Improvements in customer service could boost the UK economy by £81.5bn in 12-months says the latest research from the Institute for Customer Service.
The research, which analysed 124 leading UK organisations, is the largest of its kind to be carried out with its results clearly demonstrating that where customers are happy shareholders are also happy.
The report also shows that when companies maintain an above average customer service score, they achieve growth in revenue of 9.1% compared to 0.4% for companies with below average customer service.
Chief Executive of the Institute of Customer Service, Jo Causon, said: “This research shows compelling evidence that excellence in customer service holds the key to stronger financial performance. Amid a heightening debate around productivity in the UK, our new report shows that organisations with strong customer satisfaction also have more industrious staff, adding as much as 114% to revenue-per-employee.”
Understanding your customers is essential. MSB’s customer research provides clear information about what customers expect from your business and how they rate the service it currently provides. Steps can then be taken to eliminate the problem areas by providing targeted training carried out by our experienced training consultants, which has been proven to drive engagement within teams.
You can find out more about our solutions by viewing the Insight and Consultancy page on our website.