22 really useful customer service stats

22 really useful customer retention stats

68% of customers leave you because they perceive you are indifferent to themhttp://www.retentionofcustomers.com/Customer_Retention_Ideas_Report_DC_Version.htm93% of adult Americans said that a companys reputation for honesty & fairness is extremely important to themGallup poll for the Better Business Bureau 2007

Companies that prioritize the customer experience generate 60% higher profits than their competitorsSources; Gartner Group and Leading on the Edge of Chaos, Emmett C. Murphy and Mark A. Murphy50% of people emphasise the convenience of electronic interaction over face-to-facehttp://www.emarketer.com/Article.aspx?R=1007395

281 million pages featuring customer service ranked by GoogleGoogle results for 8/7/2010

86% of US & European consumers say their trust in corporations has declined over the last 5 yearsCited in A Complaint is a Gift

1.17m pages featuring customer complaints in 2007.

3.36m pages featuring customer complaints in 2010Google results for 8/7/2010

43% of people feel less inhibited about complaining once they get onlinehttp://www.emarketer.com/Article.aspx?R=1007395

satisfied customers tell 9 people how happy they aredissatisfied customers tell 22 people about their bad experienceshttp://www.allbusiness.com/sales/customer-service/1096122-1.html

A commitment to customer experience results in up to 25% more customer retention and revenue than sales or marketing initiativesSources; Gartner Group and Leading on the Edge of Chaos, Emmett C. Murphy and Mark A. Murphy1134 retweets and 3,000+ backlinks (and counting!)of an airline passenger complaint letter, republished by the Telegraph newspaper http://www.telegraph.co.uk/travel/travelnews/4344890/Virgin-the-worlds-best-passenger-complaint-letter.html

A 5% increase in customer retention can increase business profits by 25% - 125%Sources; Gartner Group and Leading on the Edge of Chaos, Emmett C. Murphy and Mark A. Murphy80% of your future profits will come from just 20% of your existing customersSources; Gartner Group and Leading on the Edge of Chaos, Emmett C. Murphy and Mark A. MurphyRepeat customers spend 33% more than new customersLaura Lakethe average dissatisfied customer will tell 11 others about their experienceThe Sydney Entrepreneur CentreResearch shows that for everycenta company spends on improved customer service they see a return on investment of 34% to a massive 400%www.sarocks.co.za6075% of customers will do business with a company again if it deals with a customer service issue fairlyeven if the result is not in their favourwww.sarocks.co.za

If you resolve a complaint quickly & with little fuss on the part of the customer, studies show that 9 out of 10 customers will buy your product or use your service againwww.sarocks.co.za

When MBNA halved its defection rate, profits rose a whopping 125%http://www.ncbi.nlm.nih.gov/pubmed/10107082

A 5% increase in customer retention can increase a company's profitability by 75%http://www.bain.com/bainweb/Consulting_Expertise/capabilities_detail.asp?capID=10262% of service execs have compensation tied to loyalty scoresTwitter @KnowledgeBishop80% of companies believe they deliver a superior customer experience, but only 8% of their customers agree

Bain & Company from Harvard Management UpdateCustomer Thermometer is a 1-click customer feedback tool dedicated to helping businesses improve customer retention. From $17 per month.

Available Fall 2010 from www.customerthermometer.com