5 Fast Facts about Customer Loyalty

  • 95% of complaining customers will remain loyal if their problems are resolved immediately and to their satisfaction. TARP, Inc. (For help developing a customer recovery strategy designed to restore customer confidence after service failures, visit us here.)
  • On average, companies have a 20-40% chance of selling to lost customers, and only a 5 – 20% probability of selling to new prospects. Marketing Metrics.
  • It costs 4 – 10 times more to win a customer than it does to keep a customer.
  • Long-term customers tend to spend more with a company than new customers (and they are easier to serve than new customers). Bain & Co.

 

  • Unhappy customers will tell approximately 11 people about their experience with a company. TARP, Inc. (In the world of social media, the average disgruntled customer will reach 3000 customers!)

 

To learn how to retain more customers and earn devoted customer loyalty, please visit Myra Golden here.

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myragolden

Myra Golden is an author, trainer and keynote speaker who has been helping companies for over twenty years to improve the customer experience through her customer service training workshops. Myra has a master’s degree in human relations and a bachelor’s degree in psychology, helping her to understand the challenges of developing the best customer experience as it relates to the psychology of the employees. Myra has helped Verizon Business, McDonald’s, Coca-Cola, Michelin Tires, Frito-Lay, Vera Bradley and many others improve the customer experience through her training. She was named one of the Top 10 Customer Service Bloggers by Huffington Post and she is the co-author of Beyond WOW!

One thought on “5 Fast Facts about Customer Loyalty

  1. You know, it’s always seemed very very odd to me that so many companies with monthly fees (phone companies, banks, insurance groups, universities) don’t put forth more effort to “keep their customers”. Especially compared to the folks that look for repeat sales over a lifetime, or cross-sales (Apple, Sony, Toyota). I’d be willing to hypothesize that the businesses with monthly fees and with high barriers to exit (for their customers, like AT&T) don’t fall into the same formula for the cost of keeping a customer happy (that it’s 4-10 times more expensive to win a customer than keep one). Though I wish they did, oh, I wish they did.

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