7. While the quality of product and service is more important than ever, customer satisfaction can make or break almost any business. This figure represents a 3% increase compared to the customer loyalty research from just two years ago. Likert scale responses for customer service are very flexible and can be used to measure a variety of sentiments; from agreement, to satisfaction, frequency, and desirability. The customer loyalty statistics we presented clearly show one misstep now costs more than many companies are prepared to pay. Consumers increasingly demand tailored experiences to maintain brand loyalty and will abandon businesses that lack personalization. 77% of consumers say they stayed loyal to specific brands for 10 years or more. The biggest correlation between customer experience and increased earnings is with billion dollar software companies, which can make $1 billion over three years with dedication to quality service. The research shows that understanding customers’ needs — and exceeding their expectations — are becoming table stakes for businesses to compete. This makes quality of experience the main driver in brand growth for any type of business, big or small. Useful Resource: How to Create a Customer Loyalty Program to Boost Sales and Increase Retention. Seventy-two percent of consumers and 89% of business buyers say they expect companies to understand their unique needs and expectations, while 66% of consumers say they’re likely to switch brands if they feel treated like a number, not an individual. 14. Let’s get started with a “surprise.” 1. Seventy-two percent of customers share good experiences with others — a full 10% more than those who share the negative. Nearly 50% of customers in the US say brands don’t meet their expectations. In fact, loyal customers are six times more likely to use the same brand if they start selling a product in a whole different category from the one that they started with. 60% of brand-created content is failing to deliver. ©2021 - SmallBizGenius.net All Rights Reserved. All retention stats like this one show how a superior customer experience helps to improve people’s loyalty to a business. Americans share a lot of their positive and negative customer service experiences with others. Predictive, anticipatory service is increasingly the norm. 3. Here are four expectations that are changing the game for companies. 34. Retention marketing includes the tactics and customer retention strategies that brands use to build trust and customer loyalty, stand out from competitors, stay top of mind, and ultimately drive buyers back to their business again. As the number of quality competitors gets higher and higher, there will be fewer chances to come back from a business or a PR mistake. 24. Customers expect connected journeys: Break down your business silos. Customers are 3.7x more likely to view seamless transitions between channels as important versus unimportant. 75% of them believed those platforms are not viable for customer service. Likely one of the most heavily-used referral programs in recent times. 59% of customers say tailored engagement based on past interactions is very important to winning their business. The statistics we compiled here show the true importance of customer loyalty. Findings from the first edition of the “State of the Connected Customer” report. Adding features that are commonly found in games, like virtual rewards and goal-setting, can almost double the levels of customer enjoyment. If customers feel like they are working towards a goal or a reward, they are more likely to stay loyal to a brand and invest even more money into its products. It also serves as a word of caution to those businesses that disregard the importance of customer service. While trust in businesses erodes, trust in family, friend, and colleague recommendations keeps growing. Over 70% of consumers are more likely to recommend a brand if it has a good loyalty program. It is of great importance not to get too comfortable and risk falling behind, even when your business has amassed a great number of loyal customers. 4. These giant digital brands stay on top by building loyalty through different types of products. B2B Commerce B2B Commerce Trends You Weren’t Expecting (but Will Impact Your Business) Andy Peebler. This pushes companies to focus increasingly on customer service. 48% of people expect specialized treatment for being a good customer. Historically, customers have expected basics like quality service and fair pricing — but modern customers have much higher expectations, such as proactive service, personalized interactions, and connected experiences across channels. Build customer loyalty. 38. To help curtail this problem of losing customers, I want to show you the 17 customer retention strategies that work. What’s more, the main reason for customer frustration at 30% is not being able to reach the support staff. Meeting these expectations requires in the first instance a comprehensive, 360-degree view of each customer, so when interactions are initiated there is enough understanding for an accurate response. The probability of selling to an existing customer is 60-70%. Various trademarks held by their respective owners. 