A good customer experience is crucial for a business' success. In fact, poor customer service costs businesses $75 billion each year. Consumers will change vendors if they have a bad experience. Nearly half of them will switch brands after one negative experience. Your customers are likely to fall in LOVE with your brand if they feel that your customer service reps are helpful, friendly, and responsive.
Millennials are a top customer base
According to statistics on customer service, Millennials are willing pay 21% more for a brand offering excellent service. These customers have different expectations than other generations, which means that customer service needs to change accordingly. 63% of millennials start their customer service interactions online and 43% prefer to contact companies through their mobile devices. Hence, it is important to create a customer service strategy that caters to their needs.
Millennials have a higher value for customer service than any generation before them. Customer service statistics show that millennials will pay more for exceptional customer service than Baby Boomers and Gen X. They want to feel that the business cares about their needs. It's important to remember that only 4 percent of millennials have complaints about customer service. 96% are content to ignore it. But, those who are unhappy with the service experience will tell at most nine people, while 13% will tell more than 20 people.
A poor customer service can cost businesses $75 billion every year
According to a recent report by NewVoiceMedia, poor customer service costs businesses $75 billion a year. This is an increase from $13Billion in the previous year. It's time for organizations and businesses to do something. It is impossible to pinpoint what exactly causes poor customer services, but research indicates that businesses are being affected by their own internal processes, changing consumer expectations, among other things. Organizations are losing money each year because of substandard customer care, no matter what the reason.
Studies show that people recall negative experiences more often than positive ones. One bad experience can make a customer lose their loyalty. Even if a customer doesn't directly complain to a company they may tell up 16 others about their dissatisfaction which can potentially lead to customers switching to other companies. A negative experience with a company can lead to 51 percent of customers not doing business with them again. As a result, organizations need to invest in prevention strategies to avoid this costly mistake.
Social media is second most used communication channel
Social media is an excellent tool for customer service. Customers can use it 24/7 to communicate with them. It allows businesses to be accessible to customers, answer questions quickly, and share exciting news first. Additionally, businesses can reach a global audience through social media. But it is important that you know how to use the social media correctly to ensure that your customers feel satisfied.
Telephone calls were traditionally the fastest way to resolve customer concerns. It beat the postal service. Social media has allowed customers to interact with each other on a personal level. Real-time communication can help you gain customers and increase sales. Businesses that can respond quickly to users on social media will enjoy an increase of 3 to 20% in sales per interaction.
Poor customer service is the most common concern of millennials
According to a recent survey, millennials seem more forgiving of poor customer service compared to older generations. 39% of millennials will return to a company if they have had bad customer service. In contrast, 23% of older consumers wouldn't mind repeating the bad experience. This is despite the fact that millennials desire better customer service if their business is to be retained.
While millennials are a very popular target market, there are some downsides to this generation. This group is notoriously sensitive about poor service. As a result, many companies are trying to reach this generation.