What's at Stake: Customer Lifetime Value
Several studies have focused on the upside of good customer service, which are reinforced by the findings of the Customer Effort Impact study. The service experience plays a crucial role in shaping consumers' buying decisions, long-term loyalty and whether they recommend - or do not recommend - companies, products and services. While putting an exact figure on customer lifetime value is dependent on each company, a good experience will contribute to the long-term revenue and market growth that are consistently among the top company priorities.
•Over three fourths of respondents state they are likely to continue spending money as a result of an exceptional customer experience with 63% indicating they would be extremely likely to continue. •On the other hand, 82% of respondents are likely to stop spending money with companies as a result of a bad customer experience, with almost half saying that it would extremely likely to stop. •Over half of the respondents would pay more to companies that provide consistently customer service. 21% of respondents even said they would pay 10% more to a company they felt provided good customer service. •82% say an existing relationship with a company is important or very important when making a purchase demonstrating the likelihood of repeat business that grows brand and revenue.
More than 2100 US-based adults (18+) participated in the survey conducted by Harris Interactive earlier this year.
"Direct experience is one of the leading contributors to a customer's impression of a brand and the likelihood that they'll be a fan or a detractor. Companies need to test the service experience at every point in the customer journey to see how much effort it requires and whether it supports their brand objectives and business priorities."
--Mark Wilson, Chief Marketing Officer, Avaya
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Tags: Avaya, customer experience management, contact center, call center, big data, multichannel, analytics, customer service, web service, multichannel service
Avaya is a global provider of business collaboration and communications solutions, providing unified communications, contact centers, networking and related services to companies of all sizes around the world. For more information please visit www.avaya.com.
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