Saturday, July 25, 2015

Amazing Statistics

Here are some customer service statistics that demonstrate the power of a positive customer service experience.  Note each statistic is provided with a reference for its source.  These statistics were compiled by Gigi Peccolo, the Content Manager at OneReach, a consulting firm.
1.   By the year 2020 (coming up fast!), customer service will beat out price and product as the key brand differentiator. (Walker Info)
2.   It’s 6-7 times more expensive to attract a new customer than to keep an existing one. (White House Office of Consumer Affairs)
3.   A 10% increase in customer retention can result in 30% increase in company value. (Bain & Co.)
4.   If customers have a “very good” or “excellent” service experience, 97% of them are “very” or “extremely” likely to tell friends and family about it. (Survey Monkey)
5.   89% of customers will start doing business with a competitor after a negative service experience. (VPI Corp)
6.   82% of customers stopped doing business with a company after a bad customer service experience. (RightNow)
7.   Over 65% of customers say that valuing their time is the most important thing a company can do to provide good online service. (NICE)
8.   Three out of five customers would try a new brand or company in order to get better service. (American Express)
9.   Over 90% of customers who have an effortless service experience with companies will buy from that company again. (CEB)
10.               Only a paltry 1% of customers feel that their expectations of good customer service are always met. (RightNow)
11.               90% of customer service decision makers believe that delivering good customer service is essential to their companies’ success. (Forrester)
12.               58% of customers are willing to spend more with companies that provide a great customer service experience. (American Express)
13.               87% of customers share good service experiences with others. (Zendesk)
14.               Nearly 50% of customers who had a negative service experience have told over 10 people about it. (Harvard Business Review)
15.               73% of consumers say that a friendly customer service rep can make them fall in love with a brand. (RightNow)
16.               74% of customers find a poor customer service experience annoying. (Synthetix)
17.               85% of organizations support multichannel customer service interactions. (Deloitte)
18.               Over 60% of companies think mobile customer service is a competitive differentiator. (ICMI)
19.               90% of customers expect to receive a consistent customer experience across channels. (Synthetix)
20.               74% of customers have spent more in response to good customer service. (American Express)
21.               68% of customers say they’ve switched brands because of bad customer service. (Accenture)
22.               U.S. companies lose approximately $41 billion annually due to bad customer service. (SmartCustomerService)
23.               78% of consumers have bailed on a transaction because of bad customer service. (American Express)
24.               81% of customers are likely to repeat business with a company after a good service experience. (Kissmetrics)
25.               A 5% increase in customer retention can increase profits by up to 125%. (Bain & Co.)

3 comments:

Ram Karthik said...

Good Explanation about Customer Satisfaction. Also Read How Customer Satisfaction is cheaper to retain customers than getting new ones?

Anonymous said...

Another one - "89% of consumers have stopped doing business with a company after experiencing poor customer service. (RightNow Customer Experience Impact Report)". I read some more interesting statistics in a course on customer satisfaction i took as part of a free subscription i took from http://smstudy.com/Subscription/Free-Subscription

AadvikKumar said...

This is really nice. Thanks for sharing this informative article.



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