Latest news with #MichaelPodolsky
Forbes
5 days ago
- Business
- Forbes
Four Customer Service Trends Every Business Leader Should Know
Michael Podolsky, Cofounder and CEO of PissedConsumer, a review platform that helps consumers be heard and brands improve their service. getty The world of commerce is in a constant state of change and evolution, with technological advancements revolutionizing how brands and consumers interact with breathtaking frequency. It would be unrealistic to think that customer expectations would not follow suit—increasing interconnection and access to information has given consumers greater insight into company practices and products and, with that, an impactful voice that companies need to pay attention to if they are to stay competitive in 2025 and beyond. With the wind blowing more and more in a direction chosen by the consumer, wouldn't it be wise to listen to what they have to say? As I'll get into later, multiple surveys asking for consumers' feedback show just how rapidly consumer preferences are changing—and some reports investigate current consumer experiences with customer support, providing a look into the challenges and opportunities brands face in the race to stay not only relevant but top tier. So, what can we learn from this consumer feedback and customer service data? What four customer service trends in 2025 will matter for businesses? Let's take a look: What should be the basics of good customer service is an extremely common cause for complaint. According to my company's customer service trends report, 58.3% of respondents say that they have received no response whatsoever after reaching out to a company's customer support. It makes me worry that so many businesses drop the ball here. This is not just a common courtesy; the absence of a response is a surefire way to alienate your customer base and send them straight to competitors. A simple acknowledgment does a lot of good work here, but it needs to lead to something more. According to a study commissioned by Forbes Advisor, 48% of consumers say they would spend extra in return for dependable, high-quality customer support—I think this fact alone should be sufficient inspiration to improve customer service. Of course, the quality of customer support is not just measured by manner; outcomes are just as important. I believe that whether a customer's problem was actually fixed will be a stronger determinant of the customer's perception of your company than how polite your customer service was when failing to propose a satisfactory solution. Proper staff training is the answer here. A confident, knowledgeable customer service agent given the freedom to act on their own initiative can propose immediate steps toward a resolution or even fully solve the customer's issue on the spot. Generative AI has transformed how consumers search and interact online. Granted, the efficiencies of AI integration have benefited both sides of the customer service coin in numerous ways. Yet, feedback tells us that consumers remain ambivalent. A recent survey from Euromonitor International found that around 25% of consumers believe fitting product recommendations to be the main advantage of AI in the customer journey. When it comes to troubleshooting and customer service, many customers would still rather explain their issue to a human ear, with almost 65% of respondents in my company's survey sharing that they prefer to contact a brand via phone or email. Now, this isn't necessarily a drawback from the business perspective, as our survey respondents note that a phone call to customer service usually results in a resolution of their issue on the same day. Furthermore, the convenience of email gives space for both sides to consider and compose a response. However, again, many customers still complain that they receive no reply whatsoever after sending an email. The lesson here is that chatbots and AI features should be used to supplement trained call center staff—as an enhancement, not a wholesale replacement. Disgruntled customers can be so irritated by what they perceive as poor handling of their case that they will go out of their way to make sure that others don't find themselves in a similar situation. In fact, research commissioned by Khoros with Forrester Reporting found that 65% of customers have switched to another company because of bad customer service. Needless to say, these individuals will not only abandon a company, but they'll have the potential to cause significant collateral damage, too, if they pen a scathing review of a brand. Brands that put an effort into cultivating an excellent customer experience typically pay close attention to their online reviews and customer service insights, proactively engage with their online criticism and, crucially, train their customer service staff to a level that equips them with the means to properly address customer concerns. What do I think is the key practical takeaway from these customer service statistics? Good customer service is built on connecting with the customer. While the marginal to superlative gains offered by emerging tech and tools are absolutely worthy, they only get real results if supported by an ethos that is learning focused and customer-centric. Put simply, invest in understanding what your customers want and delivering it. Ensure your customer service is available where the customer wants it, engage with them promptly and empower your customer service operation with the knowledge and capability (human and automated) to provide smooth, stress-free customer service solutions. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Yahoo
