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A study has found that poor customer service costs Australian companies $8 billion a year.
The survey of 2,004 adults revealed that 58% are taking their business elsewhere as a result of inadequate customer service – and of those, 92% have switched at least once or twice in the last year. Fifty five per cent are so put off from calling a business for fear of being kept on hold, that they will switch to a competitor without even attempting to resolve a problem.
The survey conducted by NewVoiceMedia also reveals that the top frustrations causing consumers to switch are lack of appreciation from a business (46%), unhelpful/rude contact centre staff (38%) and being passed around multiple agents (32%). With respondents spending an average of $807 before leaving, it is estimated that $8 billion is lost by businesses in Australia each year – not including the significant cost of replacing lost customers and the impact of negative word of mouth.
“With $8 billion of revenue being transferred between companies, this research reinforces just how much influence customers have on a business’s success – it’s surprising how many organisations still aren’t getting it right”, comments Jonathan Gale, CEO of NewVoiceMedia. “Great customer service is the critical differentiator and investing in providing personalised and engaging customer experiences will help businesses succeed in retaining customers and securing new business.”