The digital revolution continues to cause notable changes and shifts in customer attitudes and expectations. While customer service teams are also expected to adapt and rejig their strategies to meet modern needs, it’s always helpful to have facts and figures available to help teams make informed decisions. Right below are some of our top picks for the best customer service facts, statistics, and quotes.
Bad customer service will cost your business dearly!
- 50% of Americans would stop a planned transaction due to poor customer service.
- 33% of Americans say they may switch companies after a single bad service experience.
- Businesses in the US lose about $62 billion yearly due to poor customer service.
- While Americans will tell only 11 people about excellent service experience, they’ll tell 15 people about a poor experience.
Great customer service boosts business profits and revenue!
- 70% of US consumers are likely to spend more on companies with great service delivery.
- A 5% increase in customer retention can boost profits by about 25% to 95%.
- More millennials are willing to spend more if provided with great service.
- Acquiring new customers can be anywhere from five to twenty-five times more expensive than to retain current ones.
What do consumers think?
- Feeling unappreciated would make customers switch companies more than any other reason.
- 77% of consumers would recommend a business to their friends after a positive experience
- 81% of Americans feel like businesses are meeting service expectations today compared to 67% in 2014.
- It is still true that customers remember the service a lot longer than they remember the price.
Lauren Freedman of the E-tailing Group
When it comes to service, going the extra mile pays!
- As much as 75% of consumers would like to reach a live agent faster.
- 61% of US adult consumers would prefer to do business with companies offering consistent customer services online and offline.
- More than 62% of consumers attribute a recent positive experience to the resourcefulness and pleasant nature of a service representative.
- Your customers should not be viewed as problems. They are a part of the solution so you should ask them to be part of it.
Alan Weiss, speaker, and author.
Social media is a great avenue for service!
- 53% of Americans are more likely to post about positive service experiences on social media compared to about 35% who would post about poor experiences.
- The average wait time to engage your customers on social media is nine hours.
- About 35% of customers have reached out to companies on social media compared to just 23% and 17% in 2014 and 2012 respectively.
- Recommendations from friends and colleagues via social media updates are far more likely to result in sales compared to user reviews on platforms like Yelp and Amazon although those are still important too.
Jason Mittelstaedt, Yellowstone Growth Partners
- 54% of customers use email customer service channels last year making it the most commonly used digital service channel.
- Many customers expect email responses under an hour.
- Knowledge bases are the most-used service channels among consumers.
- The single most important thing is to make people happy. If you are making people happy, as a side effect, they will be happy to open up their wallets and pay you.”
Derek Sivers, Founder, CD Baby
- “Customer service shouldn’t just be a department; it should be the entire company.”
Tony Hsieh, Founder, and CEO of Zappos