score (CSAT).

Customer Satisfaction Score (CSAT) is the most popular customer experience metric that directly measures customer satisfaction levels. A CSAT survey usually shows a question asking customers how satisfied they are with a certain service, product or interaction with your brand.

Chat metrics help detect 'met happiness' generated from recent customer service interactions, which is valuable information, especially when you've added or updated new features and need to track results.

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7. Net promoter score (NPS)

Net Promoter Score (NPS) is a customer loyalty metric that measures customer satisfaction using an index of 100-100 to 100. Important metrics help figure out:

• How satisfied customers are with your products, services and solutions
• How loyal they are to your business
• How likely they'll recommend your brand to your family and friends

It is a common one to ask customers in the NPS survey i.e. how likely they are to suggest your products, services or brands to other people.

Based on the score, customers are divided into three categories: detectors (0-6), passive (0-8), and promoters (9 or 10). And the NPS score is calculated.

Therefore, you need to prepare the right set of questionnaires for the right group to collect honest feedback. HBR says that getting a new customer is anywhere from 5 to 25 times more expensive than maintaining the current 5.

 Some tips you can follow:

Stay busy with The Dater to find out what went wrong, why they're not happy with your product or service.

Get in touch with your promoters to find out what can be improved as they are more open to feedback than reflectors.

 8. Average wait time

The longer you get your customers to wait, the less important they will feel. Knowing how long it takes to answer a customer call can help you answer that question, and the average waiting time has become a call canter metric for the same reason.

The average waiting time (AWT), also known as the Average Speed of Answer (ASA), is the average time when the customer has to wait in a queue. The wait time average varies depending on the handle time. The American Express study found that the callers were willing to wait a maximum of 13 minutes.

Measuring wait or queue time helps you understand if your chat support is more used and can't perform effectively. With Live Chat, you can handle multiple chats simultaneously that significantly reduce queue time.

Here are the key ways you can reduce waiting times:

• Increase the number of concurrent chats currently allowed to handle an agent.
• Automatically route chats to the right departments for faster responses.
• Use canned messages to reduce response time and reduce chat duration.

 9. Website visitors to chats

 Websites are one of the main sources of businesses to gain leads. By implementing live chat, prospects can be converted to leads by active engagement with individual messages at the right time.

Tracking this chat performance metric helps to identify the number of visitors who successfully come out from the total visitors' website. If the conversion rate is low, it means you have to improve your website's strategies.

 Assisting customers in real time develops trust and improves brand experience.

 10. Missed chats

 Another live chat KPI that is required to track missed chats. The main purpose of live chat is to harness the power of analytics and make it actively available to your prospects and customers. If you're missing a chat for whatever might be the reason, it has a negative impact on your brand's reputation.

Inc says, "51% of consumers say a business should have 24 × 7 available. "

Missed chats have become an opportunity for you to connect with customers and prospects. This mainly depends on your availability. If your team is missing a lot of chats it means you don't have enough resources to handle chat conversations effectively or agents aren't posted at specific times.

 Here are the important tips to deal with the missed conversation scenario:

You can use chatbots to engage 24 × 7 customers to respond to FAQs because not all conversations require manual support.

Balance chat conversations with bots and humans - handle bots basic queries and complex queries with support reps.

 11. Tags

 Tags help you understand what the common questions are coming up in live chat. If we're getting many chats where the topics are about shipping information, sales-related queries, demo schedules, pricing, etc., it shows that the information to the customer on the website is not clear.

It's good to use chat tags as live tag metrics because it gives you information about which areas you need to improve.

e.g. Of the 30 tags received, 10 are for shipping period, 10 are for pricing. This means that you provide relevant information about shipping times and pricing on the Help section to provide customers all the details at once.

 12. Total number of tickets

Total tickets track all tickets in your support queue over a period of time. Tracking the number of tickets is another live chat KPI that measures the agent's performance in handling support tickets. It is to determine how many of them were resolved, and more importantly, how many of them are still pending.

 Based on the evaluation, you can learn how capable your agents are in solving tickets. This will help you decide whether or not you need additional resources for the ticket-solving team and if there are any complex issues.

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 Final thoughts on live chat metrics & analytics

Providing live chat support will help you connect with customers, improve their overall experience, and boost conversions. To accomplish all these goals, measuring live chat metrics and analytics plays an important role in improving your customer expansion.

After agent performance metrics and live chat support KPIs, you can provide an amazing chat experience and get more satisfied customers and accelerate the growth of your business.