Customer Service has always been key for staying in business, even though not all companies realized it or applied it. And in times of pandemic, one of its many effects on business has been increased customer service expectations. Now it’s become a matter of survival that organizations meet and exceed these customer service expectations and trends. Here’s why Customer Service matters even more in the Post Covid era, in numbers.
Customer Service has always been key to business continuity.
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Better Customer Service = More loyalty = Repeat Purchases/Recommendations = Better Revenue
- “On average, companies that work to improve their customer experience can see their revenue increase anywhere between 10-15%”. [Source: Bare International]
- “72% of consumers say that they will share a positive experience with a brand with 6+ people”. [Source: Esteban Kolsky]
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Meeting or exceeding customer service expectations allows companies to price at a premium
- Millennials care more than any other group about great customer care and are willing to spend 21% more to get it. [Source: American Express]
- 70% of American consumers say that they have spent more money to shop with a business that delivers great service. [Source: American Express]
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It costs more to gain new customers than to retain existing ones.
- It can cost anywhere from 5 to 25 times more to acquire a new customer than it does to retain a current customer. [Source: Harvard Business Review]
- 84% of companies that work to improve their customer experience report an increase in their revenue.
- 68% of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences. (HubSpot)
- Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
- That’s because providing excellent Customer Service translates into loyal customers. And as we all know; loyal customers mean better revenue!
Here’s why Customer Service matters even more in the Post Covid era.
- Although in times of pandemic Customer Service has become much more crucial than pre-Covid, it’s actually become worse. Because, as companies have struggled to adapt to changing conditions, customer service personnel and infrastructure may have been impacted.
- As shown by a survey conducted by NBC and Telemundo in October-November 2020, 75% of respondents said customer service got worse during the pandemic.
- 70% of consumers say businesses that have shown empathy during the pandemic have earned their loyalty.
“A positive customer experience comes down to making a customer feel valued in the moment,” Brian Solis, Global Innovation Evangelist at Salesforce. “Empathy has always been a key skill for customer service, but it’s become even more essential during an uncharted moment”.
- Customer Service comes down to relationships, and during the pandemic these become even more important than ever.
- Harvard Business Review’s Ted Waldron and James Wetherbe put together a compilation of 5 key Customer Service strategies called Heart. Heart is a communications framework for times of crisis with guidelines about what to say and what not to say.
- Humanize your company
- Educate about change
- Assure stability
- Revolutionize offerings
- Tackle the future.
In times of pandemic customers’ expectations have increased, and they’re likely to stay that way. It’s up to organizations to adjust so that they can live up to these increased expectations. Because as we’ve seen, they’re tied to loyalty, and thus to the bottom line, more so in times of pandemic.
We at Estafeta USA continue to work internally so that we can provide the best customer service. And we love to hear from our clients! Please feel free to contact us and let us know how we can be of help!