There are plenty of reasons why you want to keep you customers happy: Happy customers make great “brand ambassadors.” The cost of attracting a new customer is higher than retaining an existing one. Today’s social media makes it possible for an unhappy customer to do harm in the marketplace. Etc.
In a world in which anyone can order any product at any time with just the click of a mouse, the once dominant differentiators of price and product are quickly disappearing. In fact, it’s predicted that in just two years, customer experience will become the key competitive advantage for any organization, no matter the product or service. In other words, brand identity will be less about what you’re selling and more about both how you sell it and what you do after the sale.
Recently, we spoke with a head of customer service at a US-based manufacturing company. He relayed how he periodically reviews recordings of support calls, to understand where coaching is needed or improvements can be made in the process. He shared how incredibly frustrated he was that in most cases, 80% of the call time is actually silence. Silence, while the agent searches for the right answer to solve the problem, and the customer waits.
What shocked us was the estimated cost of that silence – thousands of dollars per day; millions of dollars per year.
Imagine if that answer could be found 1 minute faster – or even 10? The savings for a team of 100 agents in 1 year could amount to over a million dollars.
With customer support & service at the forefront of the brand battle, it's no wonder that companies are turning to artificial intelligence (AI), such as a chatbot, for help. The customer churn caused by poor customer service is $62 billion problem, so finding ways to speed response time is no small matter.
On CMS Wire, David Roe took a look at "10 Ways AI Helps Improve Customer Experiences" based on a report from PointSource. The report found that of more than 1000 people surveyed, 83% said they'd be OK shopping with a brand that uses chatbots or other AI capabilities.
Your customers have multiple channels by which they can seek support for issues, problems, and questions. This could be self-service through an online portal, via social media or online chat, or through more traditional means like phone and email. In recent reports, 70% of consumers prefer to resolve problems and issues via self-service; however, 65% of self-service attempts fail. Self-service is the most cost-effective channel, so companies are looking for means to deflect routine and simple issues from the call center by enabling customers to solve their problems on their own.
Most customers don’t like calling customer support. It takes too long to get the answers they want, and they walk away feeling exasperated. Many organizations find themselves frustrated with their customer support experience as well. They know they need to provide a better, seamless experience for their customers, but they are challenged with information silos, an incomplete view of the customer, and a support team that has to hunt and peck to find the right information.
These challenges are real, and it’s critical to resolve them and improve the support experience. If you don’t manage your customer experience right, customers will leave. And that’s something you can’t afford to see happen. What’s the answer?
In earlier blogs about the value of cognitive search for life sciences companies, we’ve focused on the role it can play in accelerating drug discovery and finding new therapeutic uses for drugs that have received FDA approval. The search technologies that help achieve those goals can also make life sciences sales and marketing smarter and more effective.
Cognitive Search Powers Customer 360
A 360-degree view of the customer is something every company — life science or otherwise — aspires to yet few can achieve. The challenges to Customer 360 that life sciences companies face are similar in nature and scope to those of any large enterprise.