Customer support and success can often get buried behind other business needs like product, marketing, and sales. However, creating a high-level customer experience, retaining customers, and creating loyal advocates, is extremely valuable to any business.
We combed the internet to provide 30 stats that emphasize the importance of prioritizing customer experience. These stats will help you think about how to amplify your agent’s work and up-level CX in your contact center.
If you need buy-in from leadership about your next area of strategic investment, utilize a few (or all) of these statistics to prove why customer experience is a catalyst for business and revenue growth.
30 Customer Experience Statistics that Will Make You Want to Up Your Game
- 75% of organizations are able to show that customer satisfaction leads to revenue growth through increased customer retention or lifetime value.
- Personalization at scale can drive between 5 and 15% revenue growth for companies in the retail, travel, entertainment, telecom, and financial-services sectors.
- A fully engaged customer results in 23% more profit, revenue and growth potential compared to the average customer.
- Experience-driven businesses grew revenue 1.4 times faster and increased customer lifetime value 1.6x more than other companies in the past year.
- Increasing customer retention rates by 5% increase profits anywhere from 25% to 95%.
- Offering a high-quality customer experience can lower the cost of serving customers by up to 33%.
- Companies with the best omnichannel experience for its customers enjoy a 10% year-on-year growth.
A standout customer experience will keep people coming back to you. What’s more, retaining existing customers can be anywhere from 5 to 25 times more economical than acquiring new ones.
Driving customer retention and ensuring your customers receive personalized care is core to a successful contact center model. Customer care can be elevated through omnichannel offerings and a streamlined management system to give customer care representatives the information they need to provide exceptional service.
Negative customer experiences have a huge impact on your bottom line
- 59% of customers in the U.S. will walk away from a company or product after a few bad experiences, while 17% will walk away after just one bad experience.
- 80% of American consumers say the most important factors in a positive customer experience are speed, convenience, knowledgeable help and friendly service.
- Americans tend to mention a good brand experience to an average of nine people, but will talk about a bad one to 16 people.
- It takes 12 positive experiences to repair the damage caused by a single, unresolved negative one.
- It is 6-7 times more costly to acquire a new customer than to maintain an existing one.
- After a bad experience, 30% of consumers tell the company, 50% tell their friends, 15% provide feedback online.
- Around $75B is lost each year due to poor customer service in the United States.
- 67% of customers reported hanging up on an automated system out of frustration at not being able to reach a live person.
Positive customer experiences pay big dividends
- 73% of U.S. consumers point to experience as an important factor in their purchasing decisions, behind price and product quality.
- 43% of consumers would pay more for greater convenience.
- 42% would pay more for a friendly, welcoming experience.
- 65% of U.S. customers find a positive experience with a brand to be more influential than great advertising.
- Positive experiences are particularly influential in healthcare (78%) and banking (75%).
- Customers who had the best past experiences spend 140% more compared to those who had the poorest past experience.
- 86% of buyers will pay more for a great customer experience.
- 71% of people recommend a product or service because they received a “great experience”.
- Loyal customers are 5X more likely to purchase again and 4x more likely to refer a friend to the company.
Emphasizing the customer experience is the path to customer retention and greater spending power from your existing customer base. Customers want convenience, friendliness, and personalization. Technology like Conversational IVR with digital channel augmentation reduces wait times and ensures customers get to the most knowledgeable agent.
A unified CRM that tacks on to existing systems to provide agents comprehensive customer data views allows for better personalization across every touchpoint.
Customer experience is an urgent priority
- More than two-thirds of companies now compete primarily on the basis of customer experience.
- 76% of customers expect companies to understand their needs.
- 63% of consumers say that the best brands are the ones that exceed expectations throughout the customer journey.
- $641B will be spent on CX technologies in 2022, over $130B more than in 2019.
- Companies with initiatives to improve their customer experience see employee engagement increase by 20% on average.
- 64% of companies with a customer-focused CEO believe they are more profitable than their competitors.
Many contact centers believe customer experience should be a top priority, but many have not put the management or technology in place to make that happen. Yet, if you look at the data, the businesses who invest in the customer journey see immediate value.