Linking Customer Service to Retention

In a recent study, researchers documented some surprising changes concerning the typical consumer’s interaction with the customer service departments of prominent companies. Researchers found that consumers… Are Less Patient: More than 60% of consumers say that they will stop buying from a brand after a poor customer service experience. This is up from 33% two years ago. Want Answers Quickly: Gone are the days where consumers tolerated lengthy hold times, inefficient messaging tools, and drawn-out resolutions for their issues. Over 50% of consumers give up on companies who don’t provide answers to their problems within 10 minutes. Are More Vocal: About 40% consumers say that after a poor customer service experience, they will share that experience online. And 49% also say they will tell their friends and family to stop buying from the brand. Love Turnarounds: The resolution of a problem from a dissatisfied customer makes that customer more loyal than if the brand had never made the initial mistake. An incredible 97% of consumers say that if a brand turned a poor experience into a positive one by solving their problems immediately, they would do business with that brand again. If you’re in the business of providing agents a service for a fee, the same attitudes showing up in this research will be present in how agents make their retention decisions. There’s a lot of pressure for brokers to respond quickly, customize responses to problems, and find creative solutions. But there’s a special place of redemption for those who notice missteps and stick with a problem until it is truly resolved.  In the end, those owners who super-service their agents have a significant advantage because most of their competitors can’t operate at this level.