A recent study by the Institute of Customer Service (ICS) has revealed some staggering figures that could become reality if practices don’t change. Over the next 3 years customer churn is estimated to cost £2.23 billion of revenue and it takes on average 58 days and £6,500 to replace a customer.
- business leaders fear loss of 10% of customer base over next 3 years
- two months on average to replace a lost customer – at cost of £6,500
- firms identify customer service as the critical strategic battlefield
- yet recession–induced cuts have damaged customer service
These figures really got me thinking about how the customer experience and having access to the information needed is making that decision to stay or move on to a new supplier that can give me what I want. However before we can start to tackle those challenges we need to know what the customer actually wants and this will differ within each industry. I recently received a customer satisfaction survey from a retailer that I know have all my personal details including my email address. This is a prime example of not understanding your audience and paying the price to come to that conclusion. I will not complete a paper survey from a commercial organisation that could of communicated by electronic means. The technology is here to stay lets use it to the best of it’s abilities.
To read ICS full post http://tinyurl.com/cs75ran
01273 669 710
