We often talk on this blog about how important it is to shop around when you’re trying to find a mortgage, or when it’s time to apply for a home equity line of credit in Canada. Now, according to the Accenture 2011 Global Consumer Research Study, it seems more consumers are listening. The majority of us are now starting to do our research and shop around, and not just when it comes to mortgages – the same was true across all industries.
The survey questioned participants about the services they used in 2011 – whether it was a bank, a wireless provider, cable service providers, or any other type of customer service industry. The survey asked them if they had switched providers at all during the year, or if they remained loyal to the same company. While the assumption is often that people will stick with the service they’ve signed up for, if for convenience sake then nothing at all, that doesn’t turn out to the case. A whopping two-thirds of respondents said that they had indeed switched service providers; and that they didn’t feel particularly loyal to any company at all. What’s more, they went as far to say that they were “extremely frustrated” with most of the customer service that they had received.
The number one complaint of people in the survey was saying that it angered them the most when “the company delivered something different than what they promised upfront.” This was widely seen when it came to the different sales and marketing practices that companies used, with 65% of study participants saying that they were “extremely frustrated” with the way they were usually presented. Just under that, 64% of respondents, said that they were “extremely frustrated” with the customer service aspects of most companies.
The news might be bad for businesses, at least those that aren’t interested in bringing only the best product and service to their customers, but it’s good news for the economy as a whole. When consumers are willing to do their research before they spend their hard-earned dollars, it forces businesses to become more competitive in all aspects – customer service, marketing tactics, and the products and prices they offer. And whenever businesses are in competition with each other, that’s always good for the consumer.
How does this survey reflect your own habits with your service providers? Are you likely to switch if you’re unhappy with service, or do you feel a general loyalty to the companies you’re currently with?
