Providing consumers with positive customer experience is crucial to business success. It’s good for your brand and your bottom line. However, customer satisfaction levels have taken a battering in recent years and, against the unprecedented backdrop of COVID-19, some businesses have fared better than others.
SERVICEBRAND GLOBAL believes that although we’re living in extraordinarily volatile times, a company that places customer experience at the heart of what it does, while aligning brand identity, and employee engagement, will benefit from a healthier bottom line and reputation.
What’s the Story?
In case there’s any doubt, let’s take a look at how the figures support that today’s customers expect, but don’t always receive, a top-notch customer experience.
Let’s look at some of the data:
- UK customer satisfaction levels have fallen for the fifth year in a row. They’re at their lowest since records began in 2008, with satisfaction levels at 77.0 out of 100.
- Since COVID-19, customer satisfaction levels have dropped the most in the tourism industry.
- 82% of customers are more likely to stay loyal to a company if it provides sufficient problem resolution
- 96% of customers worldwide say customer service influences their loyalty to a brand
- 94% of customers will avoid a business that has negative reviews
- 32% of consumers will stop doing business with a brand after just one bad experience
SERVICEBRAND LOCAL’s work with organisations large and small has improved customer satisfaction levels and enabled companies to provide their customers with truly personalised customer experience.
What we mean by customer experience is the way your customers perceive how your company treats them. It’s this perception that influences whether they spend money with you, leave glowing reviews, and have positive feelings about your brand. Most notably, strong levels of loyalty prompt customers to recommend you to their friends and family.
The Good News
Companies that we work with are putting positive customer experience at the centre of what they do. Once again, the data supports our findings:
Worldwide spending on customer service technologies predicted to reach $641 billion in 2022
Companies that score highly with consumers on customer service outperform companies that don’t by 80%.
84% of companies that improve their customer service levels see higher revenues.
Companies that have high customer satisfaction levels report 4-8% higher revenues than other companies in their industries.
The Harvard Business Review’s Global Empathy Index 2015 found that the top 10 companies surveyed increased in value double that of the bottom 10 companies, and generated 50% more revenue.
64% of companies with a CEO who is focused on customer experience believe they are more profitable than their competitors.
Forward-thinking and thoughtful businesses are recognising that customer experience innovation is a business priority because the customer experience is a priority for customers.
Why does this matter so much? Because today’s customers hold a great deal of power. They have more choice, more information and an amplified voice in our super-connected world.
Let Us Help
At SERVICEBRAND GLOBAL, we help progressive leaders deliver sustained high performance. We are not in the business of creating a short term improvement which then fizzles out.
We take a two-pronged approach. Firstly, we will work with you to co-create and implement a robust customer service strategy – the workplace culture is a part of this strategy.
Secondly, we’ll help you to implement an innovative customer experience by aligning your organisation from your boardroom to the front line (vertically) and between different departments (horizontally). This approach can also embrace outsourced service partner organisations.
Innovative customer experience cannot be looked at in isolation. Our experience tells us that the customer experience design needs to be informed by the organization’s brand identity. Employees who are loyal, with a strong sense of purpose in their roles and identify with your brand values are more engaged and inspired to perform well. If you add a strong company infrastructure of systems and processes and robust measurement and insight processes to that mix, your customer experience levels will improve over the long-term. We have seen some remarkable results.
Our collaborative, coaching and supportive style encourages ownership and sustained success at all levels of your business.
Let SERVICEBRAND GLOBAL craft a customer experience strategy that brings to life your values and engages your customers and employees alike. Contact us today to explore how we can help you.