Using BEANs to drive Innovation
Have you noticed that customers are getting angrier?
The world itself seems to have become more uncivil, and customers are much more dissatisfied.
That is actually putting it mildly. Customers are not just dissatisfied… they are plain angry.
In a recent study by Arizona State University W.P. Carey School of Business survey of customer rage found that last year 74% of customers said that they have experienced problems with a product or a service. And they are definitely not shy about expressing their rage.
What were their main frustrations?
In most studies the top frustration is not being able to talk to a person when they have a problem.
The second most common complaint is that they can’t find out how to contact the company.
Technically, these are not difficult problems to fix.
So, it’s easy to blame the organization.
Organizations just don’t care, right?
But there’s a flip side to the coin.
When it comes to serving customers, companies have to do a balancing act between quality of service and its cost.
Spending too much on customer service might lead to reduced profitability, especially if it doesn’t lead to the customer loyalty that the business is looking for.
On the other hand, spending too little on customer service leads to low customer satisfaction and the risk of losing them in the long run.
So how do companies resolve this dilemma between customer satisfaction and cost efficiency?
Let’s talk about it in my next post.
Meanwhile, if you would like to know more about how ConvergeHub can help you get closer to your customers without increasing the cost, talk to us.
Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.