How much is poor customer experience costing you?

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Source: Genesys Research: “The cost of poor customer service”


Genesys conducted research to determine some of the hard costs associated with provision of poor service in the US.

They found than $83 billion annually is either lost to competitors or lost for good as consumers are so turned off they don’t buy at all.

“More than 65% of consumers have ended
relationships there due to poor customer service. And,
while 61% of those relationships end up with a competitor,
39% of them are lost or abandoned completely
as consumers decide not to purchase from anyone.”

So why are customers leaving?

Some of the reasons mentioned in the report by consumers were:
• Having to repeat themselves
• Being trapped in automated self-service
• Forced to wait too long for service
• Representatives don’t know my history and value

Add to this other research that has shown the number one reason customers leave a business is because they believe the business simply does not care about them and their business.

Solutions?

The number 1 factor involved in a great customer experience cited by the Genesys research was an interaction with a competent, knowledgeable customer service person. I would add to this a customer service person that actually cares about getting the right outcome for the customer.

Do all of your staff understand the importance of great customer service? If it costs businesses $83 billion a year, how many jobs could it save?

Republished with author's permission from original post.

Christopher Brown
Chris Brown is the CEO of MarketCulture Strategies, the global leader in assessing the market-centricity of an organization and its degree of focus on customers, competitors and environmental conditions that impact business performance. MCS works closely with the C-Suite and other consulting groups to focus and adjust corporate vision and values around the right set of beliefs, behaviors and processes to engender more dynamic organizations, predictable growth, and customer lifetime value. In short we help leaders profit from increased customer focus.

1 COMMENT

  1. The key point here is customers want to interact with someone knowledgeable – but what is difficult is collecting the knowledge scattered across your customer service team and making it available. This makes creating a central multichannel knowledgebase that can be accessed by agents and through channels such as web self-service a prerequisite for keeping customers satisfied and happy.

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