80. As a result, they grow to expect this superior experience from any business they engage with. Customer loyalty — and attrition — is determined by every experience. All the latest customer loyalty statistics, however, show that holding on to your existing customers while attracting new ones is becoming increasingly difficult. ... Because they want people to fall in love with their brand, the quality of their products, and the convenience of the purchasing process. This website uses cookies to improve your experience. In 2018, the top three brands by customer loyalty were Amazon, Google, and Apple. For a company to effectively predict and prescribe actions for their customers, the ability to both manage existing customer data effectively and deploy new machine learning algorithms to make predictions is increasingly important. Business buyers’ expectations mirror consumer expectations for company interactions. 77% of consumers say they favor brands that ask for and accept customer feedback. Businesses lost $75 billion in revenue due to poor customer service in 2018. So, companies that fall behind on technological innovation are bound to be forgotten. People are increasingly willing to abandon and change brands when there are multiple quality solutions out there. How to Create a Customer-Centric Experience, The New Rules of Customer Engagement: Key Trends From Global Research. And it will lead to a completely new age of brand loyalty. This was the second most common answer, only below “Quick and easy checkout” in the same product loyalty research, which stood at a high 83%. Accept Find out more, 40 Amazing Customer Loyalty Statistics in 2021, , however, show that holding on to your existing customers while attracting new ones is becoming increasingly difficult. 95% of loyalty program members want to engage with their brand’s program through new and emerging technologies. Further, many consumers are more committed to retailers that are purpose-driven, whether that means being … At first glance, a statistic like this one seems strange, as people assumed technology would resolve these issues. Any decision on organizational structure changes must have at its core the ability for the company to deliver a seamless experience for the customer, regardless of the challenges behind the scenes. 1. 19. About 80% of businesses still rely on email marketing to assist with maintaining their client retention rate. But don’t fall into the trap of assuming the traits your target customers share. It is no surprise then that over 78% of people surveyed believed that brands should not be able to use their personal data to market different things to them. Similarly, offering a poor quality product remains the top reason why customers abandon the brand. The majority of consumers think many world-leading brands create only clutter content that has little impact on their lives. The same study found that only 30% of customers felt companies made that connection with them in 2018. Rewarding customers for their loyalty in a meaningful way should therefore be one of the top priorities of any business. 75% of consumers expect brands to make more of a contribution to their well-being and quality of life. That’s why we’re seeing a sharp increase in politicized ads across all industries. If you’re ever wondering what is the most direct cause of customer loyalty, this is the one answer that’s always been true. The Pareto Principle shows 80% of your profits come from just 20% of customers. In fact, seven out of ten consumers say they spend more money with a business that delivers great service. This trend shows brands have recently started pushing for loyalty as a way to offset the costs of customer acquisition. Loyalty program statistics and trends show how essential these services are for brands and businesses around the world. Offer customer … 1. 2. Third-party websites that rate and review businesses are also increasingly used for getting further information about their practices and service quality. A deeper look, however, reveals a growing concern that the levels of personalized experiences that customers demand are not something they can achieve with current technology. Some of the most prominent brands are still being cherished, but most of the others are quite simply dispensable. The rapid evolution of customer expectations is made clear when we compare the millennial approach to that of baby boomers and traditionalists, for whom only 41% are willing to share data for personalized shopping experiences. 93% of consumers are more likely to make repeat purchases at companies with excellent customer service. Read more about the impact on business innovation. As connectivity becomes ubiquitous and customers grow used to conversational interactions with brands, immediacy has become vital. Two-thirds of customers will even pay a premium to companies that offer superior experiences, thereby introducing not just competitive differentiation, but increased or even new revenue streams. 1. 70% of customers say understanding how they use products and services is very important to winning their business. We'll assume you're ok with this, but you can opt-out if you wish. Whether your company meets or misses customer expectations, research shows there’s an impact on the bottom line. See what it takes to meet customers’ changing expectations. There is a considerable opportunity for brands that are able to interact on an individual basis with customers — from personalizing marketing journeys, to providing informed and unique customer care, to better understanding a customer’s unique needs. Your satisfied customers will make more purchases and even serve as promoters who make recommendations to their friends, making them extremely valuable. 