Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Bad service loses Australian businesses a fortune

The survey of 2,004 adults from Australia revealed that 58% are taking their business elsewhere as a result of inadequate customer service - and of those, 92% have switched at least once or twice in the last year.

Some 55% of customers said they are so put off from calling a business for fear of being kept on hold that they will switch to a competitor without even attempting to resolve a problem.

Top frustrations causing consumers to switch are lack of appreciation from a business (46%), unhelpful/rude contact centre staff (38%) and being passed around multiple agents (32%).

With respondents spending an average of Aus$807 before leaving, it is estimated that Aus$8 billion is lost by businesses in Australia each year, not including the significant cost of replacing lost customers and the impact of negative word of mouth.

Faced with a poor experience, more than half of customers (58%) said they would never use that company again and 58% would tell their friends and colleagues not to use the business.

As further evidence that complaints can't be kept quiet in the digital age, 16% of consumers admit they would take their revenge online by posting a review or complaining via social media. Among the 16-34 year-olds, this figure soared to 53%.

The research indicated that 16-24 year-olds are the most tolerant when it comes to bad interactions, with 8% taking no action at all following a poor experience, compared with only 2% of 35-44 year-olds. But those that do are the most likely to turn to social media - arguably the most detrimental means of complaint. As one survey respondent said, "One hashtag and the entire world can see it."

Both genders remain fairly tolerant of hold times, but women more so than men - with 85% prepared to wait for more than five minutes, compared to 77% of men. Even so, women object more than men to being kept on hold.

Voice is still the channel of choice for customers, with 59% preferring to contact a business by phone and 32% choosing to address an issue via email. While the majority of those surveyed prefer such traditional forms of communication, 27% of Generation Y chose social media as the most effective way to get a response - five times that of the over 55s.

The significance consumers place on excellent service presents opportunities as well as threats, as organisations can boost their business by getting it right. The research found that 77% of respondents said that good service had a considerable influence on their loyalty and 76% would recommend the company to others. Half (51%) would use the business more frequently and 35% are prepared to spend more money with them.

"With so much revenue being transferred between competitors, this reinforces just how much influence customers have on a business's success - so it's surprising how many organisations still aren't getting it right," concluded Jonathan Gale, CEO for NewVoiceMedia. "Great customer service is the critical differentiator and investing in providing personalised and engaging customer experiences will help businesses succeed in retaining customers and securing new business."

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)