One of the most important things a company can do is prioritize customer satisfaction. In industries with any number of competitors offering similar products and/or services, customer service will almost always be the differentiating factor. Needless to say, it is crucial that your customers receive the service they expect, on their terms. In fact, companies that prioritize the customer experience generate 60% higher profits than those who do not . Below, we discuss just how much customer satisfaction impacts your business, and how to ensure your customers have the best experience possible when using conversational AI.
Not only does good customer service help your business maintain a good reputation, but it also has tremendous financial benefits. Customer retention and loyalty remain a massive factor in the financial success of your business. Reducing customer defection rates by just 5% could increase profitability by 25% to 130%, depending on the industry. Similarly, a 2% increase in customer retention can have the same financial impact as reducing operational costs by 10%. Therefore, ensuring your existing customers remain loyal should be just as important as getting new ones.
Customer satisfaction also has an impact on attracting new customers. Customers will sometimes share positive customer service experiences, but are much more likely to share negative ones. As a result, when it comes to customer loyalty, providing those positive customer service experiences is what helps set companies apart.
In a recent poll by Gartner, it was found that 81% of business executives believe customer service is the sole factor that differentiates similar businesses.
However, only 22% of them believe that their customer service can exceed expectations.
So how can this be improved?
As the customer service landscape evolves, customer expectations grow. With so many businesses offering immediate support, any length of wait time frustrates customers. A Forrester report on customer service trends shows we have already stepped into the era of automated, smarter and more strategic customer service. This is why it is more important than ever to keep up with your competitors and customer expectations.
According to a survey by Userlike, 65% of customers would prefer to be helped by a chatbot immediately versus waiting for a human agent. This shows that customers are welcoming Conversational AI into the customer service environment. Userlike also found that the majority of customers perceive the deployment of a bot as innovative. Customers are becoming more welcoming of Conversational AI and as they do, they begin to expect the immediate help it brings. As chatbots and virtual assistants become more common, customers will expect their favourite global brands to have it as a customer support channel, and may view the lack of one as a flaw in customer service.
Conversational AI will surely improve your customer’s experience, if it is done correctly. There are many things that can be done to ensure your customers get the best experience possible. To start, it is always a good idea to make your bot easily accessible. It is good practice to place your bot noticeably at the bottom of every page of your website, or in the contact us section. This will ensure support is just one click away. Convenience is the main reason customers will choose a bot over a human agent. Therefore, it is essential to make your bot as available and helpful as possible.
When a conversation with your bot is initiated, it is important to introduce and identify your bot as a virtual assistant, and give it a natural, human like tone that is representative of your brand. A bot with personality engages the customer and sets your brand apart. Keeping a customer engaged ensures they use your conversational AI, and will help build trust and rapport between your organization and customers.
In the past, achieving high levels of customer satisfaction may have seemed like an unrealistic dream. However, as technology evolves, customer satisfaction is more attainable than ever. Loyal and satisfied customers will not only have major positive impact on your bottom line revenue, but will help attract new customers and accelerate growth. One surefire way to ensure your customers are happy is to deploy Conversational AI that will help them quickly, and on their schedule. After all, happy customers are crucial for business success.