The Importance of CEV and EVPH
Contact Expected Value (CEV) and Expected Value of a Paid Hour (EVPH) are crucial concepts in evaluating the worth and potential of customer contacts within a business context. CEV represents the assigned value of each contact, determined by factors such as the probability of receiving a promise and the associated financial value of fulfilling that promise. This allows companies to assess the effectiveness of their contact strategies and prioritize high-value interactions.
Alternatively, when a contact is generated and given to an agent, its contribution to the company can be determined based on the agent's present or potential skills in securing promises, maintaining their fulfillment, and the average monetary returns from such interactions. By combining production utilization, contacts per hour, and conversion rates, businesses can project an agent's current EVPH, which indicates the expected value of a paid hour, and estimate its potential growth through training and skill development.
These metrics provide organizations with insights into agent performance, enabling them to optimize resource allocation, identify areas for improvement, and enhance customer engagement efforts. Understanding the value of each contact and an agent's hour helps in making data-driven decisions regarding contact strategies, training programs, and overall productivity. By leveraging CEV and EVPH, businesses can improve operational efficiency, increase customer satisfaction, and drive revenue growth by focusing on contacts and agents that yield the highest value.