Here on the Ideba blog, we’ve written many times about the value of providing excellent customer service, and how training your team can dramatically improve client satisfaction. We know how pivotal client service is from our own research, and we all have personal anecdotes of times we’ve been wowed by fantastic service, and times when service has been so bad we’ve sworn we’ll never use the vendor again. But what do we know about how service impacts the bottom line? Does client service really drive business?
Well, thanks to an extensive survey Salesforce conducted of 14,300 consumers and business buyers worldwide we actually know a lot! In fact, “80% of customers say the experience a company provides is as important as its products or services.” Salesforce, “State of the Connected Customer” Organizations that train their staff to meet or even exceed customer expectations reap significant benefits: they see a 15-25% increase in cross-selling and a 5-10% higher wallet share.
McKinsey has also explored how “improving the experience of existing customers can deliver breakthrough growth.” McKinsey & Company, “Experience-led growth: A new way to create value” McKinsey found that “80 percent of the value creation achieved by the world’s most successful growth companies comes from their core business—principally, unlocking new revenues from existing customers,” and they cite a story of a company that reimagined how they provided service. “The results were dramatic: as customer satisfaction ratings jumped from worst to first in the industry, customer churn rates were cut by 75 percent. Over a three-year period, the company’s revenues nearly doubled—outstripping its key competitors’ revenue growth threefold.”
It’s helpful to be able to put concrete figures to what we have always known: exceptional customer experiences matter.
We’ve pulled together some highlights from the Salesforce survey and the McKinsey article, and we hope you check it out!
Ideba – Exceptional Customer Experiences Matter
We always love to hear from you: has your organization quantified the value of providing white-glove service? Or on a personal level, have you received really awesome customer service recently? We’d love to know! Drop us a line on LinkedIn or email me at mylenek@idebamarketing.com.
Mylène Kerschner – Senior Research and Consulting Manager
