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The True Cost of Losing a Customer - Blue Ocean Contact Centers - ContactCenterWorld.com Blog

The True Cost of Losing a Customer

 

One negative customer experience may seem like a drop in the ocean of all your customer interactions, but it’s never that simple. Consider these statistics from a recent survey from NewVoiceMedia:

After experiencing poor customer service:

•  37% of customers would change their supplier
•  28% would post a negative online review
•  26% would complain via social media
•  13% would tell friends/colleagues
•  10% would inform the media

....NOTE - content continues below this message

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We invite you and your colleagues to join us LIVE as we take the highest rated industry conference back on the road in 2022 - join us and the elite in the industry at the 17th annual NEXT GENERATION Contact Center & Customer Engagement Best Practices Conferences!

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It’s worth mentioning that many customer relationships can be saved even after a bad experience with the actual product or service, particularly if they choose to contact a customer service rep. But if that interaction also results in a negative experience, the customer support experience can become the straw that breaks the camel’s back.

The far-reaching impact of a damaged reputation, the lost lifetime customer spend, and the expense of winning back that customer and/or acquiring new ones add up to a significant loss – in terms of both revenue and reputation.

Calculating Lifetime Customer Value

Obviously, the cost of losing a customer isn’t as simple as the loss of one particular sale or the associated make-good. You have to assume that had that customer had a positive experience – both with your product/service and with your customer service team – they would have continued to buy from you and recommend your brand to others.

According to research, only 42% of companies are able to accurately measure lifetime customer value. This is a knowledge gap that prevents companies from comprehensively understanding the impact of a single customer on their revenue, and, in turn, how their customer experience impacts the company’s success.

If you’re ready to tackle the math, check out this post from Hubspot.

The LVT calculation can play an important role in determining the ROI of your customer care team, and specifically, the customer save team.

The Cost of Customer Retention vs Acquisition

It’s common knowledge that it can cost five times as much to acquire new customers versus retaining existing ones – and 70% of surveyed companies agree it’s cheaper to retain. Acquisition costs are seen in sales efforts, marketing, and advertising as well as customer onboarding, but it’s retention that appears to gain the most profit in return; a mere 5% increase in retention rates can garner 25-95% extra profit.

How do these statistics help us determine the cost of losing a customer? At its most basic, every lost customer creates the need to acquire a new one. And, as we can see, acquiring those “replacements” can get expensive.

A Real Life Example

A client of ours operates with entitlement contracts for their highest-value enterprise-level customers, requiring parts and labor onsite within either a two- or four-hour window (depending on contract terms) if that customer experiences an outage.

When one of our client’s customers experienced multiple cases of delays in part deliveries, the customer threatened to switch suppliers. In response, we at Blue Ocean created a 24/7 team of Subject Matter Experts dedicated to supporting this particular customer. We established separate KPIs for the team and empowered them to make decisions and take action outside of standard protocol. In addition, we collaborated closely with our client’s warehouse and logistics partners to ensure we were aligned in overcoming any obstacles that impacted on-time deliveries and feeding data upstream to prevent future delivery delays.

With this approach, results improved from an average of 71% on-time delivery to 95%+ on-time delivery rates month after month. This is an example of a company that understands how important it is to deliver outstanding service to existing customers. Their retention efforts, in this case, were complex but essential to avoid the devastating impact of losing a top tier customer with a significant LVT to the company.

Protecting Against the Cost of Losing a Customer

Losing a customer isn’t as simple as losing a single sale. The impact is far-reaching, and companies must have a thorough understanding of the extent of this cost in order to understand the true importance of excellent customer service and experience.

From a ruined reputation to a lost lifetime of sales to a never-ending cycle of replacing old customers, the cost is considerable. Are you ready to protect yourself against this expense? We’d love to chat with you about building a better customer experience.

Source: https://blueocean.ca/cost-losing-customer/

Publish Date: January 8, 2019


2022 Buyers Guide Recording

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
ASC

ASC Recording Insights and neo
ASC Recording Insights guarantees legally compliant recording and analysis of all communication channels in Microsoft Teams - including audio calls (internal and external calls), chat conversations and video meetings.

neo Recording, QM & Analytics address all enterprises with recording needs, especially contact centers. The content of communication becomes accessible and critical information and trends are revealed, providing real-time business intelligence for immediate management action.

