During the course of my normal business dealings, I often come across customer satisfaction and customer retention statistics posted by various studies and whitepapers. Some of these stats seem to be common knowledge and don’t surprise me, while others are bold statements and I wonder if they reflect what business owners experience during their every day interactions with their customers.
I thought these interesting statistics would make a good discussion starter. Do you feel these statistics apply to your business? Why or why not?
- Seamless customer experience = Increased Satisfaction = Increased customer retention by 2-8%, resulting in increased revenue and lower acquisition costs
- Improved Issue Resolution = increased customer retention by 15-30%, reducing call backs by 5% or more
- Highly engaged customers deliver a 23% increase in share of wallet
- Engage customers purchase 57% more frequently than disconnected
- 84% of customers who leave do so due to poor service and of these only 4% proactively complain!
- 91% of unhappy customers will not willingly do business with you again.
- 70% of complaining customers will do business with you again if you resolve the complaint in their favor.
- 95% of complaining customers will do business with you again if you resolve the complaint instantly.
If you would like to know more about how the ASK LISTEN RETAIN System or how it can help create customer retention and loyalty, please contact us.