Time is Loyalty
"Time is money," as the old saying goes. But in the business world, "time is loyalty" could be an equally valid aphorism when it comes to organizations that provide their consumers with an exceptional customer experience.
Indeed, world-class CXM is increasingly dependent on the efficiency of the company in handling customer interactions. For instance, research has shown that reducing customer effort (in other words, making interactions fast, easy, and convenient for customers) is a huge driver for customer retention rates and brand loyalty. Customers want companies to value their time, and to offer multiple channels of connection for maximum convenience.
In short, organizations are increasingly expected to combine empathy with efficiency at each touch point.
Forward thinking companies have shifted their business model to accommodate these new customer expectations. One vital change that has taken hold is the implementation of cutting edge digital channels (messaging apps, online chat features, etc.) as customer support alternatives to traditional voice interactions. This article will discuss some disadvantages of voice interactions, both for customers and businesses, and how the use of digital channels can help increase customer satisfaction while maximizing productivity.
Disadvantages of Voice Interactions
Don't get us wrong: voice interactions have their place. Sometimes it is best for a customer to speak with a company representative over the phone, especially when dealing with a complex issue that requires detailed support.
That being said, voice interactions also have several major disadvantages in the realm of CXM. These include:
- Wasted time. When calling in to a customer service center, customers often are forced to spend several minutes, if not hours, on the phone in order to have their issue resolved.
- Frustration. IVR systems can provide some cost savings for businesses. But let's just be clear: the vast majority of customers hate dealing with IVR systems. Many callers find them confusing, unhelpful, and even obnoxious. It's well been said that the main difference between a GPS voice assistant and an IVR system is that the GPS actually helps you get to your destination. It's no surprise that one study found that 83% of consumers feel that IVRs provide zero benefit to callers.
- Inconvenience. In today's plugged-in world, a phone call is often the least convenient medium of communication for customers to use when reaching out to a business. In fact, one study found that 89% of customers prefer to use some form of digital messaging as opposed to a phone call.
- Reduced productivity. On the company's side, phone interactions often tie up agents with mundane tasks, and prevent specialists from working on more complex customer issues. For instance, high-performing service organizations tend to have 20% more of their agents working on more intricate customer problems than their low-performing counterparts.
How Digital Channels Can Help
It's important for growth-oriented companies to reduce or even eliminate the above-mentioned disadvantages from their CX model. Why is this so important? Because some 57% of customers will stop buying from a company altogether if they can enjoy a better experience with a competitor. The statistics demonstrate the same fact over and over again: CX is the new battleground for businesses in the same market.
This is where digital customer support comes into play. Digital support channels provide an alternative that can either replace, or at least complement traditional voice interactions as primary customer service touch points. Digital channels can:
- Save time for customers. Instead of staying on hold in a long service queue, customers can receive prompt replies from automated chatbots, or a live chat agent if necessary.
- Provide a seamless service experience. Customers are used to messaging apps and online chat mediums. Research has shown that it is the corporate world that is lagging behind. In fact, one survey found that 72% of customers use messenger apps compared to 55% of service organizations, and 81% of customers use online chat tools compared to 52% of companies. The bottom line? Companies that leverage digital channels are only giving customers what they want, and what they are already accustomed to using.
- Free up service reps for more specialized tasks. Instead of handling routine tasks that can easily be automated, service specialists that work at digitally-empowered companies can spend their time focusing on customer issues that require human analysis... and often a human touch as well.
Learning More About the Shift to Digital Customer Support
Around the world, companies are trending towards digital customer support models. After all, it just makes sense to give customers what they want, to show respect for their time, and to invest in a customer experience management model that is sure to yield a high ROI.
If you'd like to learn more about this shift towards digital customer support, and all the key benefits that it can bring to your company, be sure to reach out to us at Augment CXM (firstname.lastname@example.org). Time, money, and loyalty are key assets in the corporate world, and we can help you to optimize all three of them.