Chapter Two The ROI of Great Customer Service

Chapter Two The ROI of Great Customer Service

THE STATS

7 out of 10 U.S. consumers say they’ve spent more money to do business with a company that delivers great service.

THE DATA POINT

Increasing customer retention rates by 5% increases profits anywhere from 25% to 95%

DID YOU KNOW

As a group, Millennials are willing to spend the most (21% additional!) for great customer care

DID YOU KNOW

It is anywhere from 5 to 25 times more expensive to acquire a new customer than it is to keep a current one.

Takeaway: Businesses who prioritize acquisition over retention are missing out in a big way.

FACT

A moderate increase in Customer Experience generates an average revenue increase of $823 million over three years for a company with $1 billion in annual revenues.

THE BRIGHT SIDE

U.S. consumers are willing to spend 17% more to do business with companies that deliver excellent service, up from 14% in 2014.

THE BOTTOM LINE

Great businesses see service not as a cost, but as a sales opportunity.

Takeaway: Service is how great businesses differentiate themselves from competition and earn their customers’ business over and over again.

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