What is the cost of bad customer experience in the contact center?
It’s more than you might think. In this fun and informative video, Nate Brown takes a look at some of the ways that contact centers lose money – and customers – due to poor customer service and the dollar signs that pop up when things go south. Watch and learn!
In this final episode of LiveVox’s CX Reflex Series, learn from Senior Director of Customer Experience for Arise Virtual Solutions Nate Brown why contact center leaders need to analyze the cost per experience in their operations to identify areas of improvement and ensure they are providing the most value for their customers.
Customer experience is a key factor in building customer loyalty and improving revenue. Research shows that 84% of companies who invested in improving their customer experience saw an increase in revenue and another 73% of consumers report that a positive customer experience influences their loyalty.
Focusing on the cost per experience can have a great impact on financial performance as customers are more likely to return and even bring others when they have had a more positive experience and your contact center agents are more likely to deliver memorable experiences when time is freed up to focus on higher value interactions. Contact centers should focus on providing value through service, partnership, and the intentional growth of customers to achieve sustainable growth. Nate suggests:
- Companies need to understand the cost of providing a customer experience.
- It is important to know the difference between what is necessary to improve the customer experience versus what is nice to have, and what does not help at all.
- Organizations should aim for a balance between CX costs and returns on investment.
- Cost savings can come from automation and self service options that reduce customer support cost.
- Investing in data collection tools helps make informed decisions about CX costs by breaking down customer experiences into measurable data points.
For more insider insights and thought leadership tips, check out the full CX Reflex Series on the LiveVox YouTube channel.