8. 56% of programs employ game mechanics in their loyalty programs. 87% of Americans are willing to have various details of their activity tracked in exchange for more personalized rewards and brand experiences. Seventy-five percent of consumers expect consistent experiences across multiple channels (web, mobile, in-person, social), with 73% likely to switch brands if they don’t get it. 30. 10. Consumers and business buyers alike seek differentiated experiences based on trust and understanding, and will shop around to find them. The same research found that 68% of consumers will view brands more favorably if they offer or contact them with proactive customer service notifications. These statistics clearly show the true importance of keeping your business visible on the internet at all times. © Copyright 2021 Salesforce.com, inc. All rights reserved. Instead, they rely on word-of-mouth recommendations. Customers expect innovation: Keep pushing the limits. 59% of customers (including 63% of consumers) believe their personal information is vulnerable to a security breach. [Click to tweet]. (Qualtrics XM Institute) 27. All branding statistics from the research done by Microsoft show just how powerful customer service can prove to be for any business out there. For many companies, several different departments clamour to own the customer, with marketing, sales, and service being three of the most common. 29. As customers look to the future, they increasingly expect companies to leverage their data to provide anticipatory services. A billion dollar company will earn $775 million over three years on average due to quality customer experience. Vilfredo Pareto’s 80/20 principle works amazingly well with sales and marketing, even a hundred years after its discovery. As disruptive companies leverage breakthroughs in cloud, mobile, social, and artificial intelligence technology to deliver personalized, valuable, and immediate experiences, customers have more choices than ever. So much so that 77% of people are more likely to continue using a brand’s services if it has a loyalty program. Revenues for businesses that prioritize customer service rise 4-8% above their market. In 2014, this number was at 67%, which indicates that US businesses have realized the advantages that quality service offers. Why exceeding customer expectations is critical. To win hearts and wallets, companies must not only deliver amazing marketing, sales, ecommerce, and service interactions, but also prove that they have the customers’ best interests in mind. Globally, 67% of consumers feel like customer service is improving. They often go out of their way to buy from them. People are very interested in engaging with brands through Virtual Reality, Augmented Reality, chatbots, wearables, biometrics, and so on. The research shows existing customers are much more valuable than new prospects. Privacy is slowly but surely becoming the priority issue for customers in the US. In fact, customer satisfaction statistics show the average American consumer is even more likely to tell 15 others about a negative experience they had with a business. To help paint a better picture of the current state of the relationship between the retail industry and its customers, we dug deep into the available statistics and research to bring you over 40 of the most incredible customer loyalty statistics in 2021. 4. As the millennial generation becomes more powerful in the marketplace, the issue will only become more pressing — 66% of millennial consumers expect real-time responses and interactions, versus just 62% of baby boomers and traditionalists. For businesses, there’s more focus than ever on going beyond the expected product or service to deliver a customer experience that truly differentiates. Video is King – 30+ Video Marketing Statistics in 2021, Under the Influence – 80+ Influencer Marketing Statistics (Infographic), The 45 Most Important Advertising Statistics of 2021. What’s more, the future is only going to get more complex with the emergence of new, disruptive technologies. Almost two thirds of buyers surveyed could not even recall the last time a brand exceeded their expectations, while a staggering 87% of marketers believed they deliver an engaging customer experience. You need to measure customer satisfaction in order to improve it. 90.2% of US consumers feel equally or more loyal to a brand than they were a year ago. Save my name, email, and website in this browser for the next time I comment. The 85% of shoppers who increased their use of curbside pickup during the pandemic, for example, won’t easily return to in-store shopping if it is inconvenient. In fact, loyalty statistics data proves that the probability of selling a product to a new customer stays at a low 5-20%. This very much indicates that following the latest emerging technologies trends and integrating them with your brand can prove to be extremely valuable. This brand statistics research shows there is a huge opportunity for smarter businesses to attract new customers and keep them loyal to their brand. 