Why CS will make or break your future

There has never been a time when the concept and delivery of superior customer service has been more vital to the future of any company regardless of size or specialty. Customers and clients these days are demanding a certain level of service and “experience” that must be delivered or your rivals will swoop down and take them from you. Here is just some recent research from all over that will hopefully drive that point home:

  • By 2020 customer experience will overtake price and product as the main differentiator between competitors. [Source: Walker].
  • Companies which provide an excellent customer experience see their revenues grow 4-8% above the market. [Source: Bain & Company]
  • Companies which deploy a thoughtfully crafted customer service program enjoy a 92% customer retention rate. [Source: Aberdeen]
  • 84% of businesses which work to improve their customer experience report increased revenue. [Source: Dimension Data]
  • 33% of Americans say that it only takes a single instance of poor service for them to consider switching companies. [Source: American Express]
  • It takes 12 positive experiences to counteract just 1 negative experience with a company. [Source: Business Insider]
  • 40% of consumers start buying from a competitor because of they hear about their reputation for excellent customer service. [Source: Zendesk]

  • Over 50% of US consumers have abandoned a planned purchase or transaction because of bad service. [Source: American Express]
  • Feeling unappreciated by a company is the #1 reason customers say they switch away from products and services. [Source: New Voice Media]
  • 51% of Americans say that they will never do business with a company again after having a negative experience. [Source: New Voice Media]
  • 42% of consumers say that they respond to a negative customer service experience by submitting a negative online review or venting on social media. [Source: New Voice Media]
  • 13% of customers will tell 15 or more people about a negative experience with a brand. [Source: ThinkJar]
  • 69% of American adults online say that they shop more with businesses whose online and offline customer service is consistent. [Source: Forrester]
  • 75% of today’s consumers expect to receive a consistent customer service experience at every point of engagement, whether it’s over the phone, in person, online, or on social networks. [Source: Salesforce]
  • 68% of customers say that a pleasant customer service representative was fundamental to a positive experience. 62% said that a customer service representative’s knowledge or resourcefulness was the most important factor. [Source: American Express]
  • 73% of customers say that the reason they fall in love with a brand is encountering friendly customer service representatives. [Source: RightNow]

-Written by Kevin Sawyer