It helps grow revenue, maintain customer loyalty, and improve your overall business strategy. ( Grand View Research)Īs you can tell, excellent customer service is a name maker, no matter what your industry. This is a 16.9% year-over-year increase from its value of $6.5 billion in 2019. The customer experience management market worldwide is worth as much as $7.6 billion in 2020. ( Harvard Business Review)ħ2% of companies believe they can use analytics reports to improve the customer experience. ( Bain & Company)Ĩ0% of companies use customer satisfaction scores to analyze customer experience and improve it. ( Khoros)īusinesses can grow revenues between 4% and 8% above their market when prioritizing better customer service experiences. ( Invesp)Ĩ3% of customers agree that they feel more loyal to brands that respond and resolve their complaints.
Investing in new customers is between 5 and 25 times more expensive than retaining existing ones. Consumers who rate a company’s service as “good” are 38% more likely to recommend that company. ( Zendesk)Ī good customer service experience heavily impacts recommendations. Nearly three out of five consumers report that good customer service is vital for them to feel loyalty toward a brand.
Increasing customer retention rates by just 5% can increase profits by between 25% and 95%. If the company’s customer service is excellent, 78% of consumers will do business with them again after a mistake. ( Salesforce Research)ĩ3% of customers are likely to make repeat purchases with companies who offer excellent customer service. ( Bain & Company)Ĩ9% of consumers are more likely to make another purchase after a positive customer service experience. ( Khoros)Īn NPS Promoter score has a customer lifetime value that's 600%-1,400% higher than a Detractor. ( HubSpot)įor 86%, good customer service turns one-time clients into long-term brand champions. Not convinced? Here are a few customer service statistics that serve to emphasize just how paramount excellent customer service can be for your bottom line:Ħ8% of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences. It’s easier to make a sale when your customers feel supported, and word-of-mouth marketing after an extraordinary experience is one of the best pitches on the market. Not only that, but if your customer service team does a fantastic job, it may help boost your other teams’ effectiveness. Not only does it feel good to be helpful, but it is a key differentiator, as the following customer service statistics show.Ĭustomer service, when done well, has just as much impact as a strong sales funnel or excellent marketing efforts. It’s our job every day to make every important aspect of the customer experience a little bit better.” –Jeff BezosĮveryone wants to be known for providing excellent customer service. “We see our customers as invited guests to a party, and we are the hosts.
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