mfCEOs Blog Wednesday, April 5, 2017
Client Service

10 reasons why you must keep customers happy

Lesley Daley
Editor, mfCEOs.com. Lesley’s career has encompassed working with organisations of all shapes and sizes, from innovative start-ups through to public sector corporations, NGOs and international blue-chip companies.

Keeping your customers happy and engaged, long after the first sale has been reached, will have a significant impact on your revenue.

Every client needs attention, and servicing an existing client is far easier than selling to a new one.

According to Business Insider, a survey conducted amongst CEOs concluded that creating better customer experiences was their second most important priority, just behind revenue growth.

10 statistics on why you need to pay attention to what makes your customers happy

1.     NGData, “customer retention often is faster and, on average, costs up to seven times less than customer acquisition”

2.     Slideshare, “80% of your future profits will come from just 20% of your existing customers.”

3.     Kolsky, 67% of consumers list bad customer experiences as one of their primary reasons for stopping interacting with a business.

4.     Zendesk, 85% of consumers wanted to warn others about doing business with a company they had a bad experience with.

5.     Harvard Business Review, “23% of customers who had a good customer experience told 10+ people.”

6.      Harvard Business Review, “Providing customers with short tutorials on product features before hanging up can reduce churn by 6%.”

7.     RightNow, “73% of consumers say friendly customer service representatives can make them fall in love with a brand.”

8.     Institute of Customer Service, “10% increase in a company’s customer satisfaction score leads to a 12% increase in trust from customers.”

9.     Temkin Group, “Loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.”

10.  Kolsky, “50% of customers naturally churn every five years. However, only one out of 26 unhappy customers complain; the rest simply churn.”

 

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