Top 5 Customer Service Links for 11-20-09: Customer Service and Profit

Spoken | August 9, 2016

HeidiBlog HS by Heidi Miller, Social Media Manager

Grab a cup of coffee, sit back and enjoy the five best customer service posts from the last week. On me. 🙂 This week’s theme is Investing in Customer Service = Profit. This week seemed to be the week for reports touting customer service as the way to assure that companies remain profitable, even in a recession:

“According to a new international survey
of consumers, the cost of poor customer service in 16 major industrialized
economies causes businesses to lose a total of USD $338.5 billion per year
when customers defect and abandon their purchases as a direct result of
poor customer experiences. The hardest hit industries across all countries
surveyed are financial services, cable and satellite TV providers, and a
variety of telecommunications companies.”
Does anyone else want to send this article link to the CEO of her bank, cable, telecommunications and TV provider?

  • Customer Experience and Bad Profit: In combination with the above article, it’s easy to conclude that some companies are choosing to make their customers suffer bad experiences in favor of the short-term bottom line–and that that’s not working long-term:

“Just look at sites like www.complaints.com, www.my3cents.com or www.getsatisfaction.com
to see customer frustrations with companies that are addicted to bad
profit. The fact is, bad profit actually costs companies in time to
handle complaints and in lost customers.”

“This is illustrated by the fact that while overall IT spend is down, IT
spend on voice of the customer and other feedback programs is on the
rise. A report by market research firm Gartner Inc. (“Predicts 2009: CRM Customer Service and Support“) predicted that feedback management technologies will be the top investment made in 2009 to improve the customer experience.”

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