Why it's more important than ever to stand out.
According to the latest UK Customer Satisfaction Index (UKCSI), customer satisfaction in the UK has dropped significantly over the last year, so much so that we are seeing the lowest score since 2015 and it is continuing on a downward trend (76.6 in July 2023, down 1.8 points since the same time last year).
More customers are having more issues and it is taking organisations longer to resolve complaints. This is not isolated to just one business sector, each of the 13 industries assessed showed a year-on-year decline. A staggering 16.5% of customers said they had experienced a problem, up from 13.6% pre-COVID.
These results could not come at a worse time for many businesses. The UK and global economy is struggling and growing customer dissatisfaction is a double blow as it not only impacts front-line staff productivity but also profitability with repeat customers becoming disillusioned and starting to look elsewhere.
Investment in sales and marketing activities remains high but longer term this will lead to a negative cycle with an overall higher cost of sales due to reduced customer retention and further reduced productivity from customer-facing teams.
Individuals and businesses are all tightening their belts in terms of spending but it is clear that this is not a good time to cut back on investing in the Customer Experience. 35% of those surveyed were willing to pay more for excellent service vs. just 12% that would opt for a more basic level of service.
It’s time to stop seeing Customer Support as an unwanted cost in your business and instead start using it as a differentiator. You can also achieve this whilst reducing your overall cost of support! Customers are looking to see more self-service, giving businesses the opportunity to simplify their operations and automate many common requests.
Some of the key actions every business can take today irrespective of whether they are B2B or B2C are,
Listen to your customers: Identify their pain points and find ways to fix the common issues. Consider running a Customer Journey mapping workshop to gain these insights.
Self-Service: Customers value self-service. Use the data you gain from your Customer Journey Maps to provide self-service options for all of the most common requests or queries. Satisfaction will increase and it will reduce the load on your front-line staff.
Build on solid foundations: Implement the right tools and processes to make the Customer Experience a great one for your end customers and your staff. Poor systems and processes will force you to rely on manual, staff-intensive interventions.
AI & Automation: If you are not leveraging it today then you need to. Gone are the days of complex Bot training, AI has come of age and can add real value to end customers and internal teams alike.
Start differentiating the experience: Use your customer knowledge to provide a tailored customer journey. Providing a personalised experience is easy with the right strategy and can help build customer loyalty as well as open up new revenue streams.
Businesses that focus on the Customer Experience consistently outperform those that don't. Don't miss out on the opportunity to revolutionise your Customer Support and transform it into a game-changing asset for your business.
Contact us today to discover how INNOVATE CX can be your strategic partner in this journey.
Please reach out via LinkedIn or CLICK HERE to schedule a free 30-minute discovery call and see how we can help your business.
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