A study by Bain and Company reports that retaining 5% more customers raises profits by 25% to 95%. If a company fails to retain customers because of poor service, the results are dramatic. In 2018, a report by NewVoiceMedia, “Serial Switchers,” stated that poor customer service resulted in lost revenue of over $75 billion per year, a $13 billion increase since the organization’s last report two years earlier. If your business is losing customers to competitors, you may need to consider contacting a company that offers client retention services.
The Focus on Customer Service
Big and small companies now realize that providing excellent customer service is crucial. Some are currently prioritizing customer service over product quality and price. Price and quality are still significant factors, in that a product should deliver what it promises at a competitive price. Yet when customer service is exceptional, price becomes a less important factor.
The Problem of Client Retention
The NewVoiceMedia report states that brands are not winning customers’ loyalty because their customer service isn’t connecting on an emotional level. This is why 67% of customers are “serial switchers,” or customers who turn to other brands due to poor service. Their reasons for switching include:
- Customer service representatives fail to make the customer feel valued
- Representatives do not give customers the answers to their questions about products or services.
- Representatives are not helpful or are downright rude
- Different representatives speak to the customer
- Customers experience long wait times on hold
How Client Retention Services Can Help
This is where a customer support outsourcing service comes in. Your business will always need to find time to address the concerns of dissatisfied customers. Yet you may not have enough employees to provide the quality customer service you need, or you may not want the expense of putting together an internal customer service center. An external customer service call center service can be a lower-cost solution.
A great customer service call center employs experts who are eager to learn about your products and services. They will confidently address customer concerns, as if they were right in your location. They are adept at making that crucial emotional connection with customers in a reassuring, empathetic, and timely manner, thereby winning their trust and loyalty.
Customer service call center services may be the answer if you’re struggling to retain customers. Contact us today for a consultation.