Phrases such as “the customer is always right” and “the client comes first” are common in business and industry. But, unfortunately, many businesses are still not fully utilizing customer opinions and surveys to truly find out what the customer actually wants. Failing to do this will cause problems, especially with so many companies facing severe competition in this highly competitive climate. Taking into account customer opinions and preferences is also one of the key ways to retain your clientele. Doing so can literally save your business as it is easier to keep customers than it is to grow new revenue markets.
Customer Service: Let’s Do the Math
One of the key ways that you can keep customers loyal is by listening to their opinions. For instance, consider these key statistics regarding customer service:
- 69% of customers who call a service line want to speak with a live person. Only 31% want to use an automated system or communicate by email.
- 69% of customers also have felt that they were kept on hold too long while waiting to speak to a live operator. 67% have actually hung up because they could not reach a person when they called a business.
- 88% of customers surveyed said they would not give repeat business to a company that did not respond to their complaints. However, 81% of customers affirmed that they would give repeat business to a company with quality customer service.
The numbers do not lie. If you are still using an automated answering system for your customer service line, you are potentially losing customers every single day. If customers call your business, they should be able to immediately reach a live operator who can help them with their issue. Failure to do so will result in hang-ups as your customers decide they would rather go to your competitor rather than waste valuable time on hold. What a businessperson needs to take away from this is the value of a reliable call center staffed with full-time operators. These individuals can maintain your customer support 24 hours a day, seven days a week.
Why the Numbers Matter
Many people have a distrust of raw data, preferring to see how things play out in real-time with live customers. But business owners need to understand that behind every statistic, there are real people with real problems and complaints that need to be addressed. And the reality is that these numbers add up. For instance, consider these statistics regarding customer retention:
- If businesses can cut the loss of established customers by as little as 5%, that business could see a minimum of 45% in increased profits with the high end projections of profit boosting reaching 90%.
- Overall, repeat customers spend 67% more money with a business than one-time customers do.
- 70% of customers said they would be willing to use a new business provided that the company provides good customer service, such as giving them access to a live person on the telephone.
- It costs 6-7 times more money to earn a new customer than it does to retain an older, established customer.
Customer retention is the key to keeping a thriving, surviving business. And one of the easiest ways to keep these customers is by listening to them and providing them with quality customer service. This includes giving them a live person to hear their complaints or answering their questions when they call.
About Neal Lacy
Neal Lacy has written 82 posts in this blog.
Neal Lacy is an expert in professional call center services. He provides great content on a wide variety of topics concerning answering services, message services, order taking, and virtual receptionist. He is main writer for United Call Center.