Strativity Group this week released a research report that shows a staggering 83 percent of business executives don’t know the cost of a customer complaint.
According to Strativity’s 2014 Global Customer Experience Management Survey, 76 percent do not know their customer acquisition costs, and, even more staggering, 81 percent are not fully committed to executing their customer experience strategies.
So what’s the harm? According to the research, non-committed companies arte three times more likely to have greater customer attrition. Conversely, fully-committed companies are five times more likely to get higher referral rates.
This comes at a time, quite surprisingly, when 80 percent of the executives involved in the survey expressed the belief that customer strategies are more important now than ever before.
So what’s the bottom line? The only conclusion that I can make—and it seems to be a belief that Strativity shares–is that clearly, companies are talking the talk when it comes to being customer-focused, or even better, customer-centric, but they’re falling far short when it comes to action.
Few companies, it would appear, are using customer experience as a differentiator, and, in fact, most still struggle with getting the very basics right.
“It seems, despite the growing interest in customer-centric strategies, the vast majority of companies are demonstrating little sense of urgency,” said Lior Arussy, president of Strativity Group, in a statement “Resources, budget and sponsorship commitments do not match corporate declarations.”
Come on, people. By now, haven’t we learned that to be competitive today, companies need to be customer-centric, truly committed to engaging with their customers on all levels and across all channels.