You don’t need an MBA to understand that keeping existing clients is less expensive than attracting new ones. While the Harvard Business Review tells us it’s five to 25 times more expensive to acquire a new customer than keeping a current one, there’s something logically intuitive that tells us that customer loyalty just makes sound business sense. And yet, so many companies today are not living up to their lip service when it comes to customer service. After all, customer service isn’t just the agent on the other end of a phone call or a chatbot. True customer service is much broader, encompassing an organization’s process, philosophy, structure and execution.
There are a variety of metrics organizations use to determine how their loyalty programs are running. Some program managers may look at industry report cards, others evaluate reward consumption or purchases made following a service remediation. If your organization is looking to revisit its customer service remediation program, arm yourself with insights that may help your program be more effective.
Let’s face it, no matter how hard organizations try to prevent it, at some point even your best customers are likely to experience less-than-perfect customer service. While there should be considerable focus on constantly improving customer service, determining how to best atone for those missteps also deserves your attention. Ask yourself, what’s the best way to compensate customers at that critical time when they – and your brand – need it the most?
Who doesn’t love an arsenal of information at their fingertips? Over the years, Connexions Loyalty has generated a plethora of information – everything from understanding consumers’ preferences to helping brands combat the growing threat of loyalty fraud.
We all make mistakes, and while most people believe that everyone deserves a second chance, brands often find that a single foul-up can result in the loss of a customer. So how can your organization fight that response? In our latest survey, we set out to answer that question, and, in particular, the role compensation plays in customer recovery.
One trillion dollars. Well, $1.6 trillion to be exact. That’s the estimated loss from customers switching to another company due to poor service, according to research from Accenture. Keeping customers happy -- and loyal! – isn’t just the right thing to do, it’s essential in protecting your bottom line.
An international travel industry leader serving 180 million customers annually in more than 300 locations, the company’s annual revenues top $40 billion, making it the largest player in the industry by both asset value and market capitalization.
Customer service agents – from operations managers to call center supervisors – all want to provide efficient, quick mitigation after a poor experience. Cross-departmental teams seek to hit service metrics around customer complaints and achieve industry service rankings in hopes of retaining their most loyal customers. But what if your organization’s mitigation efforts aren’t actually working to achieve those scores or retain loyal customers? Despite the fact that your efforts are standard practice in your business or industry, it’s possible that your customers may not agree that you are, in fact, effectively mitigating their problems.
Making headlines is one thing. Making headlines because of a massive data breach is another. It’s a scenario real enough to keep any program manager awake at night. With major national data breaches seemingly in the news every day, we’ve pulled together five ways loyalty program managers can keep their customers satisfied within their own service recovery process if (and when) a data breach occurs.
Mistakes happen in life and in business. Regardless of top-notch products, systems and procedures, training and good intentions, poor customer experiences are inevitable. While businesses can’t always undo or fix that bad experience, they can do their best to not only apologize but mitigate the situation through a customer recovery effort.