It wouldn’t be wrong to modify the saying, ‘The Customer is King’ to ‘The Customer is God’ today! Whether big or small, every business understands the value and significance of a customer. Today, sellers go to a new level of attracting customers and ensuring they remain loyal.
Customer experience is one of the most important factors today to ensure that a company has managed to lock in a customer’s loyalty for a long. Earlier, selling a product or service was of prime concern, but customer experience and feedback are crucial today.
Today, customers have easy access to more options. They want things their way and expect companies to cater to their expectations. Companies try hard to put the customer’s needs and experience as their top priorities.
Here are some customer experience stats that every customer-centric brand must know to ramp up their game.
Customer Experience Stats Highlights
- About 65% of consumers opined that they felt an encouraging experience with brands.
- Positive experiences with a company will be shared among six or more people by 72% of customers.
- One in three customers may leave a brand because of a bad experience, and 92% will permanently dissociate with a brand after two or three consecutive lousy experiences.
- 86% of customers are happy to pay more for an excellent customer experience.
- Due to customer experience issues, US businesses lose about $35.33B yearly.
On This Page
- 1 5 Jaw-Dropping Customer Experience Statistics
- 1.1 About 65% of consumers relished a joyful experience with brands.
- 1.2 About 72% of customers share their positive experience with a company among six or more people.
- 1.3 92% of customers will permanently disassociate from a brand if they face two or three bad experiences.
- 1.4 86% of customers are happy to pay more for an excellent customer experience.
- 1.5 Yearly, US businesses lost about $35.33B because of customer experience issues.
- 1.6 Conclusion:
5 Jaw-Dropping Customer Experience Statistics
About 65% of consumers relished a joyful experience with brands.
Customer experience is critical for a brand’s success, and it is not all a secret now. A customer should experience the feeling of attention and appreciation, which will create a long-standing positive impact on the brand. As to 65% of customers, brands have more influence than advertisements, and they felt a positive experience while dealing with such brands. Because of that, brand loyalty will increase, which will have more influence than advertisements.
If the consumer experiences are good, the opinion will spread like wildfire. About 72% of people spread the news among more than six people, as per a survey by Esteban Kolsky. In the meantime, 13% of the consumers share their bad experiences with more than 15 people. It is a critical thing that, many a time, the customer won’t air their displeasure. The stats say one out of 26 customers registers their displeasure. Ultimately, the customer’s bad experience will gradually spoil the business.
92% of customers will permanently disassociate from a brand if they face two or three bad experiences.
One out of three customers may say goodbye to the brand because of a bad experience. But 92% of customers may continue with the brand until they confront two or three consecutive bad experiences. In the changing world, brands cannot expect more patience from consumers, and poor customer experience will be a reason for dumping the brand without a second thought. Price is not the only factor that can hold the customer towards a brand, but customer service and experience play a crucial role in maintaining brand loyalty.
86% of customers are happy to pay more for an excellent customer experience.
Low price or competitive pricing is not the only winning factor that makes customers stay glued to a brand. As long as the consumer can get efficient and attentive customer service, more than 86% percentage consumers are happy to pay more. As per another survey, 61% of consumers are ready to pay 5% more if they get attentive customer service. So, the brand image and how expensive it could only stay for a long time if there is a satisfying customer experience.
Yearly, US businesses lost about $35.33B because of customer experience issues.
Bad and arrogant customer service can gradually kill any brand. That is why companies invest their money and effort in boosting customer experience. To enhance the customer experience, about 88% of companies focus on customer experience in service desks, where customers directly contact the company executives online or offline. If the customer interaction is promising and radiates a feeling of being heard and appreciated, it will make the customers happy.
Exceptional customer experience is crucial to lock in a customer’s loyalty to a brand. The impact of a good customer experience can be better understood with the following stats:
- Today 86% of brands compete against one another based on customer experience.
- 87% of high-profile businesses in the US and UK acknowledge customer experience as a leading factor in their growth, but only 1 out of 3 are ready to address it.
- The Customer Experience Market reached $2.9B in 2021 and is expected to grow by another 15% in the coming decade.
- 73% of customers believed that a good customer experience helps drive their buying decision.
Conclusion:
These are some eye-opening statistics proving how a good customer experience is crucial for any company to increase its sales, reputation, and brand value. Even small businesses with good customer support have reported a marked increase in sales. Brands’ digitalization and social media presence are critical factors in attracting customers and ensuring their loyalty.
Sources:
https://www.pwc.com/future-of-cx
https://www.grandviewresearch.com/industry-analysis/customer-experience-management-market
