customer

CustomerZone360 NEWS

Free eNews Subscription

The Impact of Poor Customer Experience on Your Bottom Line

By Erik Linask November 13, 2019

Customers are every business’ lifeblood, and the way businesses interact and engage with their customers goes a long way towards securing future business, loyalty, and recommendations.  The challenge, of course, is today’s customers are much more fickle than ever.  It’s a factor of increasingly competitive markets combined with technological advances that have put a premium on customer experience.  If you can’t deliver a quality end-to-end customer experience, you’re fighting a losing battle.

A Microsoft study clearly showed that customer experience is increasing in value, with 54% of customers indicating higher expectations for customer service than they had one year earlier.  That’s a figure that jumps to 66% for the Millennial generation, which has now become the largest single age group in the US workforce.

Many studies over the past few years clearly show that companies that fail to focus on and recognize the value of customer service and customer experience – and take steps to deliver on customer expectations – put themselves at risk. 

For instance:

But, there is good news as well.  Customers are willing to pay more for a great customer experience, and 69% of consumers say they have already made a choice to support a company that delivers great customer service.

All this is pushing businesses to invest in new technologies to complement their customer strategies.  The fact is that, just as technology makes it easy for customers to move to competitors, it also makes it easier for companies to excel at customer service.  Particularly with cloud-based services that provide businesses with maximum flexibility to adapt to and meet customer expectations, there’s no excuse for poor customer service.

I recently moderated a webinar that spoke to this subject and explained why customer experience matters – and what happens if businesses fail to deliver on customer expectations.  Ultimately, it’s all about the bottom line.  During the session, The Keys to Customer Retention and a Winning Customer Experience, Mark Batchelder, regional channel manager for Unified Office, spent time digging into the numbers to show how revenue is impacted when customer experience falters, and how businesses should leverage cloud technology to become masters of customer experience.

If you didn’t get a chance to join us for the live webinar, take some time now to hear what Mark had to say about the impact of poor customer experiences.




Edited by Erik Linask
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Group Editorial Director

SHARE THIS ARTICLE
Related Articles

Infobip Announces the Availability of RCS Messaging for MNOs With New API

By: Tracey E. Schelmetic    7/19/2024

Global cloud communications platform Infobip announced that it is the first company to offer A2P RCS Messaging for North America through a new API.

Read More

Top Retailer Uses Verint's Bot to Find Top Contact Center Talent

By: Greg Tavarez    7/19/2024

A Top 10 U.S. retailer used the Verint Interviewing Bot to reduce its hiring costs across approximately 2,000 new agent hires annually after deploying…

Read More

Intermedia Introduces Archiving Solution for Improved Access to Contact Center Interactions

By: Tracey E. Schelmetic    7/18/2024

AI-powered collaboration solutions provider Intermedia Cloud Communications recently announced the launch of Intermedia Archiving for its omnichannel …

Read More

Orange Cyberdefense Deploys NICE CXone to Eliminate Silos in CX Operations

By: Tracey E. Schelmetic    7/17/2024

Orange Cyberdefense recently chose NICE CXone to simplify mission-critical service operations for its customers across nine countries and sixteen site…

Read More

Best Business Automation Solutions in 2024

By: Contributing Writer    7/15/2024

This article reviews some of the most promising business automation solutions for 2024, from affiliate marketing to digital products.

Read More