Are You Customer Centric? 88% of Consumers Will Switch to a Competitor if Not

Brands who provide winning customer experiences outperform their competitors.  You may have heard this before but now so more than ever, we are seeing alarming statistics proving this point.  The pandemic has altered consumer shopping behaviors forever – consumers are shopping online and even after we settle into a new normal, many consumers have stated that they plan to continue doing so with many of their purchases. 

Moving forward, the digital experience will define who wins in the online space.  How do your brand experiences rank?  Do you put the consumer first as they engage with you across channels and touchpoints?  If not, 88% of consumers will switch to a competitor after three or fewer bad experiences. Even more alarming, 66% will only need one or two bad experiences to look for another provider. This is according to research by Customer Contact Week.

In addition to switching brands, nearly 57% of consumers will directly complain to an agent following a bad experience and 54% of consumers said they will complain to their close “real-life” contacts and/or on social networks and review sites.

Customer Experience

The customer experience is now more important to over 58% of consumers.

Customer Experience

What are customer expectations for engagement?

  1. Personalization
    Personalized interactions are a priority for consumers. According to research by Salesforce, 66% of customers expect companies to understand their unique needs and expectations and 52% of customers expect offers to always be personalized. This means you need to know your customers to provide a personalized offer or recommendation.  Using marketing data and technologies such as a customer data platform to integrate data insights will be essential investments for brands in order to provide personalization.

  2. Omnichannel Engagement
    Customers expect to receive personalized messaging across channels – 76% of customers prefer different channels depending on the context of the message.  Additionally, 74% of customers now say they’ve used multiple channels to start and complete a transaction.

  3. Customer Service
    According to Customer Contact Week’s research, when asked to identify the most important aspect of the customer experience, 75% selected either accurate or efficient interactions. When getting customer service, 42% of consumers stated that accuracy of information and resolution were important and 33% said speed and efficiency were important.

When interacting with customer service, experiences have been frustrating for consumers, stating the following as issues they encounter the most often:

  • 56% – Long wait times before getting help
  • 40% – Multiple transfers
  • 37% – Automated voice menus aren’t helpful
  • 36% – Representative is slow, frequently goes silent and/or puts you on hold
Customer Experience

Today, the expectations of consumers have evolved more than ever and businesses must ensure they are fulfilling them. But how are brands performing?

In research by Blue Venn, respondents were asked about how well they coordinated customer communications across multiple offline and digital outbound channels. Approximately one-third (32%), have synchronized/coordinated customer journeys across offline and digital channels that flow over a period of time and are triggered by customer behaviors. The other two-this were somewhat less mature, with a full 29% stating they managed all outbound channels independently from each other.

Customer Journey

In respect to the customer journey, 45% are using mapping in some form to design more sophisticated programs. This includes 21% of companies who are designing ‘integrated, omnichannel customer experiences across the customer lifecycle and at every touchpoint’.

Customer Journey

According to BlueVenn’s research, CDPs are a key enabler for sending crosschannel communications tailored to meet consumers’ needs. 40% of companies with a CDP said they have this capability, compared to only 24% of non-CDP users. In fact, more than half (56%) of companies without CDPs are more focused on single channels, limiting their ability to be omnichannel.

Customer Journey

Companies that adapt to the changing needs of customers will position themselves to win in a competitive economy. Now is the time to invest in the data and technology required to deliver exceptional experiences. Organizations who are able to understand their customers better will be in a position to deliver the experiences they seek.

Learn how Porch Group Media can help you get to know your customers better and reach them across channels to boost the customer experience. Contact us to get started!

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