A new Xerox report, The State of Customer Service 2015, reveals that over half (54%) of consumers would pay more money for better customer service from their favourite brands.
Xerox surveyed over 6,000 consumers across Europe and the US to discover that seven in 10 of those aged over 71, and even 40% of Generation Zs (aged 16-20) were prepared to pay more to ease the support process.
“With many consumers willing to pay for it, organisations must make the investments necessary to ensure that their customer service works better,” says Nancy Collins, group president of Xerox’s High-Tech, Communications and Media group.
“Whether it’s more expertise from customer care agents, shorter wait times or a seamless omnichannel experience, there is a clear opportunity for brands to better use technology to build trust and treat every consumer as an individual.”
Telecoms giant, EE, was lambasted in 2014 for introducing a 50p charge to customers wishing to jump the queue for their customer service phone line.
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As well as customers willing to pay more for better service, brands need to factor in the number that will simply go elsewhere if they don’t receive the service they are looking for. This lost revenue needs to be taken into account when creating a business case for customer service investment.
Great point. The problem can often be that it's very hard to actually pin a monetary figure on the cost of poor service. Plenty of research has been done to try and do so. Last year, NewVoiceMedia produced a study that said poor service was costing US businesses alone $41bn a year (https://www.mycustomer.com/service/management/revealed-the-true-cost-of-...).
Whether this is a fair reflection or not, I guess it boils down to how much an executive team sees service as a value-add or something that's critical to success. The latter is not often the case.