The Cost of Customer Service

04 Apr. 2016

The Cost of Customer Service
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Companies ask us often about their transition to fiber networks and how that may benefit them in terms of lower technical support call volumes. It is a common misconception that end users will call less because of a faster, more reliable fiber network. To the contrary, call volumes usually stay the same; it’s the reason for which they are calling that changes. With the addition of so many devices, the users want a streamlined communication solution as they add each piece to their network. Customer service and quality technical help is even more imperative.

With the evolution of technology and the growing marketplace in telecom, it is more imperative than ever to ensure customers are receiving the highest quality service. Uninterrupted connectivity and smart home interaction is now considered an expectation as opposed to a luxury. Without the advantage of promoting a physical product, providers must be positioned to focus upon the service and price. The struggle becomes differentiating themselves among the many other service providers in the market.

Some recent statistics show the importance of the customer service and customer experience:

-By 2020, customer experience will overtake price and product as the key brand differentiator. (Source: Walker)

-Companies focused on providing a superior experience across customer journeys realized a 10-15% increase in revenue and a 20% increase in customer satisfaction. (Source: McKinsey)

-Companies that engage and respond to customer service requests on social media can cause an increase in sales because customers will spend up to 40% more with that company when satisfied. (Source: Bain & Company)

-Ninety-one (91%) of dissatisfied customers will not willingly do business with you again. (Source: Lee Resources)

-Phone calls are still the primary channel for customer communications: Social media channels handle just 3% of all
customer communications, compared to 68% who contact customer service by phone. (New Voice Media)

-78% of customer claim that a happy customer experience means interacting with competent customer service reps. (The Cost of Poor Customer Service” by Genesys Global Survey)

-60% of consumers favor a balance of price and service and will not accept low service levels in exchange for a cheap deal. (Source)

-A 1% improvement in first Call Response = $276,000 in annual operational savings for the average call center (Source: SQM Group)

-Companies focused on providing a superior experience across customer journeys realized a 10-15% increase in revenue and a 20% increase in customer satisfaction. (Source: McKinsey)

These statistics exemplify the new reality of the customer service experience. Customers want resolution and immediacy. Your brand is being shaped by the perception of these factors and will not survive without them. In a world with the complexity of devices and competition increasing, the need for quality customer service will be the key component to retaining a customer and building loyalty. Finding the right partner to allow you to focus upon your products and network will help ensure the end users are getting the speed, quality, and efficiency of service they expect from their provider.

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