18-05-2025
- Business
- Yahoo
Trump Says Voters ‘Did Sign Up for' Higher Costs — But Are They Here To Stay? Experts Weigh In
In a recent interview with NBC News, President Donald Trump addressed concerns about rising prices by saying, 'Well, [voters] did sign up for it. … This is what I campaigned on.' Learn More: Try This: His comments highlight a broader question facing American consumers: Are higher costs temporary, or are they the price to be paid for long-term economic gain? From tariffs and wage dynamics to sinking consumer confidence, experts weighed in on why prices remain high and whether they're here to stay. Prices for groceries, gas and basic goods remain stubbornly high, and consumers are feeling it. While inflation has cooled from its 2022 peak, experts said the deeper cost relief could take time due to tariffs, supply chain disruptions and delayed domestic manufacturing gains. 'With inflation already squeezing budgets, everyday consumers face significant financial challenges,' said Michael Podolsky, a consumer advocate and co-founder of He explained that many American consumers lack transparency about how tariffs affect the cost of everyday goods, which fuels frustration and changes shopping habits. Some shoppers, he said, have stopped buying from platforms like Temu, while others are reconsidering Amazon memberships after being surprised by unexpected fees at checkout. 'For households already struggling financially, adapting to these additional costs could take months and further intensify budget pressures,' Podolsky said. Be Aware: On paper, workers are finally getting ahead. In March 2025, inflation stood at 2.4%, while average wages grew by 4.3%, according to USAFacts. This means that real wages, earnings adjusted for inflation, are rising. This trend has continued since early 2024. Still, prices for essentials remain high. According to the latest Consumer Price Index Summary, prices for everyday items increased by 0.2% since March and by 2.3% since last spring. Groceries, housing, gas and medical costs continue to weigh on household budgets. Many consumers are still adjusting to a 'new normal' of elevated base prices and haven't rebuilt the savings or stability lost during recent inflation spikes. These lingering effects may be contributing to declining consumer sentiment. A recent Conference Board survey found that consumer expectations for the future are at a 13-year low. 'Consumer confidence declined for a fifth consecutive month in April, falling to levels not seen since the onset of the COVID[-19] pandemic,' said Stephanie Guichard, senior economist of global indicators at The Conference Board. So even though wage growth is outpacing inflation, the pressure hasn't fully eased. 'Wages that don't increase make rising costs harder to absorb,' said Melanie Musson, a finance expert with Insurance 'When the cost of living increases, wages have to increase, or employers can't recruit and retain employees. As employees are paid more, businesses have to charge more to keep up with wages. It can turn into a vicious cycle.' From groceries to electronics, tariffs quietly raise prices by increasing the cost of doing business. Consumers are often the ones footing the bill, even when the surcharge isn't clearly labeled. 'Prices will go up,' said Nik Agharkar, owner and managing member of Crowne Point Tax. 'This will be gradual, not immediate, because firms order goods from overseas in bulk.' He pointed out that the inventory currently available may not reflect tariffs, but incoming goods will likely priced higher. Despite higher prices, tariffs are unlikely to go away anytime soon, because they're doing exactly what they were designed to do. In fact, the U.S. government collected a record $16.3 billion in customs duties last month, underscoring its financial effectiveness. While consumers can't control tariffs or inflation policy, they can take small steps to stay flexible during this period of uncertainty. Experts said consumers should focus on budgeting, cutting discretionary spending and being strategic about large purchases, especially as price pressures continue to shift across categories. 'Become more strategic with consumption,' said Chris Motola, the special projects editor and financial analyst at National Business Capital. 'This means more utilitarian than status-based purchases, getting more mileage out of the things you already own and taking advantage of loss leaders for groceries.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China 8 Common Mistakes Retirees Make With Their Social Security Checks 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer The 5 Car Brands Named the Least Reliable of 2025 Sources Today, 'Trump says supporters 'did sign up for' higher costs.' Michael Podolsky, USAFacts, 'Are wages keeping up with inflation?' U.S. Bureau of Labor Statistics, 'Consumer Price Index Summary.' The Conference Board, 'US Consumer Confidence Plunged Again in April.' Melanie Musson, Insurance Nik Agharkar, Crowne Point Tax U.S. Department of the Treasury, 'Monthly Treasury Statement.' Chris Motola, National Business Capital This article originally appeared on Trump Says Voters 'Did Sign Up for' Higher Costs — But Are They Here To Stay? Experts Weigh In
