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Customer Service, is it your company's most important metric?

March 8, 2017

customerservicephone It is 6-7 times more expensive to acquire a new customer than it is to keep a current one. Source: White House Office of Consumer Affairs

Everyone already knows that excellent customer service is the key to maintaining good customer relations and growing a successful business, and hiring the wrong employees(s) to handle your customer service can destroy your reputation, credibility, brand, and your business very quickly, right?

Not so, According to a 2016 stat by NewVoiceMedia, businesses are losing $62 billion per year through poor customer service. This is up $20 billion since 2013, just four years ago. NewVoiceMedia works with the customer support departments of companies in more than 128 countries.

Finding and hiring the right customer service representatives (CSRs) and learning the core competencies associated with superb job performance and greater career satisfaction has never been as important as it is now. Let’s face it, not everyone is cut out to interact with customers. Can you imagine how difficult it would be to teach empathy, considerate listening, patience, and a true desire to help others to new employees? Finding a battery of assessments that reflect your company’s customer service culture can allow hiring managers to be more objective and streamline the hiring process, and overall, reduce costly turnover for CSRs.

The Demand: According to the Bureau of Labor Statistics, employment of CSRs is projected to grow 10 percent from 2014 to 2024, faster than the average for all other occupations.

happycustomerservice Almost 9 out of 10 U.S. consumers say they would pay more to ensure a superior customer experience. Source: Customer Experience Impact Report by Harris Interactive/RightNow

In a digital consumer-centric age, where customer service and product review sites like Angie’s List, Trust Pilot, Yelp, Consumer Reports, Amazon Customer Reviews, Google My Business, Yahoo! Local Reviews, and The Better Business Bureau, keep a watchdog eye out for the consumer, there is no hiding any more. Marketing managers and customer service agents clamor to these sites to try to fix the complaints and thank positive reviewers.

Businesses are also hiring full-time social media strategists to handle customer complaints and negative reviews that pop up on social media sites like Facebook and Twitter. The damage can be catastrophic with users now being able to share negative company reviews to thousands of followers instantly.

Assessments are among the most powerful tools available to HR professionals to make better hires and quantify customer service capabilities. However, you have to know the best practices before your efforts will pay dividends. So PAN, a PSI company, has now compiled The Definitive Guide to hiring CSRsThe guide is based on the 16pf® Competency Report, a powerful and comprehensive assessment tool that focuses on the most important job-related requirements from a framework of 20 universal competencies found across all occupations. The guide will provide you with a representative competency model, a battery of assessments specifically related to customer service, and information about what technologies are available to you to effectively deliver these assessments and report on their results.