Good news travels fast — but bad news travels faster
With your business dependent on customer satisfaction, being able to service them regardless of their issue is what sets winning brands apart.
On the flip side, when service is not up to par, damage to the brand can be significant. And businesses are paying attention.
Use these five stats to motivate a deeper look at your Customer Experience (CX) strategy.
1. Americans tell an average of fifteen people about a poor service experience, versus the eleven people they’ll tell about a good experience. (American Express)
Think about the last time you had a great service experience. Did you enjoy it? Did you tell anyone? Perhaps.
Now think of a time you had a terrible service experience. What was your reaction the next time you heard that brand’s name mentioned? The average reaction is probably an eye roll and a few choice comments.
Proper technology can ensure your customer data is at the fingertips of your service staff, ensuring continuity and overall better service.
2. It is anywhere from 5-25 times more expensive to acquire a new customer than it is to keep a current one. (Harvard Business Review)
Businesses leveraging the two technologies together would now be able to harness their data for critical insights and predictions, connect customer touchpoints across their business, and drive brand loyalty and growth.
Offset your costs for acquiring new customers by keeping the ones you already have.
As brands look beyond the initial point of sale and into the potential lifetime of purchases from a customer, having a technology that can scale with your goals is vital.
Additionally, customer insight through tools like Salesforce allow reps to make meaningful up-sell and cross-sell recommendations, actually adding value and not wasting a customer’s time.
3. 58% of customers will refuse to do business with an organization following a negative customer experience and 49% will caution their friends against doing business with the company. (KovaCorp)
This is scary because it’s not just the customer’s business you are losing, but potentially that thereof anyone the disgruntled customer influences. Making sure your service team is armed with the proper tools to keep them competitive is a foundational key to customer success.
4. 72% of businesses say improving customer experience is their top priority. (Forrester)
This is the one time the bandwagon makes sense to jump on. If you don’t offer a competitive sales and service experience, customers will naturally go where the experience is better. When there are similar products and services up for grabs, customers use their experience with the brand as the defining factor for who to do business with.
5. U.S. consumers are willing to spend 17% more to do business with companies that deliver excellent service. (American Express)
Changing the way business is done is not easy, therefore it takes a lot of motivation to initiate action. The easiest way to do that is to show the impact CX can have on revenue.
Customers are willing to spend more for an outstanding service experience. Are you offering one?
Which of these customer experience stats jumped out to you? To learn more, check out the Customer Experience Journey in the guide below.