It's exactly 50 years since The Rolling Stones first took to the stage. They've taught us a lot about both rock and roll in that time - but what have they taught us about customer relationship management?!
(I can’t get no) satisfaction
Anecdotal evidence suggests that customers are becoming more demanding. But those businesses delivering excellent service stand to benefit. Recent research demonstrated that retailers with better customer service post strongest sales results and market share. The UK Customer Satisfaction Index (UKCSI) polled 26,000 consumers, examining the relationship between service excellence and retail sales performance over the Christmas period 2011, and found a direct correlation between the two.
You can’t always get what you want
Despite the difficult trading environment, poor service is the main reason that customers will leave a store without making a purchase. Market Force polled more than 5,000 UK shoppers and found 88% leave a store with no purchase because of poor customer service. According to the research, 41% of shoppers cited in-store staff’s lack of interest in their needs as the biggest frustration.
19th nervous breakdown
Organisations aren’t just damaging their business when they deliver poor service. Waiting in a telephone queue to speak to a call centre for more than six minutes can damage customer health, research has found. A survey of over 2,000 adults by giffgaff found that almost a third of respondents felt annoyed and stressed by long queues or waiting times, resulting in high blood pressure and stress.
It’s all over now
Customer churn is set to cost UK businesses £2.2 billion this year. Failing to deliver promises is the most common reason cited for cancelling customer subscriptions -with few willing to return. According to research by INVOLVE which surveyed 2,000 UK consumers, 68% are likely to cancel a subscription to a service when they experience a big difference between what they were promised and what they experienced.
We love you
In a recent study by the Institute of Customer Service, online retailer Amazon was the highest performing company in terms of customer satisfaction scores. Marks & Spencer, John Lewis, Boots, Superdrug, Aldi and Waitrose were also included in the top 10.