Each week, I read many customer service and customer experience articles from various resources. Here are my top five picks from last week. I have added my comments about each article and would like to hear what you think too. Bad Customer Service Puts $3.7 Trillion in Sales Annually at Risk by Bruce Gil (Quartz) […]
Each week, I read many customer service and customer experience articles from various resources. Here are my top five picks from last week. I have added my comments about each article and would like to hear what you think too.
(Quartz) Bad customer experiences could cost organizations around the world $3.7 trillion annually, according to new research by the experience management company Qualtrics. This figure is up 19% ($600 billion) from the company’s projections last year.
My Comment: Read the title again! $3.7 trillion! In short, if you provide bad service, be prepared to lose sales/money. Our customer service research finds that in 2024, the average consumer will give a company or brand two chances to make amends for a bad experience before moving on. There are many other reasons customers will leave, but all you have to do is look at the numbers in this article, and you’ll see the risk your company or brand has by not doing right by the customer.
(The Wise Marketer) Loyalty marketing remains popular, but often is just the same-old, same old. But in 2023, these six retailers and brands set new standards of what loyalty can be.
My Comment: Most loyalty programs are marketing programs. When done well, they foster repeat business. This short article highlights six brands that are doing it right. Let’s learn from some of the best!
(MarTech Series) In today’s dynamic B2B market, customer loyalty is the linchpin of success. It’s not just about transactions; it’s a strategic asset. Think of it as your passport to a steady revenue flow, a cost-effective approach to business growth, and a built-in marketing engine. Loyal clients become your most influential advocates, effortlessly referring your business to their networks.
My Comment: As I read this article about B2B marketing and CX, I thought that you could write the same article (with a few minor tweaks) about B2C. There’s not a lot of difference. Buyers/procurement professionals are still consumers at some level. For many B2B companies, this article is spot on.
(The Drum) Raymond Manookian of agency Zone says that technological advancement and sustainability can go hand-in-hand, and brands can build meaningful relationships with consumers while building a better future.
My Comment: Sustainability is a hot topic, and there is a percentage of your customers who will choose where they do business based on companies’ participation in sustainability or similar causes. The State of Customer Service and CX research found that 60% of customers prefer to do business with a company that has a social cause. 63% expect companies to be socially responsible.
(The Drum) The formula for good relationship marketing is pretty simple. Find your audience. Get to know them. Make them superfans. Sounds easy. But for it to work, it’s important to remember the critical step of forging genuine connections with customers.
My Comment: If you need to read research to confirm that customer loyalty is crucial to your company/brand, then hurry up and read this article (and download Marigold’s report). Six in 10 of your loyal customers will not just come back, but they will also pay more to shop with you.
Shep Hyken is a customer service/CX expert, award-winning keynote speaker, and New York Times bestselling author. Learn more about Shep’s customer service and customer experience keynote speeches and his customer service training workshops. Connect with Shep on LinkedIn.
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