The year 2023 has brought about significant changes and advancements in knowledge management. With artificial intelligence and machine learning gaining immense popularity, businesses can leverage these tools to gain valuable insights to drive growth and success.
It is no secret that knowledge is power, and businesses prioritizing knowledge management have a significant advantage over their competitors. This blog will explore some of the most impressive knowledge management statistics in 2023 and how they shape the business landscape.
8 Knowledge Management Statistics To Know In 2023
1. Customers Want Improved Website Search Functionality
A study by Oracle found that 36% of customers believe that companies should improve their website search functionality and usability. This highlights the importance of delivering a strong search engine that can provide accurate and relevant results. (Source: Oracle)
To make your website search user-friendly and intuitive, you can include predictive search, misspelling correction, and smart filters to improve the user experience.
This is important because:
- A strong website search function can help customers find what they’re looking for seamlessly, improving their satisfaction and engagement
- Poor website search functionality can lead to frustrated customers, increased bounce rates, and lost opportunities for business
- Focusing on website search functionality and usability can enhance the overall customer experience and build brand loyalty
2. Millennials Prefer Search Engines for Customer Service
According to a Salesforce survey, almost 89% of millennials use search engines to find answers before contacting customer service. This underscores the importance of businesses adapting to changing customer behaviors and preferences. (Source: Salesforce Survey)
Here are the key takeaways:
- A strong online presence is crucial to building credible brand value
- Self-service options should be offered for efficient ticket deflection
- Prioritize customer experience to stay ahead of the curve
To provide exceptional customer service, businesses must focus on personalized and efficient support that meets millennials’ needs.
3. Millennials Demand Better Customer Support, Prefer Non-Phone Options
A survey by Salesforce found that nearly two-thirds (67%) of millennials have raised their expectations for customer support in the past year. However, traditional phone support is not their preferred method of contact. (Source: Salesforce)
This means that businesses need to adapt to the preferences of younger generations and provide customer support options that align with their preferences, such as live chat or social media messaging.
Here is why it is important:
- Businesses prioritizing customer satisfaction and offering convenient support options are more likely to attract and retain millennial customers
- Failing to provide adequate support options can result in negative reviews and loss of business
- Understanding and catering to the preferences of different customer segments can improve overall customer satisfaction and loyalty
4. Customers Prefer Self-Service Options Over Phone and Email Support
A recent report by Social Media Today reveals that a majority of customers, 70%, prefer using a company’s website to get answers to their questions rather than reaching out via phone or email. This indicates that customers are increasingly turning to self-service options for support. (Source: Social Media Today)
This trend emphasizes the need for businesses to provide easy-to-use and comprehensive self-service options on their website. This can include FAQs, chatbots, and knowledge bases. This means that:
- Providing self-service options can reduce the volume of customer support requests and free up staff time
- Businesses that offer effective self-service options can improve customer satisfaction by providing quick and easy access to information
- Neglecting to provide self-service options may result in frustrated customers and missed opportunities for engagement and retention
5. Customers Expect Quick and Instant Online Assistance
According to a study by Econsultancy, 31% of customers prefer instant online help, and 40% expect to receive assistance in less than 5 minutes. This highlights the importance of businesses providing quick and efficient support to meet the expectations of their customers. (Source: Econsultancy)
To meet this demand, businesses can implement live chat, chatbots, or self-service options that provide immediate customer responses. They can also ensure that their support staff is trained to provide fast and helpful assistance.
Key points to note:
- Providing quick and efficient support is crucial for improving customer satisfaction and retention
- Delayed or inadequate support can lead to negative customer experiences and harm a business’s reputation
- Businesses prioritizing fast and effective support can gain a competitive advantage and build customer loyalty
6. Website Visitors Often Call for Support, Emphasizing Need for a Strong Knowledge Base
According to a study by Harvard Business Review, 57% of calls to customer support come from customers who visited a company’s website first. This indicates that many customers are not finding the information they need on a company’s website, which can negatively impact business. (Source: Harvard Business Review)
To address this issue, businesses must build a knowledge base with regularly updated content optimized for search. Conducting keyword research can help businesses identify what their customers are searching for and tailor their content accordingly.
This is important because:
- Businesses that provide comprehensive and up-to-date information on their website can reduce the number of customer support calls and improve customer satisfaction
- Failing to provide the information customers need on a website can lead to lost opportunities for engagement and revenue
- A strong knowledge base can enhance the customer experience and increase brand loyalty
7. Need for a dedicated knowledge management platform
A McKinsey Global Institute Report reveals that a robust knowledge management system (KMS) can reduce the time lost in searching for information by up to 35% and even boost organization-wide productivity by 20-25%. (Source: McKinsey)
As organizations grow, so will their need to store, manage, and organize their knowledge. This is where a robust KM platform is a one-stop solution to ensure easy information sharing and accessibility. This is because a dedicated KM platform:
- Acts as a single source of truth for enterprise-wide information
- Ensures a seamless knowledge experience for employees and customers
- Improves CX across channel touchpoints
8. Meeting Customer Expectations Requires an Intuitive Knowledge Base
The high expectations of customers for quick and efficient support, as highlighted by Econsultancy’s report, emphasizes the need for businesses to provide an intuitive knowledge base management system. This is because:
- An intuitive knowledge base can help businesses provide quick and effective support, meeting customers’ expectations
- Providing easy-to-use and comprehensive self-service options can reduce the volume of support requests, saving time and resources
- Personalizing the knowledge base can enhance customer experience, increasing customer satisfaction and loyalty
Knowledge management statistics emphasize the rising importance of achieving consumer expectations for rapid and intuitive online service. Millennials, in particular, want better internet search and non-phone assistance choices. Companies must invest in solid knowledge bases to achieve these demands.
Companies must match customer expectations for immediate online service to be competitive. Website search, an intuitive knowledge base, and non-phone help are needed to serve the evolving needs of customers today and in the future to come.