According to RightNow Technologies’ 4th Annual Customer Experience Impact (CEI) Report, consumers’ expectations for great customer experiences are at an all time high, with social media networks giving them a voice companies and businesses cannot afford to ignore.
With consumers now empowered by the social web, companies are now scrambling to make changes, and yet while it’s true that they can no longer manage their relationships with customers “manually” like they used to, they still have control over the customer experience they can provide.
The survey only confirms the trend of consumers standing up to companies and pressuring them to take notice of practices and experiences they’re not happy with. This report indicates that 86% of consumers will stop doing business with a company and go elsewhere if they’re not happy with the customer experience. That’s up by 27% over results in 2005.
However, what’s interesting to note is that even with the downturn in the economy, consumers don’t mind paying a premium for an excellent customer experience. Consumers still place good customer service on top of their priorities, with 85% of consumers willing to pay more than the normal price of a product if it came along with great customer experience. Even more surprising is that 10% of consumers said they would pay a whopping 25% more if it meant getting superb customer service.
The report also indicated that 55% of consumers in North America patronize a company for their reputation of great customer service, while 40% go to a competing brand simply because of the positive things they hear about their customer service.
Enform believes that digital and online solutions using advanced social media allows the highest potential conversion rate and consumer advocacy benefits to lift perceived customer service rates for your business and brand. Providing great customer service translates to more than just higher revenue, more importantly it translates to higher profit returns.