Rising Ahead’s Post

DO YOU KNOW ABOUT THE RULE OF 22? When I was starting my career in marketing in a consumer products company, consumers said that family and friends were their preferred and trusted source about products. The same is true today, but their friends include the “world wide web.” How many times have you used social media to check out products? Consumer dissatisfaction carries a substantial cost for companies, with an impact on financial health, reputation, and customer loyalty. How are you measuring consumer dissatisfaction? Besides lost revenue, companies incur added expenses to address complaints, provide refunds or replacements, and implement improvements to prevent future dissatisfaction. Negative social media posts spread quickly, reach a wide audience and significantly tarnish a company's image. What tools are you using to reduce dissatisfaction and churn? A damaged reputation deters potential customers and makes it challenging to keep loyal consumers. And what is the impact on our employees? Consumer dissatisfaction negatively affects employee morale and productivity. Measuring and analyzing the right data mitigates the impact of consumer dissatisfaction on a company’s financial health. What are you doing to measure consumer dissatisfaction? To learn more about the Rule of 22, follow this link to the answer! https://lnkd.in/gnmF8nKd #Cost of Dissatisfaction, #Consumer, #Dta

~$887 billion in lost revenues in the US, in 2024. “shrinkflation” or “skimpflation”, which one of the two strategies is driving up your cost of dissatisfaction? Maybe it is both? Shrink quantity, lower quality, use skimpy resources, and sell at the same price. Blaming it on inflation, many businesses have chosen these strategies to maintain revenue targets and quarterly growth projections. Others are doing it in the name of “scale”, to build market leading positions. The level of trust in companies that sell products of mass appeal is consistently poor, across sectors. Is this rising cost of dissatisfaction acceptable? Is this here to stay? Cost of dissatisfaction is a hard-to-find number in the financial statements of a company – changing customer service costs, warranties and recalls, sales returns, refunds, bad debts, litigation expenses, loyalty programs, discounts, promotions, cost of training employees to improve customer services, and others. Why care to measure and control the cost of dissatisfaction? - 74% of customers have experienced a product or service problem in the past year - 79% of customers will make the time and effort to complain about an issue - 69% of customers want more than just monetary compensation for a complaint - 39% of customers were delighted or completely satisfied with the resolution to their issue Or maybe this is an opportunity to build market share?  Brands who care for customers, ones who believe business is about creating and retaining customers, are creating strategies to penetrate new markets. Like Mintmobile who lowered their prices recently while maintaining the same service quality standards to win more customers? Grow bottom line with volumes? Or multi-channel retailers, like Lands' End that lowered their revenue targets for 2024, but are focusing on better suppliers and high-quality inputs, to earn customer trust, to improve profitability? Which customer camp is your focus in 2024?  74% experiencing product or service problems?  Or 39% delighted and satisfied with the resolutions?

Are you truly exploring your customer conversations to their fullest potential? By understanding the deep root causes behind breakdowns in customer journeys, you can transform and elevate service standards and boost your customer satisfaction levels. It's also important to understand that it's not just about improving your contact center performance; it's about delivering an overall better experience to the customer. Is your contact center equipped with the right solution to effortlessly deep dive into customer dissatisfaction?

🌟 One of our goals at iBanFirst is providing an outstanding customer experience. That's why Customer Satisfaction (C-SAT) is so important — it measures how well services meet client expectations and contributes to building customer loyalty. Achieving a high C-SAT score is a testament to our commitment to you, our clients. #CustomerSatisfaction #ClientExperience #iBanFirst

What is one of the best ways to measure your contact center’s efficiency? #AHT, or average handle time, can tell you a lot about agent performance, and can significantly affect customer satisfaction and loyalty. It’s one of the most common contact center metrics and one of the most important pieces of data that can inform how well your agents are trained, how effectively they manage calls and their time, and if issues are really being resolved. It’s not always about getting the lowest AHT either. It’s all about balance.  Ask us about how we can help you lower AHT without sacrificing service quality.

Increasing customer lifetime value (CLV) is key to sustained growth. Focus on enhancing customer satisfaction, offering personalized services, and implementing loyalty programs. At ScaleHQ, we help businesses develop strategies that boost CLV. Ready to maximize your customer relationships? Let’s explore ways to increase lifetime value.

What’s the secret to lasting customer loyalty? A warm welcome! Studies show that a simple greeting can boost customer satisfaction by over 30%. Let RBG help you discover where your service can make a bigger impact.

Have you heard about Net Promoter Score? NPS is a way of judging how you are doing on customer loyalty and satisfaction. In short, it's a rating from -100 to 100 on how likely your clients are to recommend you to others. It's a bit cleverer than a simple average of a 1-10 rating. Do you use NPS as a metric? https://lnkd.in/gBiGrcgN

Net Promoter ScoreSM (NPS®) can help you to understand your customer satisfaction levels over time and build loyal relationships. Discover more about the power of NPS®: https://lnkd.in/deEG4rdR