How much is poor customer experience costing you?

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?

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