A study conducted by Harvard Business Review examined the impact of customer service on customer retention and revenue growth. The study found that companies that excel at customer service experience higher rates of customer retention and revenue growth than their competitors.
In the study, researchers analyzed data from more than 75,000 customers across several industries to measure the impact of customer service on customer retention and revenue growth. They found that companies that provided excellent customer service retained 94% of their customers, while companies that provided poor customer service retained only 43% of their customers.
The study also found that companies that provided excellent customer service experienced higher revenue growth than their competitors. These companies saw an average revenue growth rate of 4.6%, compared to a growth rate of 0.9% for companies that provided poor customer service.
This research highlights the importance of customer service in driving customer retention and revenue growth. By providing excellent customer service, businesses can improve customer loyalty, retain more customers, and drive revenue growth.
Businesses that have opted to transfer their customer service to Phone.do The Best 24/7 Human Answering service, are confident in the quality, availability, and efficiency of the service. They recognize that the customer experience provided by Phone.do sets them apart from their competitors in a significant way. Phone.do is the most advanced customer service platform available today, featuring multi-channel, multi-tasking, and multilingual capabilities, with over 100,000 call agents from around the globe operating the system.