Singapore ranks second in the world where consumers are willing to spend more with companies that provide excellent service. This is according to the first American Express Global Customer Service Barometer conducted in Singapore to explore consumer attitudes and preferences on customer service.
Excellent customer service translates to profit as consumers in Singapore view good service as going the extra mile. They are willing to pay, on average, 14% more for excellent service. Naturally, 51% of consumers still consider value for money as their top concern. However, 20% of consumers value excellent customer service enough to rank it most important in considering a company with which to do business.
Most companies appear to be meeting consumer expectations for service but not making extra effort to please their customers. More than sale or promotion (26%) and the company’s reputation (22%), 35% of consumers indicated their preference to do business with a new company based on positive word-of-mouth recommendations from friends and family.
Poor customer service turns away potential business and pushes prospective customers to their competitors. In fact, 38% of consumers would immediately consider switching to another company after a single poor experience.
Source: American Express® Global Customer Service Barometer