A recent report has found that those over 50% of people born either in the 1980’s or 1990’s will cancel their subscriptions and contracts with companies due to bad customer service. It only takes one bad experience to lose this generation’s custom forever.
This is rule number one of customer relationship management – retain your current customers.
After all, it will cost 80% less to retain a current customer than to gain a new one.
You would assume that companies would prioritise the level of customer service they are providing to their customers, but this is unfortunately not the case. And they are paying the price. With the revelation that the coming generation are more volatile than ever before, they might have to do just that. It is a small investment that generates a lot of gain.
The same report also explained that 55% of millennials said that their expectations had increased over the previous 3 years, signifying the need for firms to up their customer service game. It only takes one strong player to raise the bar, and then it takes more effort from existing companies to not just keep up, but to avoid falling behind.
With over 75% of respondents stating that customer service is a true test of how much a company values its customers, it’s not hard to see why customers leave after a bad experience. Plus, with chopping and changing provider or supplier being made easier than ever before, (and young people’s genuine willingness to get up and leave) it is essential that companies get their customer services in gear. It is important to remember that it is this generation that companies will depend on in years to come.
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