Stats Don’t Lie: Service Counts Towards the Bottom Line

Deliver an amazing customer experience. It is a core focus for our organization and the beacon by which we measure and evaluate our performance. While some companies focus exclusively on acquiring new customers, ours dedicates a significant amount of resources and effort to customer retention; cultivating ‘Raving Fans’ within our client base.

Customers genuinely care about the service they receive. Oftentimes, ongoing service outweighs their opinion about the original product they purchased. Following are just a few key statistics that demonstrate how service impacts customer behavior, and a company’s bottom line.

  • According to Accenture, 51 percent of consumers in the U.S. switched service providers due to poor customer service.
  • McKinsey research reveals that 70 percent of customers cite poor customer service as a reason for not buying from a brand.
  • Insights from InfoQuest confirm that a totally satisfied customer contributes 2.6 times the revenue as a somewhat satisfied customer.

When the sale is confirmed, the real work begins. Every touch point, communication and client engagement makes a difference and helps build a strong business client relationship. But please remember, it’s also imperative that clients are asked for their feedback throughout the life of the relationship. Just because the statistics demonstrate that a business is delivering stellar service, doesn’t mean it is if they are not regularly seeking feedback and input from the customer base.

Providing superior customer service should be a foundational goal for nearly all companies. Keeping existing customers is key to the bottom line and an objective that simply cannot be ignored.