Leading companies often conduct surveys with their customers so as to find out where they’re falling down and which aspects of customer service appear to yield the best sales results.
1. HAPPY CUSTOMER ARE MORE LIKELY TO TELL THEIR FRIENDS
On average, happy customers tell nine people about their experiences with a company. If you want referrals through word of mouth and great online reviews, focus on making your customers happy. As research shows, the reward can be exponential.
Source: American Express
2. A SINGLE UNHAPPY CUSTOMER COULD MEAN MORE
For every customer who complains, there are 26 customers who don’t say anything. Often, they’ll simply get fed up and leave. That’s why customers who complain are giving you an extraordinarily valuable gift: insight into what’s probably making many more customers unhappy than just the person who chose to tell you about it.
Source: Lee Resources International
3. HAPPY CUSTOMERS BECOME SALES PEOPLE
When it comes to sales, the probability of selling to an existing happy customer is up to 14x higher than the probability of selling to a new customer.
Source: Marketing Metrics
4. RETENTION WILL UP PROFITS
Businesses that grow their customer retention rates by as little as 5% typically see profit increases ranging from 25% to 95%. Keeping your customers happy doesn’t just let you upsell; it keeps your customers around longer, and massively increases customer lifetime value… and profits.
Source: Bain & Company
5. IF YOU’RE KNOWN, YOU CAN CHARGE MORE
86% of customers will pay more for a better customer experience. With excellent customer service seeming more and more rare these, customers are willing to pay a premium for it. Deliver on that desire, and your customers will be happy to pay higher prices.
Source: American Express
6. NO REALLY, YOU CAN
The previous version of this list cited research that had customers saying they would pay more for customer service. Well, now we can actually back that up with customer behavior. In research on actual customer transactions published in the Harvard Business Review, researchers found that among thousands of customers studied, customers who had the best past experiences spend 140% more compared to those who had the poorest past experience.
7. CONSIDER A LOYALTY PROGRAM
More than half of customers would consider increasing the amount of business they do with a company for a loyalty reward, and 46% already have. It should be clear by now that loyalty can mean a lot to your bottom line. Loyalty programs can be a great way to nurture customer relationships.
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