How Fast Should You Be Responding To Your Customers? Find Out Here.
Always keep in mind the old adage - “customers remember the service a lot longer than they remember the price”. In McKinsey’s recent study, they concluded that 70% of buying experiences are based on how the customers feel they are being treated. How customers feel they are treated all begins with one thing - how fast you respond to them. So let’s take a look and see what it takes to meet their expectations.
In the Ovum Global Customer Survey (see chart above), customers were asked how fast they expect a response on each channel. Here are some of the insights from the chart:
45% of customers stated they expect a response to a live chat in less than 1 minute.
42% of customers expect a response on the quickly rising social media channel in under 10 minutes.
When it comes to emails, 65% expect a response in less than 2 hours and 30% expect it in under 30 minutes.
So how does your company stack up against your customer’s expectations?
Companies are investing more and more into building larger, more robust customer experience teams to keep up with the ever increasing demands for faster response times. And rightfully so - it’s estimated that 74% of people are likely to switch brands if they find the purchasing process too difficult. And switching really matters - Bain & Company concluded that increasing customer retention rates by just 5% can increase profits anywhere from 25% to 95%. Now think about the opposite.
The moral of the story: if you care about your bottom line, you better care about your response times. Make the necessary investments to not only keep them ahead of customer expectations, but also ahead of your competition.
Based in New York City, with teams in the Dominican Republic, Horatio is a leading provider of white-glove customer experience and omni-channel support outsourcing services. At Horatio, we like to say “do what you do best, and hire Horatio to do the rest.” Horatio partners with high-growth and innovative companies to develop their customer support strategy and provides a handpicked team to execute it. Horatio’s number one focus is on providing high-touch, brand-focused customer support. Our team is equipped with state-of-the-art technologies and expertise to ensure a great customer experience every time.