Monday, March 31, 2008

Just Some Statistics from the Web

I continue to scan the web for loyalty data or data that relates to customer loyalty. Since I have several excerpts on my desk with what appears to be well documented data, it is time to log them and get on with some more interesting aspects of customer loyalty.

1. From the Harvard Business Review - The average organization loses 50% of its customers every 5 years. The cost of replacing them can be six to seven times more expensive than winning them in the first place.
2. From ACcenture - 59% of people had actually stopped doing business with companies in the past year due to poor service (based ona survey of 3,500 consumers on five continents).
3. From an annual survey by the National Retail Federationi and IBM - 6% of retailers don't have anyset schedule at all in tracking customer satisfaction (based on a survey of 137 retail firms). Only 10% of retailers measure customer satisfaction on a weekly basis and only 8% do an annual survey.
4. Foresee Results measures online customer loyalty for retail web sites - In 2007 the aggregate customer satisfaction rating fell by 1.3% to 74%. The rating declined for nearly half of 40 online retail retailers due to higher consumer expections (according to Foresee CEO Larry Freed.
5. From Harris Interactive who polled 2,000 mobile phone users - 96% said they wouldn't hesitate to switch carriers to get a better experience. In fact, 72% had already made a switch due to a negative experience.
6. From Amdocs, a call center technology firm in their survey of 2,000 consumers in the US and Britain - four in five consumers were satisfied with their service levels, but one in three said they would switch to another carrier to get better services for mobile games, entertainment and ads.

The bottom line is that there are vast amounts of customer information on the web. There appears to be a consistent message in all the satistics that customers are important and those organizations who measure them and make them an important component of their strategy seem to perform better (financially) than those who do not. This message is pervasive in all industries (at least those industries that I have either worked in or found on the web).

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