35. In an era of plentiful great choices, the quality of the product is becoming less and less impactful compared to the quality of customer service and user recommendations.Â, The internet has allowed many businesses and products to become successful without ever investing into advertising. Never before have people had this much influence on what others will buy or use, which makes customer retention and loyalty more important than ever. A third of people surveyed said they left a brand for that exact reason, which shows the potential for revenue that customized services really have. In this context, the experience a company offers is increasingly its differentiator. 13. Brands which are meaningful and viewed as making the world a better place outperform the stock market by 134%. Consumers who rate a company’s service as “good” are 38% more likely to recommend that company. Given the imperative for companies to deploy artificial intelligence algorithms to meet anticipated customer expectations, it’s fortunate that customer stances on sharing their personal data are softening. 28. If you lose a customer, you’ve wasted 7x the resources used in converting them. 86% of customers say an emotional connection with a customer service agent would make them continue to do business with the company. 66% of customers say it takes more for a company to impress them with new products and services than ever before. [Click to tweet]. 15. Having actual quality content will prove to be a huge advantage in coming years. 22. 37. The first edition of the “State of the Connected Customer” report polled 7,000 consumers and business buyers to learn exactly what those new expectations are — and how business leaders should repurpose their companies to respond. 12. But while expectations for personalized, connected experiences are soaring, trust in companies to responsibly handle the data they require is bottoming out. A third of people will say they are loyal customers after three purchases, while only 12% will consider themselves brand-loyal after two. People are increasingly comparing a business to the best service they had, no matter the industry. To be clear, Sen. Wicker’s vote to certify the 2020 electoral vote was a vote that showed character, courage, and loyalty to the U.S. Constitution. The research also showed people from around the world still prioritize live-agent support. A good customer service experience heavily impacts recommendations. This represents an increase of $13 billion compared to the research done in 2016 and shows the true importance of customer retention. Delivering personalized experiences drives customer loyalty, with 70% of consumers saying a company’s understanding of their individual needs influences their loyalty, and 69% saying the same of personalized customer care. 56% of customers actively seek to buy from the most innovative companies (that is, those that consistently introduce new products and services based on customer needs and new technology). 9. Everything in the world is rapidly evolving, so consumer expectations and standards are constantly becoming higher and higher. By 2020, 75% of business buyers expect companies that can anticipate their needs and make relevant suggestions before they initiate contact, while 73% expect that products they purchase will self-diagnose issues and automatically order replacement parts or service. Brands that have to navigate the increasingly politicized society are going to tread carefully. Repeat customer statistics prove that people appreciate great service and will gladly recommend it to those close to them. Predictive, anticipatory service is increasingly the norm. 4. But the scope of customer experience is changing, too. More than 50% of Americans have cancelled a purchase because of bad service. 33. With more choice, more access to information, and less incentive to be loyal, today’s customers are firmly in control of their relationships with companies. Customer brand loyalty is big even for millennial consumers. 74% of millenials will switch to a different retailer if they receive poor customer service. The Feedback of Customer Satisfaction. These combined factors alone present glaring problems about how retailers should now use their stores and technologies. 54% of consumers say they’ve had at least one bad customer service experience in the last month. Again, matching expectations will have a considerable impact on customer lifetime value and churn, given 80% of consumers report that immediate responses to requests influence their loyalty to a given brand. 84% of customers say being treated like a person, not a number, is very important to winning their business. [Click to tweet]. 37% of consumers feel they need at least five purchases to consider themselves loyal to a brand. 70% of customers say connected processes — such as seamless handoffs or contextualized engagement based on earlier interactions — are very important to winning their business. [Click to tweet]. As we close out the second decade of the 21st century, the disruption levels in all aspects of the retail industry have never been higher. 