As the home services world keeps changing and becoming more automated all contractors must come in out of the cold and join this world of automation. Watching your KPI daily is necessary, and being able to do that in real time is an even greater must have. ServiceTitan® can give you those real-time numbers. There are also some different KPI than in the past you should be tracking and on top of which ServiceTitan® can give you.
The key performance indicators (KPI) for a well-run home service company can vary depending on the specific goals and objectives of the company. However, here are some common KPIs that can be useful in measuring the performance and success of a home service company:
- Customer Satisfaction Score (CSAT): This KPI measures the satisfaction level of customers with the services provided by the company. It can be measured through customer surveys or feedback forms.
- Net Promoter Score (NPS): NPS is a metric that indicates the likelihood of customers recommending the company's services to others. It helps gauge customer loyalty and advocacy.
- Service Response Time: This KPI measures the time it takes for the company to respond to customer service requests or inquiries. Faster response times generally indicate better customer service.
- First-Time Fix Rate: This KPI measures the percentage of service calls or visits where the issue is resolved on the first attempt without the need for return visits. A high first-time fix rate indicates efficient and effective service delivery.
- Average Resolution Time: This KPI measures the average time it takes to resolve customer issues or complete service requests. A shorter average resolution time indicates faster service delivery.
- Service Contract Renewal Rate: For home service companies that offer service contracts or subscriptions, this KPI measures the percentage of customers who renew their contracts at the end of the term. A high renewal rate indicates customer satisfaction and loyalty.
- Technician Utilization Rate: This KPI measures the percentage of time that technicians spend on billable work versus non-billable activities like training or administrative tasks. A higher utilization rate indicates better resource management and productivity.
- Revenue per Technician: This KPI measures the average revenue generated by each technician. It helps assess the efficiency and profitability of the workforce.
- Employee Satisfaction and Retention: These KPI measure the satisfaction level of employees and the company's ability to retain skilled technicians. Higher employee satisfaction and lower turnover rates indicate a well-managed and attractive work environment.
- Profit Margins: This KPI measures the company's profitability by assessing the profit margins on its services. It helps evaluate the financial health and efficiency of the business.
These KPI can provide insights into various aspects of a home service company's performance, including customer satisfaction, service delivery, employee management, and financial success. It's important to align KPI with the company's goals and regularly track and analyze the data to drive continuous improvement.
