Accenture Report Finds 3.5x Revenue Growth for Companies that View Customer Service as a Value Center

Rhea-AI Summary

New research from Accenture (NYSE: ACN) reveals that companies treating customer service as a value center experience 3.5 times more revenue growth, spending only 50 basis points more on customer service. The study, titled "End-to-Endless Customer Service," surveyed over 2,000 executives and 16,700 consumers across 13 countries. Key opportunities identified include growing trust through proactive service, helping customers maximize product value, and integrating service insights into product development.

Positive

• Companies viewing customer service as a value center achieve 3.5X more revenue growth.
• Higher engagement in service organizations correlates with 10X+ revenue growth in product development.

Negative

• Only 75% of B2B and 66% of B2C customers find proactive service solutions important but under-provided.

NEW YORK--(BUSINESS WIRE)-- New research from Accenture (NYSE: ACN) reveals that companies which view customer service as a value center, rather than as a cost center, achieve 3.5X more revenue growth and these high-growth companies are spending an average of only 50 basis points more of their revenue on customer service.

When customer service is perceived as a value center, revenue growth is higher. (Graphic: Business Wire)

Titled “End-to-Endless Customer Service,” the report insights include sentiment of more than 2,000 executives with customer service responsibilities, surveyed alongside 16,700 consumers and business customers in 13 countries and 14 industries. Through this research, Accenture sought to identify the role of service in driving shared value creation for both customers and businesses.

“For decades, companies developed service strategies that were fixated on cost reduction, which relegated customer interactions to cost drivers. Today, thanks to the abundance of customer data, analytics, and new technologies, service interactions are becoming an essential opportunity to drive value," said Erika Simpson, managing director, Accenture Strategy, Customer Sales and Service. “There is a real need for a full shift in the organizational mindset of companies, to a model that continuously turns customer interactions into predictive insights and meaningful actions that expand trust and drive growth.”

The research and advanced modeling uncovered three key opportunities to activate customer service as a value center. They are:

• Grow Trust with proactive, predictive service: 75% of B2B and 66% of B2C customers indicated that proactive service solutions are important, but less effectively provided. Service organizations can mitigate the severity and frequency of customer-initiated effort by injecting proactive, predictive capabilities into “end-to-endless” service.
• Grow Usage by helping customers get more value: The second most substantial value driver for B2C customers is when service helps them get the most value out of their products. Customer service agents can become trusted advisors to maximize value delivered to customers by providing personalized and contextually relevant strategic advice on how to get the most value from their purchases.
• Grow Possibility by activating service insights in the front office: Companies are seeing 10X+ higher revenue growth the more involved their service organization is in the development of new products. Companies can modify how products and services are developed by integrating insights from the service organization into the product innovation process.

Ultimately, a real end-to-endless customer service will require strategy and technology investments underpinned by a reimaged service experience for customers to maximize the potential value creation opportunity.

“Customers remember the unexpected – both good and bad – and the leaders will be those who reinvent service around shared values with their customers and help deliver good both ways,” said Dr. Edwin Van der Ouderaa, global lead for Customer Sales and Service at Accenture. “The key to a successful customer service strategy is using your data and insights to empower your business to anticipate customer needs and ensure all interactions add value to the customer’s experience.”

The full report is available at www.accenture.com/servicebuzz

About the Research
Accenture set out to understand how businesses can turn customer service into an opportunity for shared value creation for both customers and their product/service providers. From March to June 2021, we surveyed 2,030 company service leaders (defined as executives, including C-level but excluding CEO, who make decisions related to the activities that occur across various customer service channels), 3,428 B2B customers (enterprises and SMBs) and 13,327 B2C consumers across 13 countries (US, UK, Canada, China, Singapore, Germany, Japan, Australia, France, the Netherlands, Brazil, Italy and Spain), and 14 industries, including retail, automotive, consumer goods, retail banking/financial services and high tech. Our Research team used logistic regression analysis to understand the relationship between customer value and their service experiences. To understand the relationship between company revenue growth and its service organization capabilities, we developed a unified scoring algorithm to comprehensively assess companies' customer service organizations.

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.

Copyright © 2022 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture.

This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors. This document refers to marks owned by third parties. All such third-party marks are the property of their respective owners. No sponsorship, endorsement or approval of this content by the owners of such marks is intended, expressed or implied.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220227005046/en/

Alexander Aizenberg

Accenture

+1 917 452 9878

alexander.aizenberg@accenture.com

Source: Accenture

FAQ

What is the revenue growth potential for companies prioritizing customer service according to Accenture?

Companies viewing customer service as a value center can achieve 3.5 times more revenue growth.

How much more do high-growth companies spend on customer service?

High-growth companies spend an average of only 50 basis points more of their revenue on customer service.

What are the key opportunities for improving customer service mentioned in the Accenture report?

The key opportunities include growing trust through proactive service, helping customers maximize product value, and integrating service insights into product development.

When was the Accenture research conducted?

The research was conducted from March to June 2021.

How many executives were surveyed in the Accenture report on customer service?

The report surveyed over 2,000 executives with customer service responsibilities.