Why US Businesses Are Losing $41 Billion Every Year

With an estimated $41 billion of revenue being transferred between companies in the US each year, our new research launched today, reinforces just how much influence customers have on a business’s success. 44 percent of consumers are taking their business elsewhere because they’re unhappy with the service they’re experiencing. Even more worryingly, many consumers believe that the process of resolving issues is so cumbersome that they will switch without even attempting to make contact.

The study found that 53% of switchers left because of a lack of appreciation, in favor of a company that will value their business. Nearly half (49%) were put off by having to repeat themselves to multiple agents and one in ten ditched a company for being kept on hold for too long. However, our research proves that organizations can significantly increase their business if they invest in providing a positive customer experience. Following a good service, 70% of respondents would be more loyal and almost half (49%) would use the company more frequently.

Voice continues to be the channel of choice for customer service. 59% said calling is their preferred form of communication with a business and 75% consider it to be the most effective channel for a quick response. With this in mind, there are some simple steps that a company can take to get it right. Don’t leave customers on hold, resolve issues quickly and integrate your telephony with a cloud CRM system to provide a personalized service.

The findings around social media were particularly interesting, as nearly a third of 25-34 year-olds will post an online review or complain via social media following poor service. With consumers increasingly turning online to read about others’ experiences before choosing a product or supplier, this can cause considerable damage to a company’s reputation.

For organizations to remain relevant, they have to change the relationship they have with their customers – treating them as individuals, understanding buying patterns, likes and dislikes, and the overall experience they have with their business. Companies need to harness the power of cloud technology to allow them to provide that level of personalized customer service.

This research is further evidence that great customer service really is a critical differentiator and investing in giving personalized and engaging customer experiences will help businesses succeed in retaining customers and securing new business.