There is a financial cost

We have plenty of anecdotes about lost business due to poor customer service, but now we have proof. According to a new multinational study entitled “The Cost of Poor Customer Service: The Economic Impact of  the Customer Service and Engagement,” there is indeed a dollar cost to poor customer service. The study claims that $338.5 billion is lost each year due to poor service.

[picapp align=”center” wrap=”false” link=”term=dollars&iid=248294″ src=”0244/8280f1c1-8223-4d53-bb51-40d31ab9abbf.jpg?adImageId=8125096&imageId=248294″ width=”234″ height=”234″ /]

The top customer service complaints from study respondents were:

  • being trapped in automated self-service;
  • waiting too long for service;
  • callers having to repeat themselves; and
  • customer service representatives lacking the skills to answer inquiries.

Read more about this study on the DestinationCRM.com website, in a post by Christopher Musico.

Simply put, bad customer service costs companies lost revenue whereas good customer service increases customer retention.

Your thoughts?

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