Bad Customer Service Is Hurting Your Bottom Line

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How satisfied are your customers after interacting with your company? Are you providing the kind of customer service that will have them leaving glowing Yelp reviews or the kind that will have them calling up your competitor to compare rates?
While 80% of companies believe they deliver superior customer service, only 8% of customers feel that this is the case. That is a big discrepancy, and, when you consider that American companies have lost $84 billion due to poor customer service, a costly one at that.
For businesses, keeping customers happy needs to be a top priority, but that’s becoming more and more difficult. 60% of consumers have higher expectations in regards to service than they did just a year ago, and unsatisfied customers are quick to go elsewhere, often switching to a competitor when they feel their standards are not being met.
Whether it’s rude employees, feeling neglected, or always being forced to wait on hold, customers are not willing to repeat a bad experience and are four times more likely to buy from another company when poor service is involved.
The worst part is that once they leave, they are unlikely to return, and acquiring new customers can be 6 to 7 times more expensive than retaining existing ones.
So what can you do to make sure you are keeping your customers satisfied and not losing valuable business due to poor experiences?
Start by putting customer service first. By 2020, customer service will pass up price and product as the key brand differentiator, which means you can’t afford not to make this your primary focus.
This infographic from the team at JitBit highlights the importance of customer service to your company’s success and includes all the facts and figures you need to know to make sure you’re catering to your customers. For a more in-depth look, you can also check out these 11 customer service mistakes that could be affecting your bottom line.
Bad Customer Service Is Hurting Your Bottom Line

Bad Customer Service Is Hurting Your Bottom Line

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