I just wrote a new post for Salesforce called 5 Tips for Decreasing Customer Wait Time That Really Work where I explore ways to minimize the negative effects of wait and hold times on the customer experience.
The post contains some really interesting data that illustrates the financial interest that companies should have in reducing customer wait times. More importantly, the post addresses ways that organizations can reduce customer wait times.
One really interesting piece of research comes from Gad Allon of the Kellogg School of Management. His team was interested in the economic impacts that waiting in line had on the fast food industry.
The study found that each extra second of waiting time at the drive-thru window reduces the amount that customers are prepared to pay for their meals by at least four cents. While this statistic cannot be projected onto all other industries, the concept can be applied in many — customers dislike waiting and they will change their purchase decisions the longer they have to.
For more research on customer wait times and five actionable tips for decreasing it, read the full post on the Salesforce.com blog here!