UK businesses lose £12 billion a year due to poor customer experience
uk business customer service loss

New research from NewVoiceMedia has revealed that UK companies which have poor customer service are losing approximately £12 billion a year. According to the survey, half of UK consumers are taking their business to other companies as a result of poor service, and of those, 92% have switched once or twice in the last year. 49% of people are put off calling up a business for fear of being kept in a queue, so are much more likely to switch to another provider instead of dealing with waiting.

56% of hose faced with negative experience say that they would never use that company again, 27% said they would tell friends and peers, while 19% would post a negative review online for revenge.

Jonathan Gale, CEO of NewVoiceMedia said:

Customers have a stronger influence on a business’s success than ever before and it’s surprising how many organisations still aren’t getting it right.

Customer experience is a key differentiator. By doing it well, organisations can drive the customer acquisition, retention and efficiency that make leading companies successful.

The survey also revealed that the younger generation are more patient than the older generation. Younger people are more willing to tolerate long hold times.

Source: SourceWire, NewVoiceMedia