A Customer Saved is a Penny Earned

CUSTOMER SAVED is a PENNY EARNED What happens when brands stop focusing solely on customer acquisition, and start paying attention to customer retention. FANTASY VS. REALITY ONLY 8% of businesses believe they 80% deliver "superior" of customers believe they have experienced SUPERIOR service from those same businesses. customer service. DAMAGE DONE 20% 55% 35% 24% of consumers left a regular service provider due to poor customer service in 2012 lost their temper with a customer service rep in the past year backed out of of those who lost their tempers used social media to talk about a transaction or purchase based on a poor service experience their experiences with that company ON AVERAGE Consumers tell 15 people about GOOD EXPERIENCES, but they tell 24 about their BAD EXPERIENCES $83 $289 The average amount a customer would have spent with a business if only they hadn't left due to poor service BILLION Estimated annual loss to U.S. businesses due to poor customer service E CAUSES OF CUSTOMER DISSATISFACTION @#!x DECEPTION RUDENESS INCOMPETENCY INFLEXIBILITY LATENESS 78% 77% 73% 71% 65% if dealing with unfriendly or impolite customer service when they encounter business policies such as inflexible returns and poor warranties after being left on hold for a long time after having to contact customer of consumers claim they would leave a service service multiple times for the provider if a service delivered is different from what is implied agents same reason IT DOESN'T HAVE TO BE THIS WAY 85% of consumers who have quit a business say they would have remained customers if the 67% 54% would have stayed if their issue WAS RESOLVED DURING THEIR FIRST CONTACT with the business. claim they might have stayed if they WERE REWARDED for doing business with the provider. business had ACTED DIFFERENTLY to prevent them from switching. WHAT CUSTOMERS EXPECT (besides competitively priced products and services which work flawlessly) 73% 46% want ease of access to EASY customer service want to speak with a real person on the phone for difficult inquiries HUMAN 69% want access to faster 38% FAST customer service are satisfied with clear information CLEAR 50% WEBSITE posted to company websites for simple inquiries feel it is extremely important that customer service SUPPORTIVE representatives know their client history based on previous interactions NICE COMPANIES FINISH FIRST IT COSTS 41% 5 TIMES of consumers willing to spend more with a company providing excellent customer AS MUCH TO ACQUIRE NEW 66% CUSTOMERS service prefer to support smaller companies AS IT DOES TO of consumers KEEP THOSE YOU are willing to spend more with a company they believe provides EXCELLENT ALREADY HAVE 9% CUSTOMER SERVICE willing to spend more with larger companies BE NICE TO THE CUSTOMERS YOU HAVE YOU'LL WIN THE CUSTOMERS YOU WANT SOURCES shankman|honig http://www.accenture.com/SitecollectionDocuments/PDF/Accenture-Global- Consumer-Pulse-Research-Study-2012-Key-Findings.pdf http://about.americanexpress.com/news/docs/2012x/axp_2012gcsb_us.pdf http://businessjournalgallup.com/content/7 Genesys, with research firm Greenfield Online and Datamonitor/Ovum analysts: http://www.mediapost.com/publications/article/122502/#axzz2zkaEEfsh http://www.newyorker.com/talk/financial/2010/09/06/100900ta talk surowiecki t/745/constant-customer.aspx WHERE MARKETING MEETS CUSTOMER SERVICE shankmanhonig.com