While it may initially seem counterintuitive, good customer service does in fact translate into revenue: it increases the chances of repeat customer purchases and renewals and longer-term loyalty. On the other hand, a poor service experience has a high chance of both causing customer churn and accruing longer-term “hidden” costs. The more customers you lose, the more money you will need to spend to both market and sell to new ones. Your existing customers are your life; you need to keep them happy at all times— especially during a recession.
Instead of falling victim to the knee-jerk impulse to cut costs (at all costs), you should prioritise self-service options across all customer touchpoints. Providing support that is available 24/7/365 is a strategic move that could help bring in more revenue to offset losses elsewhere.
Many companies are tempted to add a chatbot as a solution, with a “set it and forget it” mentality for the sake of efficiency. However, such a strategy will backfire in the long run. It doesn’t go far enough to actually make a dent in the CX because it doesn’t provide for a consistent experience across multiple consumer touchpoints. You want to be able to both reduce costs and improve the CX simultaneously. Ask yourself if you have effective self-service and knowledge management tools in place today, for both consumers and agents. Generally, a chatbot will not solve both.
Instead, deploying a search experience that understands natural language and the underlying intent of a question or query means that direct, accurate answers are delivered faster, everywhere. Consumers can focus their time and energy on what matters most to them, and agents are free to focus on more complex issues – but also can fall back on a quick search when needed. Additionally, AI-enabled search allows companies to capture an unfiltered voice of the customer, which further helps with identifying and making optimizations that will provide a better customer experience — What are they looking for? How are products and services working? What’s generating the most frustration? How are they feeling about the brand?
Making a strategic investment in self-service and the overall CX, even while the economy is shrinking, is not just smart from an operational perspective; it also makes you stand out from the competition.