3.) 
Geomant

Microsoft Teams Cloud Recording Service
Geomant offers a fully managed recording service for those organisations who need to address compliance or quality management while working on Teams. The Service utilises Verint’s market leading recording technology and is hosted by Geomant in Microsoft Azure. Our managed service approach is unique in that it allows organisations to benefit from advanced recording features, all while being free from any technical infrastructure or maintenance requirements that come with a traditional on-premises set up.

4.) 
Lieber & Associates

Recording System Consulting
L&A provides vendor-independent consulting services to select, contract for, test, and implement contact center recording systems. The firm's consultants specialize in contact center I.T. and have several decades of experience each with all major and many smaller makers of phone and call recording systems.

5.) 
MiaRec, Inc.

MiaRec Call Recording
MiaRec's compliant, secure, and reliable Call Recording software is the foundation of our Customer & Workforce Engagement Platform.. MiaRec Call Recording seamlessly integrates with MiaRec Agent Evaluation & Scoring, Live Monitoring, Voice Analytics, Screen Capture, and Advanced Reporting to provide a comprehensive solution you can trust.

6.) 
Numonix

IXCloud
Numonix's IXCloud is one of the first fully managed compliance recording solutions for Microsoft Teams. IXCloud securely records, stores and analyzes interactions in the cloud without physical or virtual servers. As a fully managed Azure-based, Software-as-a-Service cloud interaction recording solution, IXCloud takes interaction capture into the future. It enables instant and elastic scalability to support business growth and provides the necessary tools to enhance business performance while maintaining compliance. IXCloud redefines versatility with its OpenAPI framework that enables application development. Companies and third-party developers benefit from IXCloud native capture technology, whether it be integrating with internal systems or building a third-party application.

7.) 
Nuxiba Technologies

CenterWare
Enterprise recording management for storage, retrieval, playback, and monitoring communications throughout your contact center.

Record screen activity and calls across agent workstations, measure and monitor quality levels across all campaigns and analyze recordings to capture first-hand customer data and requirements.

Easly access all recordings and critical information to provide improved customer experience, sales, and productivity!

8.) 
OrecX

Oreka TR
Oreka TR total recorder includes all of the call recording capabilities you will need, at about half the cost of competing for call recorder solutions, including screen recording, mobile phone recording, live monitoring, on-demand recording, multi-tenancy, multi-site recording, audit trail, call exporting, retention management, auto-tagging (for speech analytics and phrase spotting) and so much more.

9.) 
PCS Software

PCS GD
Call recording solution fully integrate to all main pbx solutions.

10.) 
Teckinfo Solutions Pvt. Ltd.

InterDialog UCCS
InterDialog UCCS enables organizations to adhere to all compliances with its inbuilt call recording software and also has an option for screen recording. With centralized repository of all voice logs, its easy to maintain & retrieve all voice files and have a central control in case of multiple branches set up.
 



View more from Blue Ocean Contact Centers

Recent Blog Posts:
What Happens to Customer Service When Unemployment Hits Historic Lows?July 3, 2019
Keep Your Contact Center in North America Without Breaking the BankJune 24, 2019
Oh, the Places You’ll Go: The 4 Contact Center Location ConsiderationsJune 13, 2019
Before You Go to RFP, Get Friendly: A Guide to On-Site Contact Center VisitsMay 29, 2019
Up Where Expectations Soar: Customer Care in the Age of EntitlementApril 15, 2019
How to Engage Gen Z in the Contact CenterMarch 26, 2019
Blue Ocean Wins 2019 Silver Stevie® Award in 13th Annual Stevie Awards for Customer ServiceFebruary 26, 2019
Empowering Your Team to Deliver Kick-Ass Customer ExperienceFebruary 25, 2019
Are You Using 1999 Metrics to Measure 2019 Customer Care?February 7, 2019
Which 2019 Consumer Trends Will Impact Your Customer Experience Strategy?January 22, 2019

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