Customer churn can be extremely taxing on any organization. The toll it takes is not limited solely to lost revenue. Statistics show that, on average, 65% of an organization’s business comes from existing customers, and acquiring new ones is 15 times more expensive than retaining existing customers. So the full cost of customer churn consists of lost revenue and the marketing costs involved with replacing churned customers with new ones.
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Transforming customer experiences
Artificial intelligence is one of the hottest topics today and nearly every C-level executive is eager to understand how AI will transform their business. Contact centers are no exceptions. Only about a third of the customers are willing to use bots and virtual assistants to interact with companies AI is not a customer pleaser, yet! But…
At one time or another, everyone buys something on the internet. For some it’s a 2:30 am purchase of a waterproof radio that sticks to the shower wall, and for others it’s a simple pair of pants. The point is, everyone does it, and everyone remembers their first time. If you’re like me, you approached your first…
They say the journey of a thousand miles starts with a single step. So I’ve been thinking: is it possible to sum up all the knowledge of the world’s pioneers of innovative digital customer service into one quick and easy step that any brand can take? Well, the short answer is no. But by looking at examples from companies…
What do companies report after they move their contact center technology to the cloud? Many of them have achieved superior customer experience outcomes – like better customer satisfaction and likelihood to recommend. We surveyed more than 900 contact center leaders in the United States, United Kingdom, and Australia about key customer experience topics, including contact center…
Agility and ease are key concepts in digital customer service, regardless of your industry or the size of your business. We recently collaborated with T-Mobile, one of our clients, to learn more about how they offer better, more efficient digital customer service. Here’s what we found out. T-Mobile was facing a commoditized market and needed to differentiate beyond price…
It’s impossible to deny the critical role social media plays in business strategy. Although social media is now widely accepted as a marketing channel, brands still grapple with the best way to leverage its full potential for customer service. ICMI research indicates that more than two-thirds of contact center leaders believe social media customer service is important, yet only 41% of contact…