January 2014 saw the releases of the most recent wave of the UK Customer Satisfaction Index as commissioned by The Institute of Customer Services. The full summary can be found here.
- Customer satisfaction has fallen for the second consecutive period (12 months in total) down by 0.8 to 77.1 out of 100 – a significant change
- Customer satisfaction declined in 12 out of 13 sectors. Banking ironically was the only sector to buck the trend!
- The top 5 organisations continue to perform consistently with Amazon ranking highest at 88.6 from 100
- There’s large diversity in performance over the 120 organisations included with 81 of those seeing performance drop.
- A 10 point increase in customer satisfaction sees a 13% increase in customer trust
- A 1 point increase in customer satisfaction (out of 10), generates a 10% increase in customer loyalty and recommendation.
- When faced with the choice, 60% of customers favour a balance of price and service and will not accept low service levels in exchange for a cheap deal.
- A substantial minority of consumers – 25% – seek excellent service and are prepared to pay for it, while 15% are highly motivated to find the cheapest deals.
Some great insight from these results and a reminder that organisations can’t afford to ‘ease off the gas’ when it comes to delivering consistently great customer experiences in a backdrop of rising customer expectation.
It’s going to make for an interesting year!