When it comes to brands, the U.S. has progressed as a nation of “serial switchers”—consumers quick to abandon one company for another—and the number is growing constantly. In fact, new research from sales tech firm NewVoiceMedia (NVM) reveals that U.S. companies are losing $75 billion a year due to poor customer experiences, a $13 billion increase from 2016.
According to the firm’s new study, the number of respondents leaving a business due to inadequate customer experiences has increased by 37% since NVM’s 2016 study.
Studies show that 80% of customers are willing to pay more for a better customer experience, so prospects who love your brand may be less likely to let price get in the way of doing business.
Seventy percent of customers say the perceptiveness of service agents in sales interactions is very important particularly when retaining their business. Knowing how to be aware of customer needs, both expressed and implied is a skill that is woefully underdeveloped in most people and organizations.
Seventy percent of buying experiences are based on how the customer feels they are being treated. Whether the customer’s problem was solved, whether they were given a refund, and/or how much time was spent are all secondary factors. Businesspeople are used to thinking about the bottom line, but the bottom line in most customers’ minds is not financial or even factual: it’s emotional.
The cost of losing a customer is higher than commonly understood. Not only is there the obvious economic hit a lost customer represents, there is also the cost associated with replacing them. The cost of acquiring a new customer is five to 10 times greater than the cost of keeping an existing one. Also, in 2013, ZenDesk conducted a survey to quantify the impact of poor service experiences on B2B customers, finding that 66% stopped buying after a single bad customer service interaction.
Great customer experiences leads to customers for life. The ability of customer services reps (CSRs) to create an amazing customer experience is primarily rooted in how they make their customers feel. High EQ performers are hard to come by, so building the EQ of your CSRs is vital to customer experience. EQuipt has developed a system for building the EQ of your teams.