22 really useful customer retention stats

22 really useful customer retention stats

68% of customers

leave you because

they perceive you are indifferent to them

http://www.retentionofcustomers.com/Customer_Retention_Ideas_Report_DC_Version.htm

93% of adult Americans said that a company’s

reputation for honesty & fairness is extremely important to them

Gallup poll for the Better Business Bureau 2007

Companies that prioritize

the customer experience generate

60% higher profits than their competitors

Sources; Gartner Group and “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy

50% of people emphasise the convenience of electronic interaction over face-to-face

http://www.emarketer.com/Article.aspx?R=1007395

281 million pages featuring “customer service” ranked by Google

Google results for 8/7/2010

86% of US & European consumers say

their trust in corporations has declined over the last 5 years

Cited in “A Complaint is a Gift”

1.17m pages featuring “customer

complaints” in 2007.

3.36m pages featuring “customer

complaints” in 2010

Google results for 8/7/2010

43% of people feel less inhibited about complaining once they get online

http://www.emarketer.com/Article.aspx?R=1007395

satisfied customers tell 9 people how happy

they are

dissatisfied customers tell 22 people about

their bad experiences

http://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 initiatives

Sources; Gartner Group and “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy

1134 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. Murphy

80% 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. Murphy

Repeat customers

spend 33% more than new customers

Laura Lake

the average dissatisfied customer will tell

11 others about their experience

The Sydney Entrepreneur Centre

Research shows that for every

centa company spends

on improved customer service they see a return on investment of

34% to a massive 400%

www.sarocks.co.za

60–75% of customers will do business

with a company again if it deals with a customer service issue fairly

even if the result is not in their favour

www.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 again

www.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=102

62% of service execs have compensation tied to

loyalty scores

Twitter @KnowledgeBishop

80% of companies believe they deliver a superior customer experience, but only

8% of their customers agree

Bain & Company from Harvard Management Update

Customer 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