Customers have high standards. They always have. They’re not just paying you for a product or service; they’re paying you for a positive experience. Technology has changed the way that people shop and interact with brands, but at the end of the day, customers still want — scratch that, expect — great service. And if you can be exceptional, all the better.
Customers want their problems solved and their questions answered correctly as quickly as possible. And they will hold the company accountable in a very public way if they don’t get this level of service.
For example, 45 percent of consumers say they share bad customer service experiences on social media, vs. 30 percent that have shared their good customer service experiences. Deploying an effective knowledge base is proven to help companies excel in customer service. Top performing companies are 38 percent more likely than others to deploy a centralized knowledge base containing product and service information.
The Consequences of Customer Service Failures
Most customer service professionals have been on the other side of a bad customer service experience at some point, so these numbers shouldn’t surprise anyone, but they should make everyone who cares about the success of a business take note:
- 60 percent of consumers have given up on a purchase because of a bad customer service experience.
- 37 percent of consumers claim they’re finished with a company after one bad customer service experience; another 58 percent say they’re out after two to three bad experiences.
- Businesses lose an estimated $41 billion each year due to bad customer service.
On the flip side, you have a lot to gain from improving your customer service:
- Most online stores receive about 43 percent of their business from repeat customers.
- Businesses that have mastered customer service get up to 75 percent of their revenue from repeat customers.
- 74 percent of customers say they spend more money with companies they’ve had good customer experiences with in the past.
Let’s be honest, those numbers only reinforce what you already know. Bad service is at least as bad for businesses as it is for customers.
To learn more, check out our white paper, “Knowledge Management For Customer Service.” It explores why knowledge management is becoming increasingly essential to a successful customer service experience.