Five9, Inc. (NASDAQ: FIVN), a provider of cloud software for the enterprise contact center market, announced the findings of the inaugural Five9 Customer Service Index, conducted by Zogby Analytics, which found that consumer savviness and the need for businesses to increase customer retention has increased the focus on customer experience as a top business priority.
The Five9 Customer Service Index, the result of two recent surveys, targeted at business decision makers and consumers, respectively, highlights the importance of leveraging customer data to create positive consumer experiences. This is driving organizations to rethink their processes and undertake various Digital Transformation initiatives.
Respondents to the business survey overwhelmingly agreed that, in today’s competitive business environment, customer satisfaction is directly tied to customer retention and to overall revenue growth. In fact, customer satisfaction was ranked as the most critical factor in customer service, with more than 90 percent of business respondents ranking it as very important. Consumers agreed; nearly all consumers (96 percent) said a positive customer experience is a factor in whether they will make a future purchase with a company.
Using past purchase history and buying behavior to better serve customers is a large driver of many organizations’ digital transformations. While some uses of customer data can be viewed as invasive, more than three-fourths (77 percent) of consumers said they welcome companies analyzing their past purchase history if it means they will receive a more efficient interaction. More than 81 percent of respondents in each of the three consumer age groups surveyed (Millennials, Generation X and Baby Boomers), said they have high expectations regarding how quickly customer service is provided.
"As we approach Black Friday and Cyber Monday, businesses are realizing that discounts are not always enough to complete a sales transaction," said Dan Burkland, EVP Global Sales & Services, Five9. "With so many shopping options these days, consumers are quick to take their business elsewhere when their expectations are not met. Having insights into how businesses and consumers perceive customer service allows us to help our customers and partners provide an improved experience and ultimately become more financially successful."
"Given the sophistication of buyers today, customer service has become a strategic imperative for growth and for retention," said Jim Lundy, CEO and Lead Analyst at Aragon Research. "Taking action now to guarantee positive customer experiences will ensure a competitive advantage over those who don’t prioritize such initiatives."
Among the other findings in the Five9 Customer Service Index:
Part I (business decision makers):
- 56 percent of business decision makers monitor customer satisfaction on a weekly basis, while nearly one-third (29 percent) monitor it daily.
- Nearly all (95 percent) respondents said that customer experience is important for the retention of their customers, with nearly three-quarters (73 percent) perceiving it as very important.
- Large enterprises with annual revenues greater than $250 million viewed streamlining operations as a much more important component of a Digital Transformation initiative than smaller enterprises, with 60 percent of respondents from large organizations ranking this as important.
Part II (consumers):
- When deciding whether to do business with a company, respondents are most influenced by pricing (91 percent), followed closely by a great customer experience (89 percent) and fast customer service (83 percent).
- A bad experience drives away customers - 77 percent responded they will not do business with a company where they had a bad customer service experience.
- Great customer service is most important to women - 92 percent of women, compared to 85 percent of men, stated that great customer service is important when determining whether to do business with a retailer.
About the Five9 Customer Service Index
The Five9 Customer Service Index is an annual report that focuses on the views of business decision makers and consumers on the state of customer service, support and engagement. This report provides competitive insight into how business executives view and value customer engagement.
The Five9 Customer Service Index is the result of two surveys conducted by Zogby Analytics. The first polled more than 250 U.S. business decision makers in Financial Services, Healthcare, Retail and Education, and assessed their views of the role customer service plays in various business considerations. Enterprises surveyed had, on average, more than 1,000 employees and one-third had revenues of at least $250 million. Part two polled 1,138 U.S. adults who ranged in age from late teens (18) to retired workers in their 70s. The survey asked consumer respondents to rate the importance of different factors related to customer service and loyalty.
Posted by Veronica Silva Cusi, news correspondent
Five9 is a provider of cloud software for the enterprise contact center market, bringing the power of the cloud to thousands of customers and facilitating approximately three billion customer interactions annually. Since 2001, Five9 has led the cloud revolution in contact centers, helping organizations transition from legacy premise-based solutions to the cloud. Five9 provides businesses reliable, secure, compliant and scalable cloud contact center software designed to create exceptional customer experiences, increase agent productivity and deliver tangible business results.
Published: Thursday, November 23, 2017
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