We all know how frustrating it can be to deal with companies whose complex requirements and convoluted customer service leave something to be desired, overloading the average customer with extra paperwork, fees, long customer service holds, and even spam communications. This has been termed the “Annoyance Economy” in a report by Groundwork Collaborative, which details how frazzling and detrimental this phenomenon can be.
“Annoyance Economy” Wastes Customers’ Time and Money
According to a report by Groundwork Collaborative, the “Annoyance Economy” is composed of a variety of frustrations we regularly navigate, including extra fees, paperwork, long customer service holds, subscription issues, and spam communications.
The report shares that “each year, the Annoyance Economy costs American families at least $165 billion in wasted time and lost money — an amount greater than the GDP of 14 U.S. states — according to our calculations.” It also says that, “over the past two decades, time spent on the phone with customer service is up 60%.”
The report states that sometimes these steps are due to complex or possibly outdated processes to complete administrative tasks but, at other times, industries may create extra steps to purposely retain customers, such as by making it difficult to unsubscribe from a service.
These inefficiencies may help companies retain customers in the short term, but they do a disservice to both their customers and themselves by devaluing customer relationships, which should instead be nurtured through respectful practices.
How CBE Prioritizes Customers Through Efficient Customer Service
At CBE, we know that customers’ time is important and we value that by prioritizing efficient interactions. Our expert live voice agents capably and compassionately guide customers through the payment process, helping customers get back on track and back to their day as soon as possible. Our agents are assisted by AI-powered software, which helps them resolve customer issues more quickly.
We also value customers’ time by offering automated payment options – both our Smart IVR and online payment portal are available 24/7, ready to assist customers at a time that works for them.