Yahoo
18-05-2025
- Business
- Yahoo
Trump Says Voters ‘Did Sign Up for' Higher Costs — But Are They Here To Stay? Experts Weigh In
In a recent interview with NBC News, President Donald Trump addressed concerns about rising prices by saying, 'Well, [voters] did sign up for it. … This is what I campaigned on.' Learn More: Try This: His comments highlight a broader question facing American consumers: Are higher costs temporary, or are they the price to be paid for long-term economic gain? From tariffs and wage dynamics to sinking consumer confidence, experts weighed in on why prices remain high and whether they're here to stay. Prices for groceries, gas and basic goods remain stubbornly high, and consumers are feeling it. While inflation has cooled from its 2022 peak, experts said the deeper cost relief could take time due to tariffs, supply chain disruptions and delayed domestic manufacturing gains. 'With inflation already squeezing budgets, everyday consumers face significant financial challenges,' said Michael Podolsky, a consumer advocate and co-founder of He explained that many American consumers lack transparency about how tariffs affect the cost of everyday goods, which fuels frustration and changes shopping habits. Some shoppers, he said, have stopped buying from platforms like Temu, while others are reconsidering Amazon memberships after being surprised by unexpected fees at checkout. 'For households already struggling financially, adapting to these additional costs could take months and further intensify budget pressures,' Podolsky said. Be Aware: On paper, workers are finally getting ahead. In March 2025, inflation stood at 2.4%, while average wages grew by 4.3%, according to USAFacts. This means that real wages, earnings adjusted for inflation, are rising. This trend has continued since early 2024. Still, prices for essentials remain high. According to the latest Consumer Price Index Summary, prices for everyday items increased by 0.2% since March and by 2.3% since last spring. Groceries, housing, gas and medical costs continue to weigh on household budgets. Many consumers are still adjusting to a 'new normal' of elevated base prices and haven't rebuilt the savings or stability lost during recent inflation spikes. These lingering effects may be contributing to declining consumer sentiment. A recent Conference Board survey found that consumer expectations for the future are at a 13-year low. 'Consumer confidence declined for a fifth consecutive month in April, falling to levels not seen since the onset of the COVID[-19] pandemic,' said Stephanie Guichard, senior economist of global indicators at The Conference Board. So even though wage growth is outpacing inflation, the pressure hasn't fully eased. 'Wages that don't increase make rising costs harder to absorb,' said Melanie Musson, a finance expert with Insurance 'When the cost of living increases, wages have to increase, or employers can't recruit and retain employees. As employees are paid more, businesses have to charge more to keep up with wages. It can turn into a vicious cycle.' From groceries to electronics, tariffs quietly raise prices by increasing the cost of doing business. Consumers are often the ones footing the bill, even when the surcharge isn't clearly labeled. 'Prices will go up,' said Nik Agharkar, owner and managing member of Crowne Point Tax. 'This will be gradual, not immediate, because firms order goods from overseas in bulk.' He pointed out that the inventory currently available may not reflect tariffs, but incoming goods will likely priced higher. Despite higher prices, tariffs are unlikely to go away anytime soon, because they're doing exactly what they were designed to do. In fact, the U.S. government collected a record $16.3 billion in customs duties last month, underscoring its financial effectiveness. While consumers can't control tariffs or inflation policy, they can take small steps to stay flexible during this period of uncertainty. Experts said consumers should focus on budgeting, cutting discretionary spending and being strategic about large purchases, especially as price pressures continue to shift across categories. 'Become more strategic with consumption,' said Chris Motola, the special projects editor and financial analyst at National Business Capital. 'This means more utilitarian than status-based purchases, getting more mileage out of the things you already own and taking advantage of loss leaders for groceries.' Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China 8 Common Mistakes Retirees Make With Their Social Security Checks 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer The 5 Car Brands Named the Least Reliable of 2025 Sources Today, 'Trump says supporters 'did sign up for' higher costs.' Michael Podolsky, USAFacts, 'Are wages keeping up with inflation?' U.S. Bureau of Labor Statistics, 'Consumer Price Index Summary.' The Conference Board, 'US Consumer Confidence Plunged Again in April.' Melanie Musson, Insurance Nik Agharkar, Crowne Point Tax U.S. Department of the Treasury, 'Monthly Treasury Statement.' Chris Motola, National Business Capital This article originally appeared on Trump Says Voters 'Did Sign Up for' Higher Costs — But Are They Here To Stay? 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