What’s the Value of Good Customer Experience?

Have you ever put a dollar amount to a good customer experience? It turns out good customer service is worth a lot.

Studies show that organizations that focus on customer experience receive a 4-6% revenue increase as compared to competitors. Additionally, if your employees are engaged and offer excellent customer interactions, studies show that these organizations outperform their competitors by 147% annually.  

Let’s illustrate this with an example. 

Let’s say that an organization has an annual revenue of $100,000. By just offering a better customer experience and organization earns an additional $4-6K on top of $100K. Next, employees are engaged, that’s another $47K. By focusing on customer experience and employee engagement, a $151-154K annually finds its way to the bottom line.

Still not convinced?

Finally, if customers have a positive experience with your organization, then they’re likely to share this experience with at least 9 friends. Good word of mouth is priceless! 

On the other hand, when customers have a bad experience, studies show that customers share it with at least 16 friends. You simply cannot ignore the negative impact on your organization’s revenue if news spreads about a bad customer experience.

Bring value to your customer experience with 4 qualities using a service solution

As you serve a variety of customers each day, you may be wondering how you can possibly please everyone to offer the best customer experience. Interestingly, studies show that the different generations (including Gen Z) value the following 4 qualities:

  • Speed
  • Convenience
  • Knowledgeable staff and/or online help
  • Friendly, personalized service 

Of course, how each of these qualities is defined by each customer may vary. Luckily, you don’t have to try and figure it out on your own. By using a service solution, you have a one-stop program to offer all four qualities, while keeping your support and/or service team happy. 

Service solutions are inherently automated, so your received requests will speedily get the attention they need and by the right agent too. Service solutions are extremely convenient. Just take a look at our case study with Synapses Lab to see how easily they can be deployed and set up. 

Creating knowledgeable online help is extremely important and easy using a service solution. As part of the solution, you’ll have access to a knowledge base where your agents can post helpful articles, so your customers can self-serve. Knowledge bases themselves offer a way to save money.

Finally, by utilizing a service solution, your agents will save time and keep organized. Two very important qualities to keep up morale and reduce agent burnout

Customer experience is extremely valuable, especially to your bottom line.

Filed under: Customer service, News