Majority of consumers feel providers don’t value them
62% of customers do not feel valued by providers over the course of their contracts
42% feel undervalued as an existing customer, while new customers get preferential treatment
Customers most happy to receive information about loyalty programmes (51%) and offers (43%) suggesting a service-first business model is key to maintaining customer loyalty
Being told your call is important to us is the most frustrating line when communicating with providers (54%)
London, UK 20th October 2016 – A report released today by marketing technologycompany, Wiraya highlights that businesses need to overhaul the way they communicate with customers or risk losing them to rivals. An overwhelming 86% of customers who left their bank, energy, mobile or insurance provider in the last six months said they would have been more content if they were contacted in a different way.
When questioned about their reasons for leaving, relevancy and timeliness had the biggest impact on loyalty. Nearly 1 in 5 (17%) complained that they never received relevant information. Another fifth (20%) said they received relevant information but not when they wanted it.
More than half (51%) said they would be happy to receive information about loyalty programmes. Most said they wanted to know important facts about their account such as if their card or payment has been declined (45%), or if there’s been a notification of a renewal date end (38%).
The majority (62%) said that they didn’t feel valued by the provider throughout the course of their contract. One of the main gripes consumers have is the preferential treatment given to new customers. Nearly half (42%) said they received worse benefits as existing customers compared to new customers.
Being told ‘your call is important to us’ while waiting in a queue is the most frustrating thing to hear, according to 52% of respondents. Receiving irrelevant information (44%) and being asked for the same information twice (41%) also topped the list of annoyances.
Overall, banks and mobile providers performed slightly better than insurance and energy when it came down to customer value. The findings clearly indicate that customers want brands to communicate but in a more appropriate and personalised way tailored to individual customer needs.
Sam Madden, UK director at Wiraya said, “Many businesses still struggle to communicate with their customers in a relevant and timely way. In the age of the bombarded consumer, where individuals receive hundreds of marketing messages a day, it’s no surprise consumers are left unsatisfied and prone to churning. Using the vast amounts of data many brands now hold and overlaying this with technology such as Artificial Intelligences (AI) can help create more engaging messages delivered in a manner chosen by the customer. Having a more service oriented approach that focuses on building loyalty not only reduces churn, but makes better business sense from a cost and reputation perspective.”
Wiraya designs and develops the industry’s only cloud based platform for tailored, real time customer dialogue. Our solution helps companies activate, engage, and retain customers through individualized large scale communication. It’s automated, while staying human. Our track-record is beyond solid. In recent years, Wiraya has delivered immense client value and unmatched conversion results to many of Northern Europe’s largest companies. We will continue to reinvent how companies interact with their customers. We are Wiraya.
Note to editors:
The research for Wiraya was carried out by Opinion Matters between: 23rd – 28th September 2016.
Sample: 500 Adults in the UK who have left their Bank, Energy Provider, Mobile Provider or Insurance provider in the last 6 months.
For the full report visit: https://www.wiraya.com/en/resources/report
For more information, please contact:
Catherine Desmidt / Lila Tesfaye, Hotwire PR
Wiraya designs and develops the industry's only cloud based platform for tailored, real time customer dialogue. Our solution helps companies activate, engage, and retain customers through individualised large scale communication. It's automated, while staying human. With a solid track-record we deliver immense client value and unmatched conversion results. With over 100 million unique customer interactions made, Wiraya Cloud has gathered the data needed to optimise when, where and how to communicate a specific message to each individual to maximise conversion. We are more than a cloud service. We are committed to your success! With our full product philosophy, we are with you all the way - from strategy to reached results. We cover everything from project management and integration, to optimisation, support and reporting.