CUSTOMER SERVICE

Here’s a customer service statistic that will stop you in your tracks: 47% of customers say they’ll stop buying from a company if they have a subpar experience. The same study reveals that 76% of customers now say it’s easier than ever to take their business elsewhere (Salesforce).

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With so many customers willing to switch to another business, it makes you wonder — are we doing enough to meet customer expectations? Are we evolving our customer service to keep pace with evolving technologies? Is our customer service the best possible representation of our brand?

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Businesses and consumers have a very different relationship than they did a few decades ago. Back then, what mattered most to customers were low prices and high quality. Advertisements were more product-oriented, focusing on the tangible benefits of the product and how high quality correlated with a better brand.

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Nowadays, many advertisements are becoming consumer-oriented, focusing on the positive experiences that will result from a customer's use of the product. This is due to the increasing emphasis on customer experience.

While customers still care about price and quality of products, a new factor in choosing between competing brands is the additional value of customer service. Customers would rather invest more in a brand that focuses on their needs and constantly provides value beyond the initial purchase.

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McKinsey reports that 70% of the customer's journey is based on how the customer feels they are being treated, while the Harvard Business School reports that obtaining new customers can be between 5-25% more expensive that retaining existing clients.