In today’s digital environment, it is not enough to sell only a product. It doesn’t matter if the product is financial advice or technology; there is always something more that customers want. What is it they want? They want customer service at the beginning of the sale and throughout their customer journey with you, even when problems arise and especially in today’s augmented buyer experience. According to PWC research:
- Customers are willing to pay up to a 16% price premium on products and services for a great experience.
- 32% of customers will walk away from a brand they love after just one bad experience.
- Speed, convenience, helpful employees, and friendly service matter most, hitting over 70% in importance to customers.
- Human interaction matters now, and 82% of U.S. customers want more of it in the future.
- What matters most for all generations (Gen Z too) is instant and expected, a seamless transition from tablet to smartphone to desktop to human.
- Customer experience is the strategy- 54% of U.S. consumers say customer experience at most companies needs improvement.
-Source: Experience is everything: Here’s how to get it right. 2018, PwC.
At AssetBook, we agree that customer service should be number one, and for us, it is. We know that our customers are likely to tell others when we provide excellent customer service after the sale. Additionally, we are responsible for having ‘connected customers’ through meaningful experiences and consistency in our product, convenience for the customer, resolution of any problem that may arise, and a human connection when you contact us. That’s why we don’t use chatbots, we want to talk to you while resolving any issue you may experience.
Another article supporting why customer service is still #1 is from Fortune Magazine earlier this year. A few notable takeaways:
- Competitive customer experience teams can grow a company’s revenue by 17 percentwithin five years compared to a growth rate of only 3 percent for their non-competitive counterparts.
- It’s 5x more expensive to acquire a new customerthan to retain an existing one.
- American companies lose over $1.3 trillionbecause of customer switching brands because of a miserable experience. On the contrary, loyal customers are 5x more likely to repurchase from your company and tend to refer their friends to your firm.
- A business can improve its revenue anywhere between 25 percent and 95 percentby merely boosting customer retention by 5 percent.
If you’ve experienced poor customer service from your portfolio monitoring and reporting company and know their customer service support number by heart, it’s time to change providers. Contact us and experience why AssetBook users rate us 9.5/10.