Business News

Tue May 24

NewVoiceMedia research reveals how Australian businesses are driving away customers

Written by Nicola Brookes

SYDNEY, May 24, 2016 – New research from NewVoiceMedia, a leading global provider of cloud technology, which helps businesses sell more, serve better and grow faster, reveals that companies in Australia are losing $11 billion a year due to poor customer service, a 38 percent and $3 billion increase since 2014.

Since NewVoiceMedia’s initial 2014 survey, the number of Australian consumers who report leaving a business due to inadequate customer experiences has actually decreased from 58 percent to 48 percent, but consumers are now spending 49 percent more with a company over the course of a year before switching.

Top reasons respondents gave for leaving were consistent with the previous study and included: feeling unappreciated (43 percent), unhelpful/rude staff (36 percent), not being able to get answers (29 percent), being passed around to multiple people (27 percent), being fed up of queuing (26 percent) and being kept on hold for too long (25 percent).

“With revenue being transferred between companies at an alarming rate, this research highlights the considerable impact that customers have on a business’s success”, said Jonathan Gale, CEO of NewVoiceMedia. “Customer experience is the key differentiator, and by doing it well, organisations can drive the customer acquisition, retention and efficiency that make leading companies successful”.

Calling out the contact centres

A majority of respondents (52 percent) indicated calling as their preferred method of communication with a business and 72 percent consider calls to be the quickest way of resolving an issue. However, consumers flagged being kept on hold as the top reason (54 percent) they dislike calling companies. Respondents also noted not being able to speak to a “real person” straight away (45 percent), having to repeat info to multiple agents (45 percent) and needing to navigate multiple menus (35 percent) as off-putting. On average, respondents indicated they would only hold for 11 minutes before hanging up.

Consequently, only 40 percent suggested calls were the most effective way to resolve an issue. Email (25 percent) and social media (18 percent) were other channels respondents touted as “effective” in settling customer service issues.

According to one respondent, a preference for non-telephone communications stems from email’s “ability to thoroughly document the problem and [lessen the] chance of a misunderstanding”. Others explained that social media often spurs response because the channel is public facing.

How customers respond

Faced with poor customer service, more than half (55 percent) of respondents would never use the offending company again, 47 percent indicated they’d change supplier, 36 percent would write to complain, 30 percent would tell friends and colleagues not to use the company, 15 percent would post an online review and 15 percent would complain publicly via social media.

On the contrary, if provided with good service, respondents indicated they would be more loyal (70 percent), recommend the company to others (66 percent), use the company more frequently (41 percent) and spend more money (30 percent). Only 7 percent claimed good service would not affect their relationship.

For further information, download the research whitepaper at www.newvoicemedia.com.

Comments on the news

Shep Hyken, customer service and experience expert, New York Times and Wall Street Journal bestselling author, said, “There is a disconnect between how companies think they are doing and what customers are reporting. Customers are more service savvy than ever before, and companies are training customers to expect more tailored experiences. The companies that deliver great customer service have set the benchmark and with each improvement push the baseline bar higher. What was acceptable customer service last year is far below the bar this year”.
Nancy Jamison, principal analyst at Frost & Sullivan, said, "Today's consumers want consistent, personalised and proactive customer service, not silo'd interactions. Change the journey and you change your win and retention rate”.
Blair Pleasant, president and principal analyst at COMMfusion LLC, said, “Social media can be a double edged sword – it can be an easy and efficient way for consumers to get customer care, but it can also become an open forum for discontentment”.
Jeff Toister, author, customer service expert, said, “Customers generally complain on social media because they weren’t able to resolve their issue somewhere else. They might have complained in-person, over the phone, or via email and were either dissatisfied with the response or they received no response at all. So, the best thing that companies can do to reduce or prevent complaints on social media is to strengthen the service they deliver via other channels".
Micah Solomon, author, speaker and customer experience consultant, said, "Through every demographic slice, good service is one of the clearest predictors of customer loyalty, willingness to recommend, and hesitancy to switch. And in our easy-to-switch reality, it is one of companies' most important weapons to achieve these all-important goals".

