Well-established customer communication should be key for SMEs. If you do not know how to communicate with the customer, you can lose a lot. According to a survey, American companies lose more than $62 billion each year due to poor customer service. What other numbers and results regarding customer support did the research show?
Help Scout has put together exactly 75 facts, quotes, and statistics on customer service on its website and has been looking for answers to the question of how any company can bring the best to its clients. Are you interested in specific numbers? Then you have come to the right place, we have selected the most interesting facts and figures for you!
Loss of good name and money
- US companies lose more than $62 billion a year due to poor customer service.
- An average American shares a bad customer experience with 15 people (however, only 11 people learn about a good one).
Transition to competition
- More than 50% of Americans have canceled a planned purchase or transaction because of poor customer service.
- One bad experience with customer support is enough for one in three Americans to start thinking about leaving for the competition.
- If the buying process is too difficult, about 74% of people decide to change the brand.
- 51% of customers only need one negative experience and will never buy from the company again.
- If the company does not respect the customer, it is a reason for them to leave.
Quality customer service pays off
- 7 in 10 US customers said they have spent more money with companies providing a great experience.
- If you can increase your customer retention rate by 5%, you’ll increase your profits by 25% to 95%.
- Millennials are willing to spend the most for excellent customer care (21% more) of all the groups surveyed.
- For companies with annual revenues of $1 billion that managed to slightly improve the quality of customer service, the stores generated an average revenue increase of $823 million over three years.
A satisfied customer is a good customer
- Winning a new customer is 5-25 times more expensive than keeping an existing one.
- To 64% of people, a good customer experience with the company is more important than their prices.
- 77% of customers decide to recommend a product to friends after a positive experience with the company.
- Americans on social media are more likely to share good news (53%) than bad experiences (35%).
What satisfied customers expect from the company
- Customers expect businesses to respond to emails within one hour.
- Customers expect businesses to respond to their chat within 45 seconds.
- Millennials prefer chat to other communication channels.
- Customers will wait an average of 11 minutes before hanging up.
- 75% of customers expect online help within 5 minutes.
Poor customer support can deprive you of clients, lots of money, and your reputation. Do you really want to risk it? If you are looking for a cheaper solution than a regular employee, use our services and delegate customer service to the myTimi virtual assistant.