How To Choose The Right Customer Service Solution In Poor And Turbulent Economic Times

Air Date: Friday, May 29, 2009

Cost: $250

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Who should attend: Business Process professionals

Description:

In this economic downturn, we are often asked, "Should executives halt spending on customer service?" The answer unequivocally is, "No." There is nothing more important than retaining the customers you have. And interestingly enough, customer service is the one department with the most direct and influential contact with customers. Customers' opinion of customer service interactions affects not only their repurchase probability but also their loyalty. What does this mean for customer service professionals? While one can say this is certainly the worst of times, it is also the best of times. Why? An economic downturn of this magnitude presents executives with the opportunity to regroup, reprioritize, and refocus on what matters to retain customers. Because without customers, there isn't a business to worry about.

In the past, it may have been difficult for customer service professionals to get initiatives approved, especially expensive technology. But with the evidence so clear on what companies must do — and do immediately, quickly, and smartly — where should you start? Forrester recommends evaluating your experience-based customer strategy. After determining the type of customer experiences that are paramount to retaining customers, then evaluate customer service operations, people, process, and technology. Use the Forrester Wave™ on customer service to evaluate vendors. Look for vendors that have the capabilities to enable customer experiences that gain and retain your most valuable customer. The advantage for acting now and improving customer experiences? You'll retain customers now and when the economic downturn turns around and be ahead of the curve, in position to really blow away your competitors.

And for companies that don't heed this advice? Forrester has shown better customer experiences result in not only customers who buy more but are more loyal. In fact, by improving customer experiences, for example, a bank could earn an additional $43 million in revenue and avoid losing $51 million (in one year) if customers are prevented from defecting to the competition. This data alone shows why the paradigm of "contact centers as cost centers" doesn't hold water. It only applies to contact centers that offer poor experiences. Those centers do cost the organization — not only in higher operating costs but also in reduced revenue, brand equity, market longevity, and customer loyalty. Join us in learning about how to use the Forrester Wave™ on customer service to evaluate vendors that enable great customer experiences.

Agenda:

• Never before has the need to retain customers and encourage them to spend been greater.
• Forrester is often asked, "Should I halt spending in customer service?"
• It is the worst of times, but it is also the best of times — there is an urgency about reprioritizing initiatives.
• Because so few companies do customer service well, spending on customer service means you are among the many companies jeopardizing the very customer base that could carry you through this storm
• Forrester suggests using the Forrester Wave™ on customer service document and spreadsheet to learn more about 29 customer service vendors and their ability to support the delivery of great customer experiences, which leads to loyal and profitable customer retention.

Vendors mentioned: Amdocs, Chordiant Software, Consona CRM, eGain Communications, Entellium, FrontRange Solutions, Genesys Telecommunications Lab, Infor, InQuira, KANA Software, KNOVA, LivePerson, Maximizer Software, Microsoft, NetSuite, Numara Software, Oracle CRM On Demand, Oracle E-Business Suite CRM, Oracle PeopleSoft CRM, Oracle Siebel, Pegasystems, RightNow Technologies, SageCRM, Sage SalesLogix, salesforce.com, SAP, Sugar CRM, Sword ciboodle, Talisma

Related Research:

The Forrester Wave™: Customer Service Software Solutions, Q4 2008

by Natalie L. Petouhoff, Ph.D., October 21, 2008

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