Get Ahead of the White House’s “Time Is Money” Initiative – Key Consumer Pain Points And How to Address Them Through Your CX Program
Delivering exceptional customer experiences is a fundamental and necessary business practice that also can significantly impact your bottom line – but up until this point, it wasn’t a requirement. The recent “Time is Money” White House initiative, launched just last week, represents a significant escalation of onus on businesses to address subpar customer experiences and comply with these new directives.
Delivering exceptional customer experiences is a fundamental and necessary business practice that also can significantly impact your bottom line – but up until this point, it wasn’t a requirement. The recent “Time is Money” White House initiative, launched just last week, represents a significant escalation of onus on businesses to address subpar customer experiences and comply with these new directives.
In an effort to assist organizations in the process of reevaluating their customer experience platform and conversation intelligence infrastructure – including front-line staff training and backend processes – InMoment conducted a market pulse – a deep dive of consumer sentiment – that combines survey and non-survey data to surface common consumer pain points and provide steps organizations can take to elevate conversational intelligence efforts and get in front of the issues for a competitive advantage – and avoid fines and other costly, negative business impacts.
Key Insights from the Study
- Accessibility to Live Support: 70% of customers struggle to reach a live representative, with 39.6% experiencing this frustration frequently. One in four customers expressed dissatisfaction with long hold times and repeated transfers. This inefficiency drives customers away, leading to increased churn.
- Automated Systems: Nearly 68.5% of customers are dissatisfied with automated customer service, feeling trapped in systems that don’t resolve their issues. A significant one in three customers highlighted the need for smarter, more responsive automation.
- Omnichannel Communication: Customers demand seamless transitions across communication channels, with 94.2% valuing the ability to reach companies through their preferred method. However, nearly one in five customers are frustrated by having to repeat their issues when switching channels.
- Accountability and Transparency: Trust is eroded when promises are broken. One in four customers cited poor follow-up and lack of communication as key frustrations, leading to higher churn rates.
Actionable Strategies to Enhance Customer Experience
Invest in Conversational Intelligence: Elevating your conversational intelligence efforts is becoming more of a necessity in today’s landscape. Use a conversational intelligence software to analyze millions of interactions across call centers, chat, and digital channels to identify and resolve bottlenecks and enhance the contact center experience. By reducing wait times and improving first-call resolution, you can decrease churn by 10% and retain an additional $10 million in revenue annually.
Enhance Automated Systems: Improve your chatbots and phone menus to better understand and address customer needs. The consumer market is evolving – as an example, GenZ is looking for a more self-service, seamless solution – if you aren’t leveraging data to evolve those experiences, you are missing out. A 5% increase in retention due to improved automation can result in $5 million in additional revenue.
Embrace Omnichannel Engagement: Customer centricity is key; as stated above, 70% of customers struggle with live support, and nearly 68.5% feel trapped by automated systems. If your organization isn’t doing whatever you can to learn, gauge insights, and be proactive – millions of dollars of revenue could be at risk. Integrate all customer interactions across channels, including Google Reviews and social media, to ensure seamless service. By doing so, you can reduce churn by 7% and retain $7 million in revenue.
Ensure Accountability: In today’s landscape, consumer trust and accountability are key. Not focusing on these elements can cause your organization to lose loyalty. Creating a proactive closed-loop approach is more important than ever, especially with customer demands changing so rapidly. Implement robust follow-up systems to keep customers informed and fulfill promises. Resolving 95% of complaints within 24 hours can lead to a 12% decrease in churn, retaining $12 million in revenue annually.
The results are clear: brands that fail to address these issues risk losing valuable customers, while those that take proactive steps can secure long-term loyalty and substantial revenue gains.
At InMoment, we don’t just identify problems—we offer the solutions you need to drive real results. Our advanced AI capabilities, combined with actionable insights from customer feedback, empower your brand to take decisive action. By focusing on the entire customer journey, we help you reduce revenue at risk, enhance customer loyalty, and secure long-term growth.
Ready to transform your customer service and see the impact on your bottom line? Contact InMoment today or check out a preview of our platform to learn how we can help you turn insights into actions that drive retention, reduce churn, and protect your revenue.
