April 2, 2019
Slow and steady doesn’t always win the race.
In the fast paced, 100 mph society we are living in today, consumer interaction is becoming more and more prevalent and a real differentiator between companies. The rise of social media and digital platforms has given companies greater opportunities to interact and build relationships with consumers, but on the flip side, further places to be found wanting. We’re seeing customers starting to demand that rapid response service. There is a growing expectation and it’s clear that slow response rates just won’t cut it anymore.
The increased use of chat windows is proving crucial to address the slow response rate conundrum, giving the user the instantaneous responses that often make them feel valued. These actually cut down personal interaction via the intelligent learning bots running behind the scenes.
I think I speak for the majority of us when I say we all know how frustrating it is trying to get in touch with a company that doesn’t openly offer a phone number or an instant, live chat window. A lack of live chat often results in us having to wait days before receiving an acknowledgment notification (let alone a response on the question/issue raised). A key factor for building any good relationship is the open two-way communication channels, and it’s something that business as a whole should not take lightly in the modern era.
Let’s take a look at the bigger picture. A high percentage of consumers may not even bother to voice their concerns because they simply feel the company won’t respond or doesn’t care. How valuable could it be for a business to hear all that feedback and show a positive shift in addressing it? Look at how Barclays addressed their customer base and asked simply what did they want? The consumers themselves were asking for an open and clear understanding of overdraft fees. Barclays addressed this and there was a net saving of £1.4 million for the customers. Imagine how many of this sample pool would have jumped ship to a competitor if Barclays didn’t step in and respond quickly to the growing concern.
It all starts with first response time (FRT). This initial contact doesn’t always have to be with a resolution, just an acknowledgement to make the customer feel important… let them know you are there to help.
The value of quick response times can be the difference between you and your competition when it comes down to it. Focus on the speed and quality of your responses and watch your customer satisfaction fly through the roof! Why wait?