As the new year inches closer with every passing day, business leaders are looking at their balance sheets and assessing the best ways to reduce costs and secure their bottom line. However, when businesses are looking for the best ways to improve their cost savings, customer experiences are treated as an afterthought.
Cyara’s comprehensive, end-to-end CX assurance solutions empower leading brands to deliver flawless interactions at a reduced cost.
But, in today’s competitive business landscape, your CX offerings must be front of mind. Customer expectations are continuing to evolve, new technological advancements are innovating the contact center space, and it’s up to you to stay ahead of the curve to retain your customers and stand out from the competition.
In fact, poorly designed customer experiences are a detriment to overall business success. Compared to the upfront investment in CX assurance, low-quality CX is a major roadblock that can cost much more in the long run. That’s why it’s more important than ever to understand the true cost of poor CX, and why CX assurance must be top of mind when it comes to setting budgets in the new year.
What is the True Cost of Poor CX?
The cost of poor customer service is likely much higher than you would expect.
A recent study found that, globally, businesses are at risk of losing $3.7 trillion annually, due to poor quality CX. In the U.S., businesses are putting approximately $856 billion on the line. These numbers are staggering, showcasing exactly how much is at stake. Businesses that fail to assure quality at scale face significant financial and reputational risks.
Today, customers are more likely than ever to leave a brand or significantly reduce spending after just a single negative experience. It’s become harder for businesses to retain their customers, and it takes more effort to meet rising demands. Customers are no longer tolerant of poor interactions, and it’s up to you to exceed their expectations, or you may find that your customers are more likely to choose your competition.
But we can take it a step further. The true cost of poor CX is more than losing a single sale or customer. Errors and defects that occur during the CX development lifecycle can have large-scale ramifications throughout many different corners of your business.
Consider additional factors, such as:
The Cost of Negative Reviews
Word of mouth is a great way for your customers to express their satisfaction with your brand, services, and products. When a customer has a positive experience, they are likely to recommend your brand to their friends, family members, and peers. In other instances, they may post a positive review, allowing you to reach an even wider audience.
Conversely, you will lose a key advocate for your brand if your customer suffers a negative experience. Instead of boosting your brand, they may post a negative review online or share their less than satisfactory opinion with their circle. Overall, this can damage your reputation and drive away prospective customers.
The Cost of Regulatory and Compliance Risks
In many cases, your CX channels must align with regulatory standards. In recent years, governments and regulatory bodies have increased their focus on security and data protection. It’s critical to ensure your CX meets compliance requirements and that you’re taking a proactive approach to mitigate potential financial, legal, and reputational risks.
For example, if a defect within your infrastructure leads to a data breach, your business may face costly penalties. In addition, your customers are less likely to trust your brand with their sensitive information in the future or recommend your services to their friends.
The Cost of Agent Turnover/Organizational Inefficiency
While CX defects can lead to increased customer frustration, these issues can also impact your agents and support staff, leading to higher turnover. For example, audio quality issues can make it difficult for agents to provide quality customer support over the phone. Instead of delivering a seamless experience, your agents are forced to repeat themselves time and time again, causing fatigue in their effort to satisfy the customer.
Defects also degrade organizational efficiency, making it difficult for your support and IT teams to reach their objectives. Instead, their time is spent troubleshooting CX issues and hurrying to get agents back online. Altogether, these issues can lead to higher turnover rates, instead of strengthening employee loyalty.
Altogether, it’s impossible to deny the massive cost of poor-quality CX. Every time you lose a customer, you must consider the loss in revenue stream and the new cost of finding a replacement. And, as customer expectations continue to rise, it will only become more difficult to find and retain business.
The Benefit of Investing in CX Assurance
CX quality isn’t something you can afford to take lightly. That’s why a CX assurance solution is so important to secure your business’ long-term success.
When you choose a CX assurance solution, you’re making an investment in your company’s future. Compared to poor CX, which can lead to costly regulatory risks and drive customers away, a CX insurance solution helps you retain your current customers and attract new prospects with service that they can rely on.
Studies have found that 85% of customers will go out of their way to do business with a company that has superior service. By contrast, over half of customers will choose a competitor if your brand isn’t delivering quality CX.
Customer experience doesn’t have to be impossible or costly. When you take the time to invest in the right solution and put your CX first, you’ll reap the benefits. Instead of facing a myriad of negative reviews and being forced to combat high agent turnover rates, you can be confident that you’re delivering experiences that will delight your customers.
Overcome Potential Risks with Cyara
Cyara’s AI-Led CX Transformation Platform empowers leading brands to assure CX performance through every stage of the development lifecycle. Our platform offers end-to-end visibility with comprehensive testing and monitoring solutions, so you can be confident that your CX channels are always performing exactly as intended.
With Cyara’s CX assurance solutions, you can leverage key data and insights from every perspective. Deliver flawless experiences across all channels including web, voice, conversational AI, SMS, IVRs, and more.
Your business can’t afford the cost of maintaining poor CX. But that’s where a CX assurance solution is instrumental to helping you overcome costly risks and promote long-term business success.
Contact us to schedule a demo or visit cyara.com to learn more.