Customer Experience and Revenue impact
According to Forrester Research, good client experience can lead to client retention, enrichment and advocacy, which all have loyalty-driven revenue potential. While hard numbers on customer experience-revenue relationships can be difficult to come by, research done by Harvard Business Review shows there is a direct link between customer experience and annual revenue increase. For transaction companies, clients who had the best experiences were shown to spend 140% more than those who were shown to have the poorest experience.
Here’s facts on customer service:
- 47% of customers say they’ll stop buying from a company if they have a subpar experience.
- The same study reveals that 76% of customers now say it’s easier than ever to take their business elsewhere.
- Bad customer service will cost you and your company money.Research indicates that in the U.S. alone, $62 billion is lost each year due to poor customer service.
- 70% of the customer's journey is based on how the customer feels they are being treated. (McKinsey)
- 90% of Americans use customer service as a factor in deciding whether or not to do business with a company. (American Express)
Top 3 ways technology can improve Customer Service
Technology – Centralized Data: There's a lot of innovation and excitement about new tools and technologies to improve customer service and success. And customer related data can be generated by any of these tools/technologies such as email, text messages, chatbots, artificial intelligence (AI), Excel files, video, CRM (customer relationship management) systems, websites and many more. This presents a challenge to keep track of all the data from multiple sources and provide expected customer experience. It creates challenge for organization and leaves no option for them to centralize all data either by consolidation, integration of various systems or with common repositories...read more on IT Impact
Self-Serving Portals - Knowledge base: Adding a portal that your customers can access anytime on their convenient is one of the key components to a successful in customer service strategy. There are many benefits of a customer self-service portal – for both the business and its customers. Benefits of self service can include more accessibility, reduction in wait times for support, freeing up your team’s time, decreasing costs, and even increasing customer acquisition...read more on soft cost
Automations – Feedback and Follow ups: Resent research finds that almost 85% issues with customer service is in follow ups. Either it’s training issues with customer service representatives or they don’t have tools/technologies that can make it easy for them to follow up. Therefore, it can be a smart move for you to invest in automated customer service tools if your team can't keep up with your current customer demand. Automating your customer service functions and follow ups will help save your reps time and improve the customer's experience with your brand.
3 Key steps to improve Customer Service Process:
Plan & RoadMap: To provide excellent customer service, you first need to understand their needs, experiences, and pain points. Gather customer feedback, build your customer service strategy and standards around your customer needs and expected customer experience. And then educate and train your staff, an organization that shares a customer service vision, and teaches customer service skills, will provide a better customer service experience than an organization that leaves the front-line employees untrained and unprepared for dealing with customer issues...read on IT Strategy
Measure and Benchmarks: Customer service teams needs to understand what the target is so they can help the organization reach their corporate objectives. Build goals and objectives to measure success/failure key points in your customer service strategy and provide tools for your staff to benchmark their progress against key points...read more
Continues Improvement: Build continues improvement process part of your customer service strategy. Ensure that your customer service representatives have complete knowledge of your product, services, and pricing plans. Customer experience is an area that needs constant nurturing and care and with a greater focus on customer experience strategy, companies will realize a positive impact on customer loyalty, higher retention and increased revenues...read more on process
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