Continuing on my series of Knowledge Management (KM) insights derived through recent research sponsored by my friends at Parature, I’d like to take some time to discuss a little bit on KM investments for the coming year (2015) based on research conducted in the past few months. Read More
Tricia’s Customer Service Success Blog
Customer expectations are changing and growing just as rapidly as the channels and technology consumers are empowered with to engage, encouraging (if not demanding) that brands and organizations embrace a strategy of non-stop, customer-centric adaptation.
Here is a collection of 15 expert predictions affecting the near future of customer service and the customer experience. It’s time to get ready… Read More
Continuing the publication of my insights on Knowledge Management (KM) made possible by my friends at Parature, I want to focus on maintenance as what is likely the biggest problem of, and most important job in, KM for customer service today.
In research I conducted on adoption and usage of Knowledge Management, some of the findings on budgeting and maintenance were concerning, to say the least… Read More
Stories of customer delight have become the media darlings of the new decade, from Joshie the Giraffe’s pampered stay at the Ritz-Carlton after being separated from his family, to a Ninjago-inspired letter from a LEGO customer care representative, to the steak delivery story read round-the-world.
While hero stories like this really do represent the very best in customer service and engagement, let’s face it: they’re fairy tales. Things like this don’t happen every hour or every day, nor should they from a business perspective. Here’s why: Read More
Note: The following is a guest post from ThinkJar Founder and Principal, Esteban Kolsky, and the first in a series from him around knowledge management for customer service.
The story for the demise of Knowledge Management has been told many ways.
Too complex. Too expensive to maintain. Not enough results. Users don’t, well, use it. Over the years, and since knowledge management was conceived in the mid-1960s, we have been looking for ways to either use it right, or kill it. Read More
From an industry that’s seeing some of its most satisfying service statistics ever, as well as some of the least, making an investment in consistently satisfying service and information delivery will be key to the banking industry, and a differentiator for leading institutions, going into 2015.
In 2014, customer satisfaction with banks was all over the place, from being called out by Money magazine as “one of three industries that desperately need customer service makeovers” to showing record-high satisfaction scores in a J.D. Power survey.
The holiday shopping season is upon us, and do you know what that means? Someone is inevitably going to be injured fighting for a sweet deal on an Xbox One, or worse, a $10 blender. And that folks, is why more and more people are shopping online…
The latest figures from the National Retail Federation’s (NRF’s) Shop.org site project that holiday e-commerce sales in the U.S. will rise between 8 and 11% this year. For November and December 2014, U.S. retail e-commerce sales alone are expected to total as much as $105 billion of a projected $617 billion holiday haul. Read More
A continuing problem with customer service today is that many view it as a job for the few (the customer service department), when in fact it is a role for all. Whether or not the word “customer” is in your job title, at the end of the day, it’s the customer who determines your job, affecting your organization’s success, reputation, revenue, product and service development, staff size and retention – the list goes on and on.
More and more brands are embracing the all for one (the customer) strategy. Notes David Cooperstein in the Forrester report, Competitive Strategy in the Age of the Customer, “a customer-obsessed enterprise focuses its strategy, its energy and its budget on processes that enhance knowledge of and engagement with customers and prioritizes these over maintaining traditional competitive barriers.”
Brands like Zappos have laid the groundwork for this and continue to stand out as leaders. Affirms CEO Tony Hsieh, “Zappos is a customer service company that just happens to sell shoes.” Read More
Your brand may have the best products, the best pricing and the most data, but if you aren’t engaging and empowering your people, you’re still operating at a competitive loss.
According to the most recent Gallup State of the American Workplace report, “when organizations successfully engage both their employees and their customers they experience a 240% boost in performance-related business outcomes compared to an organization with neither engaged employees, nor engaged customers.” Gallup notes that the moment an engaged employee connects emotionally with a customer, “it’s a source of untapped power that has profound implications for a company’s productivity and profitability.”
But unfortunately, according to the same report, 70% of American workers say they’re either “not engaged” or are “actively disengaged” at work, and the cost is extremely high. Median differences between brands in the top quarter of employee engagement versus the bottom quarter showed a:
- 10% difference in customer satisfaction ratings
- 21% difference in productivity
- and 22% difference in organization profitability.
In October, with 2015 lurking just around the corner, it’s frightening to think just how much customer service and the customer experience are impacting the reputation and bottom lines of brands and organizations. While satisfying customer experiences can have scary-good results (increasing customer acquisition, retention, brand loyalty and advocacy), just a single poor customer experience can lead to the unexpected demise of even the longest customer relationship.
According to a recent Customers 2020 Report, by 2020 customer experience will overtake price and product as the key brand differentiator. Customers “will expect companies to know their individual needs and personalize the experience. Immediate resolution will not be fast enough as customers will expect companies to proactively address their current and future needs.”
With this prediction, brands and organizations should be a little scared if they haven’t already planned for improvements in customer service and engagement heading into 2015. But there’s still time…. Here are 13 startling statistics to encourage a bigger and better buy-in for customer service and customer-centric marketing initiatives:
1. Brands in the U.K. are currently losing nearly £15 billion annually due to poor customer service. ~Harris/ClickSoftware Survey
2. U.S. brands are losing approximately $41 billion each year due to poor customer service. ~NewVoiceMedia Study
3. 65% of 1,000 consumers surveyed said they’ve cut ties with a brand over a single poor customer service experience. ~ 2014 Parature State of Multichannel Customer Service Survey
4. Only 14% of respondents in a 2014 CMO survey rated the customer-centricity of their organization as high; and only 11% believe their customers would say the same. ~ 2014 CMO Council Mastering Adaptive Customer Engagements Report Read More