Poor Customer Experience = Loss of Revenue

The Oracle Global Research Study has recently found that “that brands could lose up to 20% of revenue due to poor customer experiences”. The lack of a consistent, positive customer experience that lacks brand relevancy can affect the way customers see your brand, how they interact with it and subsequently, how much they will spend with you. With a high 89% of customers leaving brands for a competitor, businesses cannot afford to stand idle but must act on becoming customer-centric. Businesses can improve their customer experience through engaging customers through relevant social media. The report states, “social media amplifies the customer voice.” Allowing your customers to relate to your brand through various channels like social media increases your presence but also allows for more customer feedback that can be acted upon.

Furthermore, “a good customer experience strategy requires fundamental organizational changes.” To successfully do this, the report breaks it down to three steps:

  1. Build training programs and incentives for employees to offer a great experience
  2. Update company core values to include customer experience
  3. Implement a specific technology to improve customer service

Read the full report here. 

Posted on February 5, 2013 and filed under Business Models, Customer Experience, Service Design.