Most businesses are aware of the value of customer satisfaction, but few know how much it impacts the bottom line. In a survey of 8,880 consumers in 16 key economies, nearly 70% said they ended a relationship with a business due to poor customer service alone. Global losses from poor customer service amounted to $338.5 billion each year.
But, new research shows private social networking enables businesses to speed up the response time and the quality of response to customers, leading to increased customer satisfaction—a key indicator of business performance. Businesses are seeing several benefits from these networks including the ability to crowd-source answers to solve customer problems and gain feedback on their products and services. Some key findings include:
- The #1 reason businesses use social networking initiatives is to increase customer engagement and have a closer relationship with their buyers
- The #2 reason businesses use social software is to respond to customer inquiries
- Collaboration accounts for 41% of the forces driving customer satisfaction
- At 68.9% impact, external reactive support ranks as one of the highest uses cases for social business technology
For more information on how private social networking drives customer satisfaction, download our full report.