Just as poor customer service can rob a company of precious revenue, a superb customer interaction can boost an organization’s bottom line. In fact, according to a recent survey by Strativity Group, 73 percent of consumers stated that they would expand their purchases with a vendor by 10 percent or more if the customer experience was superior. And 55 percent of consumers agreed that they would stay with a vendor for 10 years or more as long as the experience remained superior. Rising customer acquisition costs are also contributing to the financial imperative of delivering excellent customer service.
Consider this: A study by the Wharton School of Business at the University of Pennsylvania reveals that reducing customer attrition by just 5 to 10 percent can increase annual profits by as much as 75 percent. Now multiply these percentages over the course of a customer’s lifecycle and the result is an impressive increase in customer lifetime value.
A new NICE sponsored Peppers and Rogers white paper discusses how to Impact Every Customer Interaction.