Source: 7 [download page]
Notes: Almost half of consumers will abandon a company and move to a competitor within one day of having a poor customer service experience if price and products are of equal value, finds 7 in a survey of 1,200 US adults. Among respondents who had ended a business relationships with a company due to a bad service experience, a poor IVR experience was the most-cited reason across generations.
Having to wait too long to talk to a representative on the phone was the second-most cited reason for abandoning the company, with this also consistent across generations.
Separately, the study found that cable and satellite providers have the lowest levels of customer satisfaction and are most susceptible to churn as a result, with 1 in 4 having changed their provider due to poor service. (The poor performance of cable providers is backed up by research from the ACSI and from the Temkin Group.)
Meanwhile, Millennials (18-30) are the most price-sensitive generation, in that they are the most likely to have stuck with a company despite a poor service experience due to it having the best prices.
About the Data: The results are based on a survey of 1,200 US adults conducted by ResearchNow.