The Power of Retention: Leveraging Data to Transform Customer Service
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The Power of Retention: Leveraging Data to Transform Customer Service
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In this episode of the Blue Key Consulting Podcast, host Jim Duffy sits down with Samir Agarwal from Agmeta to dive deep into the world of customer experience and the critical role data plays in shaping it. They explore the age-old adage, "If you can't measure it, you can't improve it," and discuss why quantifying customer experience remains challenging for many businesses. Samir shares insights on the pivotal moments when customers reach out to customer service, highlighting how these interactions can be make-or-break points for brand loyalty. They discuss the importance of resolving issues from the customer's point of view and how unanswered questions can turn into opportunities for better service. With startling statistics—63% of customers could become negative ambassadors for your brand, and 67% actively search for alternatives after one bad experience—Jim and Samir emphasize the high stakes of customer retention. Referencing a Harvard Business Review study, they explain how a mere 5% increase in retention can lead to a 25%-95% boost in profits.
