How much money are you losing each year due to poor customer experience? A new study on customer experience and consumer behavior found Australia, New Zealand and India suffer combined losses of $5.6 Billion (USD) in revenue because of organizations' failure to meet customer expectations.
• Automated, difficult to navigate, self-service programs that prevent them from speaking to a representative
• Working with representatives who lack the authority to make decisions • Repeating information every time their call is transferred
Sounds pretty familiar doesn't it? I hear these same complaints over and over (I also make these complaints over and over). These survey results make me wonder how much business US firms lose each year as a result of not caring or investing in customer experience and consumer satisfaction. With 72% of Australian and New Zealand consumers saying they have ended a relationship due to poor customer service, how are there not more customer survey and customer feedback management programs in place to monitor what's going wrong in the process to make improvements? Why isn't more focus placed on training customer service representatives, putting incentives in place to encourage them to provide quality customer experiences or implementing employee survey programs to ensure you have satisfied employees who want to create satisfied customers? While some may see these as cost center programs, they're really providing the organization the means to increase revenue.
1,500 consumers were surveyed, 500 from each of the three countries. Survey respondents represented virtually every age and income bracket according to the CNN Money article. More survey findings are available in the CNN article.
Ouch! The survey looked at customer experiences across multiple communication channels: online, in the store and call centers. Even worse than the revenue losses is most people turn to competitors to meet their needs, while 30% opt not to spend at all. When consumers make the decision to not spend instead, particularly when we're talking such large figures, it hurts their local economy.
What were survey respondent's main complaints?
What were survey respondent's main complaints?
• Automated, difficult to navigate, self-service programs that prevent them from speaking to a representative
• Working with representatives who lack the authority to make decisions
1,500 consumers were surveyed, 500 from each of the three countries. Survey respondents represented virtually every age and income bracket according to the CNN Money article. More survey findings are available in the CNN article.
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