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
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