madison-oren / unsplashYour clients expect your organization to protect their brand. They expect your organization to collect unpaid debts while not alienating their customers. Is your organization really doing everything it can to protect your clients by paying attention to the ever-evolving preferences and needs of consumers?
In August 2024, for the 4th year in a row, TCN polled actual consumers to better understand their attitudes, preferences, and expectations (see here for three key findings). But what happens if your organization misses the mark? TCN’s survey suggests that failing to address consumer needs and preferences can have a tremendous effect on both your organization and your client’s brand.
Consumers want resolution, and they want it right now.
The ability to resolve customer issues on the first contact is a critical benchmark for customer satisfaction. 1/3 of survey respondents reported that their biggest frustration when contacting a company is having to talk to several people to solve a problem. Coupled with the feedback that more than 2/3 of those surveyed wouldn’t wait more than 10 minutes on hold, and most wouldn’t even wait 5 minutes, it’s clear that consumers want resolutions quickly. Consumers do not want to be bounced around from agent to agent.
What does all this have to do with Client retention though?
The quality of your customer service directly impacts your organization and your client’s business.
Aligning your contact strategy with consumer preferences and needs can boost your client’s brand and help protect them from negative reviews and outcomes. In fact, 74% of those surveyed indicated that they were either very likely or somewhat likely to make a repeat purchase with a brand – your client- based on a positive customer service experience. A significant majority (61%) are willing to pay more for products or services that offer superior customer service compared to cheaper alternatives.
Additionally, the survey showed positive experiences pay off with tangible results.
- 45% of respondents stated that they post online reviews about positive experiences;
- 70% are likely to recommend a brand to family and friends after a great customer service experience.
Conversely, negative experiences can cause serious detrimental impacts. According to the survey, 63% of Americans are likely to abandon a brand after just one poor customer service experience, a significant rise from 42% in 2021. This marks a 21% increase in just three years. More than ever, 2024’s survey highlights the importance of providing top-notch customer service within contact centers when it comes to brand loyalty and referrals.
These numbers suggest that consumers aren’t shy about being vocal when their needs are, and are not, met. Understanding consumer preferences and needs may go a long way to ensure that outspoken consumers speak of your organization – and your client’s – in a positive light.
Read more about the preferences, expectations, and impact of Modern Consumers here.
