Social media has changed the way brands interact with customers. Customers now communicate with brands on social media and prefer it over traditional channels like phone and emails. The reality is that customer service expectations are rising year over year and consumers are looking to brands to create a seamless experience offline as well as online.
Social media has revolutionized the entire customer service process. Below are trends to identify the reasons why customer service is critical for any business.
Most exciting business opportunity
Econsultancy conducted survey for Digital Marketing Trends, they asked companies to state the single most exciting opportunity for 2018.
Customer experience came in first.
It comes as no surprise because these days businesses can be won or lost with the help of customer service.
“Customer Experience will overtake price and product as the key brand differentiator by the year 2020.” – Walker
Nowadays, consumers buying decisions don’t depend on price and product alone. They refer to online reviews & services to know about the experience of existing customers and make the buying decision accordingly. Customers vent out their frustration on social media platforms, if they are not happy with the services. So, it becomes imperative for brands to turn their negative experience into positive, as social media customer service is rapidly becoming the new, critical channel to drive satisfaction and loyalty. It is the next competitive battleground.
Helps generate more business
“55% of consumers would pay more for a better customer experience.” – Defaqto Research
Research shows that customers don’t mind paying extra for product or service if they can get better customer experience. So, brands must improve their customer service along with their products and other services to attract new customers. Brands focusing on customer experience will be able to generate more business than others.
Influences buying decision
"70% of buying experiences are based on how the customer feels they are being treated." – McKinsey
With the increase in digital channels to consume information, consumers are turning online to gather information at every point of their purchasing journey. Customers reviews & experiences are few of the trusted sources for consumers to make buying decisions.
If existing customers write bad reviews on social media, it influences the buying decision of future customers.
Whether you own an already established business or a startup, all these factors suggest that customer service should be the major focus of your business and budget.
After realizing the importance of customer experience, improving it has become businesses top priority.
“72% of businesses say that improving the customer experience is their top priority” – Forrester
“By 2018, more than 50% of organizations will implement significant business model changes in their efforts to improve customer experience.” – Gartner
All the above-mentioned factors and statistics indicates, customer service is the future and will rule digital media like a KING!