11 Ways Bad Customer Service is Burning Your Bottom Line

whyMbad customer service is BURNING your bottom line Expectations are higher than ever 60% of consumers have higher expectations customer service now than they did just 1 year ago for sept oct nov dec jan feb mar apr may What a company believes, is not what the customer perceives 80% 8% Vs. of companies believe they deliver superior customer service of customers actually believe companies deliver superior customer service Unhappy customers are quick to leave 51% 78% said they would only try to reach support once have bailed on a transaction because of a poor experience 89% 44% have stopped doing business because of a poor experience have switched to a competitor because of a poor experience Customers are 4x more likely to buy from a competitor * if there is a problem with service Top reasons why customers switch to a competitor 53% 42% 32% 29% 25% feel rude too poor wait neglected employees many agents staff training on hold Once a customer leaves, they rarely come back 39% of customers avoid vendors for 2+ years after a bad experience 58% will never use the company again High Value Customers are usually the first to go 51* 54% 79high-income customers B2B clients Gen Xers ANGRY customers are silent ASSASSINS for every customer that complains to a company, 26 others remain silent 95% 48% share bad experiences will tell 10 or more people Negative reviews repel customers 86% will not purchase from a business with negative reviews It takes 12 positive experiences to make up for one negative %3D 6-7x more expensive to acquire a new customer than it is to keep a current one U.S. businesses lose $84 billion due to poor customer service $338.5 billion is lost globally What should companies do? Better Interactions Better Training 40% of customers say improved interaction with service employees is their key driver for spending money with a company 73% of customers cited rude or incompetent staff as the primary reasons for leaving Multi-Channel Support 65% are frustrated by inconsistent experiences across channels Consumers prefer assistance over : phone 61% em ail 60% 57% 51% click-to-call support 34% Tive chat online forums THE BOTTOM LINE By 2020, customer experience will overtake price and product as the key brand differentiator. Businesses that grow customer retention rates by 5% see profit increases ranging from: 25%-95 % If you are looking for a cost-effective way to simplify and improve your customer support, then you'll love JitBit. Start your FREE trial at www.jitbit.com JitBit Sources: http://ww2.parature.com/lp/2015globalmultichannelreport_blog.html http://www.slideshare.net/RightNow/2011-customer-experience-impact-report http://www.newvoicemedia.com/blog/the-multibillion-dollar-cost-of-poor-customer-service-infographic/ http://www.bain.com/publications/business-insights/loyalty.aspx https://hbr.org/2010/07/stop-trying-to-delight-your-customers http://www.smartcustomerservice.com/Articles/News-Briefs/Research-U.S.-Businesses-Lose-$41-Billion-Annually-Due-to-Poor-Customer-Service-93869.aspx http://about.americanexpress.com/news/pr/2011/csbar.aspx https://econsultancy.com/blog/61991-83-of-online-shoppers-need-supportto-complete-a-purchase-stats http://www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/us-sdt-consulting-2013-global-contact-survey-051513.pdf Customer Experience Impact Report, Harris Interactive/RightNow, 2011 White House Office of Consumer Affairs by John A. Goodman %2 SS24 %24 83