Point of sale has been sitting in the limelight for years. It is seen as the point a business acquires new customers and makes that sale, understandably being dubbed one of the most crucial elements to get right. However as consumer spending habits are shifting, it makes sense that we too need to shift our focus.
Of course 'point of sale' is still important and still necessary to your bottom line. But bringing in new customers is not the only measure we should be looking at. How do we know when we have truly secured them?
Customer retention has a huge impact on businesses. The cost of customers switching is extremely significant with two out of three consumers switching at least one of their providers as a result of bad service in 2014.
It doesn't stop there. 77% of those who have a bad experience with a business will tell others. Negative feedback can spread like wild fire and damage your businesses potential ROI opportunities.
The solution? A strong customer service focused strategy that identifies points that need serious attention to combat churn as well as delivering on its promises.
Accenture research shows that 64 percent of consumers switched at least one provider due to poor service in 2014. The estimated value of what Accenture calls the “switching economy” is $6.2 trillion (2).