We’re halfway through 2022, and many entrepreneurs surely know that consumer behavior has changed dramatically. Many companies are likely planning ways to develop their businesses for even greater success.
One important thing that can help your business achieve its desired objectives is delivering exceptional customer service, as expected by customers, to make them feel better about your company. Therefore, this article will present 6 Customer Service statistics that every entrepreneur needs to know before starting marketing strategies.
What is Customer Service?
Before diving into the various statistics, let’s first understand what Customer Service is. Simply put, Customer Service or customer support is a process that helps build relationships between customers and companies to create a good experience for customers, whether it’s communication, conversation, or interaction with customers. And not only doing what customers expect but going beyond their expectations, which means opportunities for your business growth will expand as well.
Let’s see what interesting statistics there are for Customer Service. If you’re ready, let’s get started.
1. The Global Customer Experience Management Market
According to a report by Fortune Business Insights in 2022, the global Customer Experience Management (CXM) market was valued at USD 11.34 billion, an increase of 12.2% compared to the market value in the previous year. It is projected that in the next 7 years, the market value will increase to USD 32.53 billion in 2029.
Certainly, these figures show significant growth, possibly due to current businesses increasingly investing in tools such as AI systems to improve the customer experience and maintain relationships with brands.
2. Customer Service Influences Consumer Decisions
Those who think that providing Customer Service is just a solution for new customers only are only half right. Because a survey report from Zendesk found that 81% of consumers who have used the same store previously said that a good Customer Service experience would make them more likely to decide to purchase products or services again. Most consumers today consider customer service or Customer Service as one of the important factors influencing purchasing decisions by up to 70%, and 78% will immediately switch to buying products or services from other brands if they have a bad experience with the brand’s service.
3. Brand Loyalty Depends on Customer Service
As an entrepreneur, there’s nothing better than building Brand Loyalty with consumers. Certainly, providing good Customer Service will build trust with customers and be an additional incentive for them to return to buy products or use services again.
According to data compiled by Microsoft Dynamics, 95% of consumers say that customer service is important for building Brand Loyalty, and 60% of consumers will stop using or buying products immediately and be ready to try buying products or using services from competitor brands if they encounter poor service. So, if you think acquiring new customers is too difficult, don’t forget to consider your Customer Service to attract existing customers to feel happy to continue using your services.
4. Human >> AI
Of course, upgrading customer service with AI is exciting and appropriate for the digital age context. However, most consumers still prefer interacting with real people more than AI technology. A study by PwC found that 75% of consumers still prefer to interact with a real person, even though AI technology has been developed further. Therefore, the recommendation is for entrepreneurs to study the Customer Journey to be able to design the most efficient working steps to know which steps should use AI to manage and which steps should be handled by actual personnel to communicate with customers, meeting customer needs and creating impressive experiences for customers.
5. Consumers Often Share Bad Service Experiences with Each Other
“Once burned, twice shy” is not a line from a horror movie, but rather the way most customers think when they encounter bad experiences with a brand. As an entrepreneur, you must work hard to avoid these problems happening to your customers even once to reduce the risk of making your brand have a negative reputation. Because a study by Salesforce found that 62% of consumers will immediately tell others if they encounter a bad experience with a brand. Similarly, if a brand can create a good experience, 72% of consumers are willing to share good stories about the brand with others.
6. Consumers Are Willing to Pay More for Good Customer Service
Did you know that if your business provides good Customer Service, you can slightly increase the price of your products or services? Because a survey by HubSpot found that 68% of consumers said that they are willing to pay extra if a brand can provide a good Customer Service experience, whether it’s having easy-to-contact channels, being able to quickly and efficiently solve problems, without having to repeatedly report the problem.
Hopefully, these Customer Service statistics will encourage all entrepreneurs to consider the importance of Customer Service and providing the best experience for consumers.
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