25 Most Important Customer Experience Statistics
Do you know that you can increase your profits by up to 95% even with the 5% retained customers?
Or that more than half of your customers are willing to pay more if you improve your CX?
In today’s competitive atmosphere, customer experience is more than a buzzword; it is a key differentiator between success and failure. CX is the whole interaction that a customer has with a business and its products. And exactly it’s this exact experience that became the main driver of success for businesses.
But don’t just take our word for it.
We have compiled 25 customer experience statistics so that you can remind to your managers or yourself that in 21 century Elizabeth II is Queen of the United Kingdom while Customer Experience is the king of business success.
Bad Customer service consequences
Sometimes, the most effective way of proving to someone that implementing something is beneficial is by showing what would happen without it. See yourself what a result of a bad customer service can be.
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52% of customers responded that they are extremely or somewhat likely to change brands if a company does not personalize its communication with them. (Salesforce)
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79 % of customers will share their bad experience with a company. (RightNow)
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91% of customers who do not complain simply leave your business. (HuffingtonPost)
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US businesses lose up to $62 billion USD due to the poor customer experience. (NewVoiceMedia)
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39% of customers stay away from vendors after a bad experience for up to 2 years. (Zendesk)
Customer engagement
So, you want to foster brand loyalty but before that, you need an engaged customer. If you are still skeptical about it, then these statistics are exactly for you!
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Fully engaged customer results in 23% more increased profit, revenue and growth potential compared to the average customer. (Gallup)
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Engaged visitors spend 46% more on hotel service compared to disengaged visitors. (AllRoads)
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Engaged customer electronics shoppers visit website 44% more frequently compared to disengaged ones and spend on average 84$ more. (Gallup)
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Engaged policy owners will be 22% more likely to purchase insurance products than the disengaged ones. (AllRoads)
Customer satisfaction
Yes, you got customers engaged but is it where you should stop? Of course not. Today companies are competing on a larger scale and are constantly trying to figure out the ways of making their customers happy when interacting with their business. Why is it so? Well, because…
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Satisfied customers tell 9 people on average about their experience with a company. (Groove)
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Satisfied clients resulted in a 30% increased profitability for a business as they were 80% more likely to renew the services. (Helpscout)
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Increasing customer journey satisfaction will lift the customer satisfaction by up to 20% as well as revenues by 15% while keeping the customer serving cost lower by 20%. (McKinsey)
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Satisfied customers are 14x more likely to buy your product again compared to a new customer. (Groove)
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It takes business 12 positive experiences to compensate for 1 negative experience. (Survicate)
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86% of customers will accept to be charged more for an increased satisfaction. (Groove)
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62% of B2B customers started buying more from the business after a good customer service. (Zendesk)
Customer retention
And if you think that maintaining a customer relationship is less important than establishing a new one, think twice because…
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Businesses that grow their customer retention rates by as little as 5% typically see profit increases ranging from 25% to 95%. (Survicate)
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It costs U.S. businesses $1.6 trillion when a customer leaves their business. (Accenture)
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Retaining customers is from 5-25x less expensive than acquiring a new one. (HarvardBusinessReview)
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Customers pay 67% more on average in their third year with a business than in the first year. (Annexcloud)
-Average value of a lost customer is around $243. (NewMediaAndMarketing)
Customer loyalty
Retaining your customer is not enough for making them loyal. You should continuously ensure maximum satisfaction of your clients so that they become your loyal advocates. After all, the benefits speak for itself.
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Loyal customers are 5x as likely to repurchase a product or forgive a bad experience, 7x as likely to purchase a new offering as well as 4x as likely to refer to a friend or a family member. (Temking Group)
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51% of U.S. customers stay loyal to the businesses that offer the latest products or services. (Accenture)
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Loyal customer buys 30% more items per order compared to a first-time customer. (Adobe)
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Loyal customers on average are worth 10 times as much as their first purchase. (Salesforce)
Improving your customer experience can be tough especially in such a competitive environment. Sometimes it might even be demotivating but keep in mind that investing in the improvement of customer experience will result in your business success.
Keep these statistics bookmarked in your browser so that whenever you will have hard time, the statistics will be there to remind you about the end results!
