The True Cost of Losing a Customer eBook

The True Cost of Losing a Customer

Customer retention is the lifeblood of any successful business. It’s no secret that acquiring new customers can be costly, but have you ever stopped to consider the true cost of losing an existing customer? In this ebook, we’ll explore the true cost of losing a customer and provide actionable insights to help you improve your customer retention strategies and keep your business thriving.

There's a Real Cost

Companies spend a lot of time and money to attract new customers, but less effort goes into figuring out why they lose customers. However, the cost to business of losing customers, as well as the impact on the overall company, is dangerously high, which is why it’s more profitable to expend your efforts on retaining existing clients.

Let’s discuss some common problems facing us and consider what we can do.

According to a study from Forbes, companies across the US are losing a staggering amount of revenue from a multitude of reasons but one of the top being a bad customer experience.

One bad experience can have a far greater knock-on effect than one good experience.

Here are some all-too common scenarios...

leading to bad customer service.

Problem

Transferring Callers Again and Again

Dealing with customer service can be a hassle, especially when you have to explain your situation over and over again to multiple representatives. This can be a time-consuming and frustrating process that leaves you feeling unheard or unhelped.

Solution

Queue Callback

Queue callback (QCB) is a customer service feature that lets a customer know that their agent is about to be available. It’s an efficient way for contact centers to reduce abandoned calls and increase customer satisfaction.

The queue callback function also improves a contact center’s call response rate by allowing employees to concentrate on their present engagements rather than worrying about callers waiting.

Callback queues help agents enhance their performance and work more efficiently.

Problem

Call Keep Escalating

Call transfers are unavoidable but good business practices keep call transfer volume as low as possible for 2 main reasons.

Transferred calls result in frustrating customer experiences. Callers have to repeat information to multiple agents, and they spend more time on hold than necessary. These are two activities studies show customers hate.
Transferred calls use more resources. It takes longer for your contact center to solve a problem, and multiple agents are involved in the process.

Solution

Skills-based Routing

Skills-based routing is the most effective tool available to you to make every effort to get your caller to the right agent the first time.

Skills-Based Routing allows you to create skills to log in and out of different media channels. You can assign your agents to customized skill groups and rank each agent’s expertise on certain skills from 1 to 10.

Simply put, fewer transfers result in happier customers and more cost-effective call center operations.

The True Cost is Made Up of 3 Factors

1. Direct Costs

The cost of losing a customer is more than an immediate decline in revenue. It is also the often-overlooked cost of lost potential account growth.

2. Acquisition Costs

Did you know…It costs 25X† more to acquire a new customer than to retain an existing one. †HBR, 2014

3. Social Costs

According to a Zendesk survey, 95%† of people share bad experiences with others, and 45% share those bad experiences over social media. So, a lost customer can quickly snowball into additional loss.
††Zendesk survey

This isn’t to say that you can’t turn a bad experience around.

In fact, good customer service can turn a negative experience into a positive one – but bad customer service on top of a bad experience will only drive customers away further.

Xima Helps You Achieve Positive Experiences

True Cradle to Grave reporting provides in-depth data and insights to constanty improve.
Real-time Wallboards gives you access to all of your agents’ activity in real time, absolutely no latency.
Recording Playback empowers you ensure quality service, assess agents and identify unknown customer needs.
Web Chat and Email are two of the most highly used ways to interface with customers. A good customer service team will match their customers’ needs.

Engage with Your Customers

A good contact center solution should provide users the tools to manage multiple channels, teams, and processes required to provide customers with an engaging experience. Typically, it connects channels like chat, email, voice, and social media into a single, consolidated platform.

Multiple Channels Available with Xima

Advanced Features

Multiple Channels Available with Xima

Realtime Wallboards

Wallboards are a critical component of a successful contact center. Use them:

When in need to retrieve agent performance data
To inform your team members via alerts and notifications when the department is in danger of failing to reach goals
For better agent productivity and to help in reducing agent churn and absenteeism
To empower managers and supervisors to handle the workforce better

Recording Playback

5 Reasons to Leverage Call Recordings:

Monitor employee-customer communication
Build better customer personas
Track important customer data
Maintain regulatory compliance, resolve disputes, and protecting your employees
Improve your product or service

Request a 1:1 Personalized Xima Demo

We'll Walk You Through It

One of our experts will get in touch with you to plan a session and walk you through our software, fully tailored to your organization’s needs. No strings attached.

What you can expect:

A quick talk to assess what we can do to help improve your business
Live product demo that shows how your organization can get the most benefit from Xima
Tons of time to ask questions about features, plans and pricing