Customers have a wealth of choices, which means competition is stiffer than ever. Because customers have so many options to buy a product or service, the power is in their hands to decide where they do business.
With this shift in power, there isn’t any room to neglect customers or deliver poor experiences. Failure to do so can result in churned customers. Succeeding in customer experience can lead to more growth, without having to acquire net new customers.
Stats:
Increasing customer retention rates by just 5% increases profits anywhere from 25% to 95% (source)
Out of all self-service channels, customers use knowledge bases the most (source)
92% of consumers are satisfied with live chat, making it the highest-rated engagement channel (source)