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Have You Calculated The Cost Of Bad Customer Service?

According to a report in Forbes magazine, businesses are losing billions of dollars in revenue due to poor customer service alone. For example, in 2016 businesses lost an estimated $62 billion from poor customer service, which was up $20 billion three years prior. Estimates for lost revenue are projected to be even higher in 2018.

One reason for the increase in lost revenue from poor customer service is that people are more willing than ever to switch companies if they’re not satisfied, and are more willing than ever to share their negative experiences with friends, family, and through online reviews or social media posts. Word of bad customer service spreads faster today than ever.

The Forbes report notes that a survey asked, “Have you switched to a different business as a result of poor customer service?” The result is that half of those surveyed reported switching, and of those, 67% switched more than once.

Here are the main reasons those surveyed gave for switching after a bad customer experience:

  • Felt unappreciated
  • Encountered unhelpful/rude staff
  • Were redirected to multiple agents
  • Were not able to speak to a person on the phone
  • Were not able to get answers
  • Were put on hold for too long

Customers today are more willing to punish bad customer service than reward good customer service. It’s not difficult to figure out the consequences of this. If your business doesn’t provide a good customer service experience, another business stands to gain half your customers.

If your business is like most, losing half of your customers and revenue isn’t an option, so it’s time to take a good look at your customer services practices and honestly evaluate where your weaknesses are. Take another look at the bulleted reasons for switching businesses above. Are your current customers having any of those poor customer service experiences? If so, it’s time to make changes.

If you’d like to learn more about how a live answering service can help your business deliver excellent customer service, contact Voice Link of Columbus, Inc. We make sure that your customers experience none of the bulleted complaints listed above.

Voice Link offers flat rate month-to-month service agreements, with no hidden fees, to meet the needs of any business regardless of size, 24/7, 365 days of the year. Customized communication solutions, appointment scheduling, and secure messaging save you time and money while improving customer satisfaction and loyalty. Our excellent reputation, expert staff, and state-of-the-art technology will exceed your expectations. Request information online or call us at (866) 758-5628 for a free consultation.

 

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