The balance of power and control has shifted – Today’s customers are more knowledgeable and connected than ever before. Providing customer service of the highest quality is more important than ever. According to Microsoft’s annual U.S. State of Multichannel Customer Service Report, 98% of U.S. consumers say customer service is very important or somewhat important in their choice of or loyalty to a brand, and 68% say they have stopped doing business with a brand due to a poor customer service experience
68% of U.S. consumers say they have stopped doing business with a brand due to poor customer service experience
A path of innovation in services is imperative for businesses to improve customer experience and ultimately stay ahead of the competition. This article will foreground 4 areas that will help you keep moving in the right path.
- Consumer Preference Segmentation
Customer will have particular communication channel preferences and a range of expectations for customer service. It is vital to have a customer segmentation strategy. For e.g. for millennial consumers, the capacity to access live chat, texts, SMS and social service are key to their service satisfaction. Catering to a consumer segment that contributes $600 billion in spending last year is critical. Do not conjecture that every consumer wants the same attention – Innovate in this area by working on your segmentation to make sure you are meeting preferences.
Phone calls, emails and texts (traditional) are the primary channels we are seeing used in the industry. The U.S. State of Multichannel Customer Service Report states that 89% of companies with an extremely strong Omni-channel customer engagement say they retain their customers, compared to only 33% for companies with weak Omni-channel engagement.
Since 2017, for the first time, we can see alternative channels like social and self-service to outpace the growth of these traditional channels.
- The Internet Of Things
According to a study conducted by research firm, Gartner, by 2020 there will be over 26 billion connected devices around the world. Service innovation could not have dreamt a better platform. When businesses connect the devices they own with IoT, they can monitor issues, send alerts, automate service tickets, and allow for proactive service for connected devices.
- Predictive Analytics
Work on providing a proactive experience for the customer.
You can predict the needs of your customers by identifying trends, anticipating opportunities, and gaining insight by employing predictive analytics within service centers. For example, if a customer calls into the service center with a specific complaint regarding a product, predictive analytics can recommend solutions and services to resolve the issue, enhance the product, provide upsell/cross-sell opportunities, and automatically dispatch and route a field technician based on historical interactions.
According to studies by Bain & Company, increasing customer retention rates by 5% increases profits by 25% to 95%.
Customers expect much more out of the service they receive, they wouldn’t hesitate to leave a business due to bad experiences.It’s critical for businesses to continue to innovate in their service areas to ensure success.
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