9 Stats about Customer Loyalty that will Open Your Eyes
Customer loyalty is a topic that needs to carry more significance within your business, and these statistics will show you why.
Cue eye-opening stats:
- It is 4 times more likely for a customer to swap to a competitor because of a service related issue rather than a price or product related one.
- You are 60-70% likely to sell to an existing customer, in comparison to 5-20% when selling to a new one.
- With every 1 customer complaint, 26 customers who are also unhappy are remaining silent.
- 96% of unsatisfied customers will not complain, 91% of them will simply go to a competitor without a single word or hesitation.
- 80% of your company's future revenue will come from 20% of your existing customers.
- Only a 5% increase in customer retention can increase a company's profitability by 75%, while a 2% increase in customer retention has the same effect as decreasing costs by 10%
- 13% of dissatisfied customers tell more than 20 people
- 55% of customers would pay extra to guarantee a better service
- It costs 67 times more to acquire a new customer than retain an existing one.
Now that you've got those stats in mind, consider one last figure: It takes 12 positive experiences to make up for one unresolved negative experience. So why not get off on the right foot first with exceptional customer service and then let your awesome customer retention strategy turn customers into loyal, raving advocates of your business.
Contact your local Bloomtools Consultant to learn how you can make this a realtiy for your business today.
Sources: Marketing Metrics, Bain & Co, Gartner Group, Lee Resource, Defaqto research, LinkedIn
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