Do you know the cost of a customer complaint?

A survey has revealed that 83% of executives don’t know the cost of a customer complaint.

The Strativity Group has presented the results of their 2014 Customer Experience Management survey.

The findings reveal:

• 83% of executives don’t know the cost of a customer complaint
• Over 80% of global companies feel that customer strategies are more important to organisations than ever
• 81% of global companies are not fully committed to executing customer experience strategies
• Non-committed companies are 3 times more likely to have greater customer attrition
• Fully committed companies are 5 times more likely to get higher referral rates
• The majority of companies do not operate with economics driving their strategy, with 76% not knowing their customer acquisition cost

Customer Experience strategies have become increasingly important over the past few years as the landscape is dramatically changing. Companies are facing more complex customer issues as a result of customers’ increasingly higher expectations. Furthermore, the gap is widening between those who adapt and those who do not.

“It seems, despite the growing interest in customer-centric strategies, the vast majority of companies are demonstrating little sense of urgency,” said Lior Arussy, President of Strativity Group, Inc. “Resources, budget and sponsorship commitments do not match corporate declarations – triggering a severe economic impact.”