Cost and Impact of Channel Switching
- Channel switching can lead to significant financial losses, with an insurance company saving $141,000 per 500,000 calls by getting just 2 out of 10 customers to self-serve on their website.
- A conservative estimate suggests that a company with an average deal size of $10,000 could lose $120,000 per year in revenue due to a website that's difficult to navigate.
Customer Experience and Behavior
- Customers switching between multiple channels (website, chat, phone, email, Skype) to find information or resolve issues leads to increased frustration and lost business.
- Funneling customers quickly to the information they need on a website, making it easy to find and quick to access, can reduce channel switching and increase sales.
Sales Strategy
- Reducing customer effort in finding information increases the likelihood of them reaching out to buy, potentially boosting conversion rates and revenue.
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