About NewVoiceMedia

NewVoiceMedia powers customer connections that transform businesses globally. The leading vendor's award-winning cloud customer contact platform revolutionises the way organisations connect with their customers worldwide, enabling them to deliver a personalised and unique customer service experience and drive a more effective sales and marketing team. With a true cloud environment and proven 99.999% platform availability, NewVoiceMedia ensures complete flexibility, scalability and reliability.

Spanning 128 countries and six continents, NewVoiceMedia's 600+ customers include PhotoBox, MobileIron, TNT, Lumesse, JustGiving, Canadian Cancer Society and Wowcher. For more information visit www.newvoicemedia.com or follow NewVoiceMedia on Twitter @NewVoiceMedia.

Wed Apr 20

Secure your MBA for half the cost and half the time

Written by Sarah Fleming

In the last three years, MBA (Master of Business Administration) enrolments have surged 42% showing a desire among Australians to upskill. However, given that 670,000 Australians work more than 60 hours each week, many of us are too time-poor to pursue our professional dreams through education and training. In a recent survey by Get Qualified Australia (GQA), it was found that 25% of Australians would consider undertaking an MBA while only 3% of people currently have an MBA or are undertaking one. The biggest barriers that people noted in completing an MBA were cost and time. As a result, this year GQA has launched its Accelerated MBA program, using recognition of prior learning to cut the cost, time and effort of securing an MBA in half.

The average cost of an MBA is approximately $45,000, although it can range from between $22,000 and $82,000 depending on the provider. It also takes one and a half to two years to complete.

Adam Wadi is the Founder and CEO of GQA, Australia’s leading provider of skills recognition and RPL. “Most Australians simply do not know that RPL exists or how it works, and they’re putting their career aspirations on the backburner because of this,” explains Wadi. “RPL is essentially a skills assessment processes that recognises informal processes of learning, such as work experience.”

GQA’s fast-tracked MBA is the newest addition to its RPL offering. Wadi chose to partner with the Australian Institute of Management (AIM) to deliver two postgraduate qualifications to his customers. “I call it my signature dish. I worked very hard to develop this product and it’s something I’m very proud of it, because there is simply nothing like it in the market,” says Wadi.

“Most senior level managers and executives are already competent at the Graduate Diploma level and they don’t even know it. They certainly don’t have the formal certification to prove it, and that’s where we come in. By getting their skills and experience recognised through RPL, they can attain their Graduate Diploma in Strategic Leadership in as little as one month, and then use this qualification to seek a guaranteed exemption of up to 6 units of their 12 unit MBA with AIM. Getting an exemption on half of your units means that you automatically save half the cost and effort of studying your MBA,” says Wadi.

The Accelerated MBA program allows Australians to save, at the very least, $15,000 and six units worth of study. It allows professionals to complete the remaining six units in their own time, leaving room for work and personal commitments.

“My hope is that we can educate Australians about how much easier it is for them to secure a powerful qualification, such as an MBA, than they might realise. It makes no sense to have the skills and knowledge but lack the qualification to prove it – whether that’s to your employer, colleagues, society and indeed, to yourself,” says Wadi.

About Get Qualified:

Get Qualified Australia (GQA) is Australia’s leading skills recognition and RPL (recognition of prior learning) specialist. Founded in 2010 by Adam Wadi, GQA is the first business of its kind. Engaging Get Qualified is extremely cost-effective, as it can potentially save up to 75% on their course fees, and years of their life that would have been spent in the classroom. Get Qualified Australia has 40 partners and 400 qualifications available to its customers across 29 industries. The business has helped to upskill tens of thousands of professionals, from tradies to executives. GQA’s services are available Australia-wide.

For more information visit www.gqaustralia.com.au/fast-track-your-mba