The Blake Project, the brand consultancy behind Branding Strategy Insider, delivers interactive brand education workshops and keynote speeches designed to align marketers on essential concepts in brand management and empower them to release the full potential of the brands they manage.
The Ritz – Carlton brand was built on world-class customer service. Its motto, ‘We are Ladies and Gentlemen Serving Ladies and Gentlemen’ is brought to life each day and has powered one of the world’s top brands for meeting and exceeding customer expectations. The following statistics provide more inspiration to know, serve and cherish the customers that help build your brand.
1. It costs 6 times more to attract a new customer than it does to keep an old one – Understanding Customers by Ruby Newell-Legner
2. 89% of Consumers purchase from a competitor following a poor customer experience – Harris Interactive, 2011 Customer Experience Improvement study
3. Only about 4% of dissatisfied customers complain. 96% just go away. Harris Interactive, 2011 Customer Experience Improvement study
4. 50% of Consumers give a brand one week to respond to a service concern before they stop doing business with them. – Harris
5. Only 37% of Brand received “excellent” or “Good” customer experience scores this year – Harris
6. Only 1% of consumers say expectations for good customer experience are always met – Harris
7. US Businesses lose an estimated $83 Billion in sales annually due to poor customer experiences – Parature Customer Service Blog
8. Americans typically tell 24 people about negative customer service, they only tell about 15 people about positive experiences – 2012 American Express Global Customer Service Barometer
9. A 5% increase in customer retention increases profits up to 125% – Bain & Company
10. Probability of selling to an existing customer: 60-70%, Probability of selling to a new one: 5-20% – Marketing Metrics
11. A 2% increase in customer retention has the same effect as decreasing costs by 10% – Leading on the edge of chaos, Emmet Murphy and Mark Murphy
12. It costs 6-7 times more to acquire a new customer than to retain an existing one – Bain & Company
13. Customer Loyalty can be worth 10 times as much as a single purchase – White House Office of Consumer Affairs, Washington, D.C.
14. It takes 12 positive service incidents to make up for a negative one – Understanding Customers by Rudy Newell-Legner
15. Customer profitability increases over the life of a retained customer – Leading on the edge fo Chaos, Emmet Murphy and Mark Murphy
16. 70% of customers will do business with you again if you resolve their complaints – Understanding Customers by Rudy Newell-Legner
17. 73% of Consumers love a brand because of friendly customer service – Harris Interactive, 2011 Customer Experience Improvement study
18. 68% of Customers leave because they think you don’t care about them – Rockefeller Corporation
Eighteen facts — as seen in General Motors’ Renaissance Center HQ lobby in Detroit.