Time is money. The adage may be old, but it’s hyper-relevant in the fast evolving world of customer care. Connected and empowered by social media, today’s consumers expect brands to offer speedy, personalized help on the channels consumers prefer (i.e., social media).
By quickly fielding and addressing customer inquiries on social, brands can make their most important audience happy, sure, but they can also improve their bottom line. In a big way.
I recently read a Harvard Business Review article that laid out how consumers are willing to spend more when they receive a quick response on social. Here are the numbers HBR arrived at:
My question was, how much does a large brand stand to benefit from quickly responding to customer inquiries? To help find an answer, I referred to the Sprinklr Business Index, a real-time look into how brands are performing on social.
I chose UK grocery chain Tesco as an example, and found that the brand received 72,800 customer posts on social during a recent month. I multiplied that over a year, and assumed that the company responded to a quarter of those messages in under an hour, half of them in under 20 minutes, and the remaining quarter in under five minutes.
The potential increase in spend is staggering: nearly $9 million over just one year.
These numbers are of course hypotheticals, but the lesson is very real. Brands that understand where their customers are, and have the capacity to reach their customers on those channels, can drive a substantial increase in revenue.
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