London and New York – August 16, 2023 – Smart Communications™, a leading technology company focused on helping businesses engage in more meaningful customer conversations, today announced the results of a global survey that uncovers the impact of personalized, clear customer communications and a streamlined forms experience on customer experience, loyalty and trust with a company.
The study examined consumer and business leader opinions about the current state of conversations between customers and financial services, insurance and healthcare companies. The study also revealed the increasing importance of delivering personalized, omnichannel conversations to build trust and brand loyalty with customers.
Four key survey findings from The State of Customer Conversations report about the impact of communications on customer experience include:
Customer communications directly impact brand loyalty.
Eighty-one percent of customers say communications are somewhat or very important to the overall customer experience. If expectations are not met, 51% of consumers polled would likely switch to another company. The survey demonstrates how crucial customer communications are for a positive customer experience.
Today’s customers demand streamlined forms processes.
With digital preferences at an all-time high, the survey revealed that 53% of customers would end an interaction with a company if the way they collect information (such as completing a form) is too difficult. When customers abandon an interaction, they often turn to a higher-cost channel, such as a call center, which increases a company’s operational cost and impacts process efficiency.
Millennials have the lowest tolerance for poor experiences.
The connection between poor communications experiences and churn is particularly high among younger generations. They have heightened expectations for digital experiences in general — and a lower tolerance for slow turnaround time or frustration with mobile apps. While surpassing the overall average, a remarkable 60% of millennials responded they would likely switch companies if communications don’t meet their expectations.
Businesses think they’re doing better than they are compared to the consumers polled in the survey.
The data reveals that 73% of businesses think their customer communications are getting better but the reality is that only 29% of consumers agree. The survey results shed light on a concerning disparity between businesses’ perception and the sentiments expressed by the surveyed consumers. It is essential for companies to improve customer communications if they are going to meet consumer expectations.
To rectify these gaps, companies need to take a proactive approach to meeting customer needs, preferences, and expectations around communications and digital forms. Cloud technologies that support a modern tech stack ensure greater agility, flexibility, and scalability. By digitizing and centralizing customer engagements and connecting to existing technologies, companies can build a competitive advantage through improved personalization and efficiency that will impact customer trust and retention.
“When it comes to delivering on customers’ growing expectations for business-related communications, our study reveals that it’s never been more important for companies to adopt a proactive, frictionless approach. Simply delivering omnichannel communications or a static form falls short,” said Leigh Segall, President of Smart Communications. “Today’s winning businesses are consistently tailoring customer interactions to prioritize ease, empathy, and clarity and in doing so, forging stronger connections, loyalty and a competitive advantage.”
For access to the Benchmark Reports for Insurance, Financial Services and Healthcare, please visit: https://www.smartcommunications.com/resources/benchmark-report/