article thumbnail

Master the Market: A Deep Dive into Competitive Analysis

InMoment XI

Capitalizing on Competitor Weaknesses Studying your competitors’ strategies through competitor analysis will expose their strengths, but more importantly, their weaknesses. This is how you turn regular customers into loyal advocates for your brand.

Analysis 260
article thumbnail

Does a lack of human interaction cost businesses money?

Vonage

The rising cost of poor customer service. A recent study by NewVoiceMedia explored the impact of poor customer service on profits. It revealed that a failure to meet customer expectations convinced 49% of consumers to use a competing product or service.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Times CX Pros Turned Unrealistic Customer Expectations into Loyalty

Oracle

Customer expectations are higher than ever. Customers want what they want, when they want it. You’ve probably heard the stats before, too: 33% of Americans will switch companies after one instance of bad customer service. US companies lose $62 billion a year due to poor customer service.

article thumbnail

Customer Support Trends Every Business Needs to Know

Stella Connect

Brands that don’t risk significant customer churn. This is just one key takeaway from Customer Service Trends for 2022: Preparing for the Future of Customer Service , a comprehensive report based on our customer service study of more than 2,100 consumers in the US and UK.

Trends 75
article thumbnail

Is the Chief Experience Officer a Worthwhile Addition to the C-Suite?

Retently

But taking customer experience lightly can be dangerous too. Some studies suggest that poor customer service costs businesses up to $62 million per year. trillion annually when their customers leave – and that’s only in the US. In the study, 10% of the Fortune 500 companies and 6.7%

article thumbnail

Guest Post: 7 Ways Improved Customer Journey Results in Business Growth

ShepHyken

Let’s explore how improving customer journeys and user experiences empowers you to achieve sustainable business growth. Enhanced customer satisfaction Stockouts, inaccurate forecasting, delays, silos, poor customer service: all of the weaknesses within your customer journey threaten to ruin experiences.

article thumbnail

Best Practices for Meeting (and Exceeding) Customer Needs

Stella Connect

There are some brands that seem to just get it, that understand customer wants and needs and are able to meet and exceed those expectations in the moment, at any given moment in time. . And what sets these customer-centric leaders apart from the rest?

Meeting 84