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$75 Billion Dollars Is Lost Due to Poor Customer Service

ShepHyken

Two years ago I reported on NewVoiceMedia’s “serial switchers” report that indicated that $62 billion was lost due to poor customer service. Customers want and expect more than ever before – because that’s what we have we taught them. That failure results in 67% of customers becoming what they call “serial switchers.”

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Bad Customer Service Isn’t the Problem. A Bad Culture Is the Problem

ShepHyken

Even several years before the pandemic began, The American Customer Satisfaction Index found the overall ratings slipping, even with brands most recognized for high levels of customer service. . It’s not like companies purposely provide poor customer service. So, let’s consider what could be behind this.

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40 Customer Retention Statistics You Need to Know

GetFeedback

Unhappy customers are more likely to leave, and when they do, they take a piece of your business with them. More and more, companies are recognizing just how much customer happiness impacts revenue , and they’re focusing on transforming their customer experience to meet modern expectations. McKinsey ).

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Are Your Customers Persona Non Grata?

CX Journey

And yet, we still see some dismal statistics about how many companies don''t focus on the customer experience or think they focus on the customer experience but really don''t. $83 businesses every year due to poor customer service. Actually, the better phrase, their phrase, is "obsessed over customers."

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The Story of Jose – A Tale About Customer Experience

ECXO

He even ended up helping them debug it himself, staying up all night, fueled by his love for his customers and copious amounts of coffee. Another time, he had to mediate between a frustrated customer and an indifferent sales representative who had sold the customer a product that didn’t meet their needs.

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Why is customer service constantly so bad in the UK?

Vonage

The impact of this is highlighted in new research which estimates that UK businesses lose £12 billion every year as a result of poor customer service. Leaders must ensure that all employees have the requisite skills and authority to deal with difficult customer complaints.

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The Cost of High Customer Effort

CSM Magazine

Bad customer experiences obviously damage existing customer relationships, but they can also endanger potential opportunities and erode your bottom line. Research by Microsoft found that 58% of consumers simply switch companies when they have a poor customer service experience. Meet customers where they are.