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Industry Research : British Businesses Lose Nearly £5 Billion due to Unplanned Customer Churn

#contactcenterworld, @CallMiner

Despite new UK regulations that encourage consumers to save money by changing suppliers, average customer churn increased by only 3.7% versus 2018, according to the 2020 CallMiner Churn Index which was released today. While consumers are showing increased motivation to stay loyal, CallMiner’s study estimates that British businesses still lose £33.4 billion per annum due to overall churn and £4.95 billion per annum due to unplanned churn.

"Our research found that while UK consumers want to be more loyal and are less price-sensitive than in years past, brands continue to push customers away with poor service." said Frank Sherlock, VP of International at CallMiner, a platform provider of speech and customer engagement analytics. "We estimate that UK businesses lose nearly £5 billion a year to unplanned churn."

CallMiner surveyed 2,000 U.K. adults that have contacted a supplier over the past 12 months to understand what makes them stay loyal or switch. Select research findings include:

- Phone-based customer support increases. Despite the proliferation of self-service options, consumer reliance on phone-based customer support increased 15% since 2018.

- UK consumers put less weight on price. While price remains the number one driver of churn, it declined in importance by 4% from 2018, despite government programs that encourage price-based switching. Emotional factors relating to customer experience, loyalty and fair treatment increased in importance.

- Contact centre performance drives both loyalty and churn. 84.1% of consumers are likely to stay loyal after a positive call centre experience; 78.4% are likely to switch after a bad call centre experience.

- Super-agents shape customer emotions. 33.9% of customers had their emotional state change from negative to positive following their last call with a brand; 18% report having their emotional state shift because of poor agent behaviour.

"The rise of self-service has made human support even more critical. Now more than ever, when customers call a provider, we expect one of two things: they are already frustrated due to a lack of information and online support, or they have a complex and sensitive issue. Both cases require emotionally intelligent ‘super-agents’ who can connect, solve problems and deliver exceptional service," said Adam Walton, COO at CallMiner. "Customer service agents are on the front line, managing their own transition to working from home and facing significant new demands for help from customers where they are often the only human interaction between consumers and brands. Equipping agents to satisfy the needs of emotionally charged, and sometimes vulnerable, customers is essential for retention, loyalty and revenue."

In terms of consumers’ preferred channels for customer support, website- and social media-based support declined 34% and 27%, respectively. Text message-based support grew the most since 2018 (+38%), followed by phone support (+14%).

While the average rate of churn experienced little change, some sectors saw significant increases. The highest churn rate increase of 102% was in the banking sector, which saw the number of customers switching more than double from 12.2% to 24.6%.

i In the last 12 months 81% of adults have switched an average of 1.98 times. According to the Office of National Statistics there were 52,078,525 adults in the UK in 2018. So, this represents 42.184 million people and 83.53 million switching occasions. A conservative estimate of the cost of acquiring a new customer across all the main sectors in the survey is £400 per person. This is based on the level of incentives applied to attract new customers and a conservative estimate of associated sales and marketing costs. So, at the average cost of £400 the total cost of churn is therefore at least £33.4 billion.

ii The CallMiner Churn Index identified that in the last 12 months 81% of adults have switched an average of 1.98 times. The difference between those who are planning to switch and those who switched is 12% of the adult population = 6.25 million people. 6.25 million people switching 1.98 times at £400 per switch = £4.95 billion The total cost of avoidable churn is therefore at least £4.95 billion

iii The research was carried out for CallMiner by 3Gem Research & Insights. 2,000 UK adults responded to an online survey in February 2020

#contactcenterworld, @CallMiner

Posted by Veronica Silva Cusi, news correspondent
Source: https://www.globenewswire.com


About CallMiner:
Company LogoCallMiner is a provider of enterprise speech analytics. CallMiner believes that resolution is the fundamental driver of positive customer experiences. With the tagline “Listen to Your Customers, Improve Your Business” our goal is to help companies automate the overwhelming process of extracting insight from phone calls, chats, emails and social media to dramatically improve customer service and sales, reduce the cost of service delivery, mitigate risk, and identify areas for process and product improvement. Highlighted by multiple customer achievement awards, including six Speech Technology awards in the past four years, CallMiner has consistently ranked number one in customer satisfaction, including surveys conducted by DMG Consulting and Ovum.
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Today's Tip of the Day - Quality Provided By Agents

Read today's tip or listen to it on podcast.

Published: Wednesday, May 20, 2020

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2021 Buyers Guide Recruitment Products/Services

 
1.) 
Emmersion

Automated Language Testing
Emmersion offers automated assessments to quickly and accurately test speaking, writing, and grammar fluency in 9 languages and counting. We help contact centers improve CSAT scores by screening for top talent and retaining top performers.
PH: 801.471.0883

2.) 
MainTrax

HireTrax
HireTrax, MainTrax's standalone pre-hire virtual interviewing solution, automatically analyzes the behavioral characteristics found in each candidate's VOICE to help you select reps better suited for the specific job at hand. After all, agents speak with your customers for hours each day so it's vital they possess the behavioral characteristics and personality traits necessary to be successful. By picking those with tendencies of empathy and positive behavioral traits, you'll have a higher caliber of candidates who will perform better on the job and stay.
PH: 612-817-4090

3.) 
Orion Learning Services Inc.

Assessments for Recruitment, Talent Management, Succession Planning
Looking for assessment tools to help you recruit faster, better and more accurately?

Orion Learning offers a full suite of assessment tools designed to target and report on candidate potential. Our tools are used for recruitment, talent management, succession planning and coaching/mentoring. All of the tools are delivered online and the reports are available online and will provide you with an amazing view of the candidate/individual's potential, interview questions, coaching/mentoring steps and much more.

If you're looking to find the candidate/individual with the highest potential, call Orion today!
PH: 1-416-992-5158

4.) 
Vads

VADS Recruitment Services
VADS Indonesia provides a recruitment process with strict selection with various requirements according to client needs. VADS Indonesia also has a database of trained candidates so that it can meet the agent needs quickly and in large numbers.
PH: 0217991445

5.) 
SalesMatch Ltd

Contact Centre Behavioural Assessments
SalesMatch is an intelligent web based sales and contact centre behavioural assessment platform. It is based on the well known, tried and tested DISC psychometric theory, used by thousands of organisations round the world.

- Reduces Agent Attrition - By selecting the right agent for the role
- Increases Performance - By matching the character profile to the task
- Reduces Time Off - A well matched profile to the role reduced work
stress
- Reduces Recruitment Costs - By early identification of the right candidates

Putting the right person in the job role has become the key focus in the drive...
(read more)
PH: +44 1983 303011

6.) 
TactiCall Recruitment Services

TactiCall Recruitment Services
Permanent Placement
Temporary / Labour Hire / Contingent and Contract Hire
Recruitment Consulting Services
Assessment Centre Design and Facilitation
PH: 07 3831 6333
 

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