WABAN, Mass.–What happens after a consumer or credit union member has a bad customer/member experience?
The Temkin Group is offering some insights in a new report that surveyed some 10,000 U.S. consumers about their recent interactions with more than 300 companies across 20 industries.
The company said it then then compared results with similar studies it has conducted over the previous seven years.
Among the findings:
- About 18% of the customers who interacted with TV and Internet service providers reported having a bad experience – a considerably higher percentage than in other industries. Of the companies evaluated, 21st Century, Comcast, Cox Communications, and New York Life deliver bad experiences most frequently.
- Temkin reported it created a Sales at Risk Index for all 20 industries by combining the percentage of customers in an industry who reported having a bad experience with the percentage who said they decreased their spending after a bad experience. According to this Index, TV and Internet service providers stand to lose the most revenue (6.4%) from delivering bad experiences, while utilities stand to lose the least (1.4%).
- When it comes to recovering from delivering a bad experience, investment firms are the most effective and TV and Internet service providers are the least effective, Temkin reported.
- After customers have a very bad or very good experience with a company, they are more likely to give feedback directly to the company than they are to post about it on Facebook, Twitter, or third-party rating sites, Temkin said. “Customers are also more likely to share positive feedback through online surveys and share negative feedback through emails.”
- Compared to previous years, customers are less likely to share feedback across almost all channels, with a particularly large drop in the percentage who post on Facebook or Twitter.
- Across almost all age groups, consumers are most likely to share their feedback directly with the company, Temkin said. “Consumers between 18 and 34 years old are the most likely to share their good and bad experiences on Facebook, while older consumers tend to use third-party ratings sites more than Facebook or Twitter.”
For more on the “What Happens After a Good or Bad Experience 2018” report, go here.