The way people are thinking of brands is changing, and this is causing many people to reconsider their buying decisions – most importantly, who they are going to buy from. It’s not enough to only have a product or service that someone needs, you need to have a purpose, great quality, and above all else, great customer service. People will drop you on a dime if they experience any type of frustration. Remember that terrible Comcast video? The one where the guy tries to cancel his service? No? Here’s a link: https://www.youtube.com/watch?v=yYUvpYE99vg. My point is, people are switching the way they’re thinking of how they interact with brands and how, as brands, you must be aware of this.
The customer loyalty problem is not new. In a recent Accenture study, “6 in 10 [people] said they are more likely to switch from one provider to another compared with 10 years ago.” With more options and services, this trend will continue to grow. From the same study, “only about one-quarter of consumers in 2014 feel very loyal toward their providers or are willing to recommend them – a figure that has remained consistent throughout the past several years.”
But, Internet providers aren’t the only ones seeing this problem. Retailers and banks are seeing the highest switching rates in the past 10 years. According the Accenture, “Last year alone, about half of the customers who encountered a poor service experience shifted a portion of their spend from existing to new providers.” This is an issue brands need to focus on. From this switching economy, there is an estimated $6.2 trillion in revenue companies can try and capture and simple customer service can help you get there.
Customer service should be in the forefront of your business. People want to use you, but you need to give them a reason. Be their oasis in the sea of “stuff,” because you are literally leaving money on the table.
Now, I need to get new Internet, mine’s terrible. Any recommendations?
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