Do you ever give a thought upon the reasons of customers churning out? Well, if you have not then let us tell you. From a big list, one of them is customer dissatisfaction. Unsatisfied customers will leave you. And when they leave they would definitely take the business chunk also.
Several companies have realized that “customer satisfaction” is the ultimate key to Revenue Goldmines. If the customer is happy then, for sure, he will retain and become loyal to your brand. Therefore, companies are now focusing on the new techniques to meet the expectations of the customers with the modern world.
Excellent customer experience will give company an advantage over its competitors. It will generate the sales as well as increase the positive word of mouth. To know what else can make the customers retain with the company, check out the list below.
Customer Retention Statistics you should not miss
According to PWC, companies enjoy 16% price premiums on products and services who provide great customer experience.
Genesys says, in order to have a better service, 1 out of 3 customers would pay more.
B2B decision Maker
Among B2B decision makers, lack of speed in interactions with their suppliers is the number one pain point, mentioned twice as often as price. (Tempkin Group)
Satisfied customers are more likely to upgrade or add services and are less likely to cancel. (Mckinsey)
Customer Services Team
According to Genesys, only 19% of businesses report that they have a dedicated customer experience team to manage the experience.
Bad customer service experience
20% of the people use social media as a medium to tell people when they have a bad customer experience. (New Voice Media)
Online Customer Experience
66% of adults feel that valuing their time is the most important thing a company can do to provide them with good online customer experience. (Forrester)
Customer Purchasing Decision
According to PWC, 73% of all people point to customer experience as an important factor in their purchasing decisions.
1 Bad Experience
32% of all customers would stop doing business with a brand they loved after one bad experience. (PWC)
Word of mouth
47% of consumers would recommend a business to others if it provided better customer service. (New Voice Media)
From all the stats, it has inferred that more you care about customer satisfaction, more will be the retention of your customers. It always cost you less to keep the customers happy as compared to look for the new customers. Therefore, try hard to make your customers satisfied as customer satisfaction will lead to customer retention.