Question Mark

U.S. companies lose about $83 billion annually when customer service doesn’t measure up and loyal customers either choose a competitor or abandon their shopping carts. Is your company one that’s losing customers due to poor service or gaining them when your competitors misstep?

Over 2/3 of U.S. customers who participated in this international survey from Genesys claimed that poor customer service was the sole reason for ending their relationship with the company in question. Although it varies between industries, the study calculated that each lost U.S. customer represented about $289 in revenue.

86% of customers said that they would welcome assistance during self-service transactions – like those conducted on the web. And younger consumers (under 43) were far more likely to terminate a relationship than older consumers.

Two cubes - one with sad face and another with a smiling face. A man chooses the happy face.

Competency, convenience, proactivity, and personalization were the four hallmarks of outstanding service. Here’s what consumers say is most important in achieving these objectives:

  • Reaching a live customer care agent when the interactive self-service menu can’t meet their needs.
  • Starting on the web and then able to speak to an agent via telephone or chat with questions.
  • Scheduling callbacks when it’s most convenient.
  • Making chat or instant messaging available on the web.

Competency, convenience, proactivity, and personalization were the four hallmarks of outstanding service.

Answerconnect

Quick takeaways.

  • Understanding the basics:
    • Inbound sales: Attract potential customers through quality content and other forms of engagement.
    • Outbound sales: Actively reach out directly to potential customers through direct methods.
  • Examples and benefits:
    • Inbound sales:
      • Examples: Content marketing, SEO, social media marketing, email marketing.
      • Benefits: Cost-effective, builds trust, sustainable growth.
    • Outbound sales:
      • Examples: Cold calling, email outreach, direct mail, paid advertising.
      • Benefits: Immediate results, market segmentation, control over messaging.
  • Key differences:
    • Approach and tactics: Inbound = passively attracts organic interest; Outbound = reaches out to interested parties.
    • Customer engagement: Inbound = customer-initiated, Outbound = sales-initiated.
    • Cost and ROI: Inbound = lower cost, higher long-term ROI; Outbound = higher upfront cost, quicker results.
    • Scalability: Inbound = effective scaling over time; Outbound = resource-intensive scaling.
  • Choosing the right strategy:
    • Business goals: Inbound = long-term; Outbound = Immediate results.
  • Hybrid approach benefits:
    • Hybrid combines the strengths of both inbound and outbound strategies to maximize lead generation, market reach, and customer insights.
  • Implementing a hybrid approach:
    • CRM Integration: Centralize data and track interactions.
    • Team Alignment: Collaboration between sales and marketing teams.
    • Measurement and Analysis: Evaluate effectiveness and adjust based on data.