10 Insightful Statistics You Need To Know To Motivate Customers
We’re halfway into the year, which is a good time to evaluate how 2019 is shaping up for your business goals and growth. Most likely your business falls into one of many recent customer service statistics that measure the value of customer service. Turns out, that value has serious implications for a business’s bottom line, so the question is, would your business fall into a good statistic or a bad one when it comes to customers’ expectations?
Here are 10 statistics that provide valuable insight into what motivates—or repels—customers today. Which of these statistics would your business be a part of?
1> Loyal customers are 7x as likely to try another service or product from the same business, 5x as likely to buy again, 5x as likely to forgive a mistake, and 4x as likely to refer the service or product to others.
2> 73% of consumers say friendly customer service representatives win them over to a brand.
3> 79% of high-income households are the most likely demographic group to avoid vendors for the longest period (approximately 2+ years) after having a bad customer service experience.
4> 87% of consumers are likely to share their good customer experiences with others, either online or by word of mouth, while 95% were willing to share bad experiences.
5> 88% have been influenced by online reviews when making buying decisions, even if they don’t know the person who left the review.
6> 58% of consumers are willing to spend more with companies that provide excellent customer service.
7> 78% of consumers have bailed on a transaction because of a bad service interaction.
8> Only 19% of businesses report that they have a dedicated customer experience team to manage the experience.
9> Only slightly more than 10% of consumers are willing to hold for over 5 minutes for customer service.
10> U.S. companies lose $136.8 billion per year due to avoidable consumer switching. (lose $136.8 billion per year)
Statistics are like a canary in a coal mine. If you suspect your business is falling into one of the customer service failure statistics, it’s a sign that’s it time to make changes before things become worse. In short, good customer service creates longer-term customer loyalty, while news of bad customer service spreads fast. The businesses that have the strongest competitive edge are those with a plan for consistently and proactively delivering positive customer service experiences.
The friendly call representatives at Voice Link of Columbus, Inc. will help you deliver the excellent level of service your company and customers deserve by managing your calls whenever you need—around the clock, during peak busy hours, or after business hours.
With an 82% referral rate, Voice Link provides live answering services that will exceed your expectations and will keep your customers coming back. Our monthly plans contain no hidden fees and are tailored to suit your unique needs. Request information online or call us at (800) 262-2799 for a free consultation.