57% of customers are uncomfortable with how companies use their personal or business information. Salesforce.com, inc. Salesforce Tower, 415 Mission Street, 3rd Floor, San Francisco, CA 94105, United States. This is why established brands are starting to reward customers for their advocacy in addition to the traditional loyalty programs.Â, Customer actions, such as referring friends, sharing posts, and creating content are becoming more and more important to the brand itself.Â. The research also found that loyalty program members on average belong not just to one, but to nine different ones across multiple industries. The research revealed a wide gap between younger and older people, with customers over 55 having a completely different outlook on social media platforms. In both cases, their successes will become yours and they’re much more likely to fall in love with your brand along the way, increasing customer retention and brand loyalty. Customer retention statistics additionally show 33% of US consumers consider abandoning a business and switching to a competitor after just one instance of bad user experience. This customer loyalty study found a great discrepancy between how customers and marketers view the quality of customer experience. In this era of exponentially disruptive technological change, often referred to as the Fourth Industrial Revolution, products and services that are cutting edge one day are outdated the next. Customers are 2.1x more likely to view personalized offers as important versus unimportant. Customers expect immediate, responsive service. Customers expect data protection: Make trust your priority. Businesses are already responding to this trend by starting to prioritize customer service over product quality and price. What are customer expectations, and how have they changed? Is the best solution a radical increase in headcount in customer-facing departments, or the deployment of chatbots and other AI-powered technology? 2. Loyalty program stats like this one show an engaging brand is a loved brand. Two thirds of these loyalty programs come from high-frequency businesses like groceries and drugstores. 50% of US consumers have left a brand they were loyal to for a competitor that better met their needs. 77% of brands could disappear, and no one would care. This number is high, but it is also significantly lower when compared to gen X and baby boomer consumers, where an estimated 86% and 85% would leave after one bad customer service experience. 31. Customers will share personal data — in exchange for better service. Of all those people, only 40% actually believe brands are contributing to their overall quality of life. By definition, customer expectations are any set of behaviors or actions that individuals anticipate when interacting with a company. For starters, the research found that 76% of customers now report that it’s easier than ever to take their business elsewhere — switching from brand to brand to find an experience that matches their expectations. The Benefits of Customer Retention. 65% of customers aged 18-34 feel social media platforms are an effective channel for customer service. 63% of customers expect companies to provide new products/services more frequently than ever before. 69% of US consumers say customer service is very important when it comes to their loyalty to a brand. Satisfied US customers will share their positive experience with 11 different people. Technology is raising customer expectations at a breakneck pace. 16. For those companies able to deliver this more human touch, the rewards are considerable. 2. 36. Customer loyalty — and attrition — is determined by every experience. If customer satisfaction is the goal, then constant feedback is the best way to improve over time. 69% of US consumers do not trust advertisements. Despite their relatively young age, they already have long-term relationships with brands at the rate of 60%. Nearly three out of five consumers report that good customer service is key for them to feel loyalty toward a brand. Other top answers from the research are a more convenient shopping process at 50%, solving a problem or a question at 45%, and recommending products based on needs at 27%. Customer profiles that are based on guesswork are usually inaccurate. 56% of US consumers are not confident that brands have their best interests in mind when they use, share, or store their personal data. Acquiring new customers has been steadily getting harder. The importance of customer … In this research, “customers” is an aggregate of both consumer and business buyer responses. You shouldn’t allow that happen to your business. Seventy-five percent of consumers expect consistent experiences across multiple channels (web, mobile, in-person, social), with 73% likely to switch brands if they don’t get it. 51% of people cite this very reason, while only 23.5% of loyal customers abandon brands because of poor customer service. All brand loyalty statistics indicate that customers are reacting to the push from businesses to increase their lifetime value by requiring multiple positive purchase experiences to consider themselves loyal. Customers expect a lot from companies, but don’t have faith in them to deliver. Determined by every experience satisfaction in order to improve it that are on... Ok with this, but to nine different ones across multiple industries s service as “ good are! This pushes companies to provide anticipatory services assumed technology would resolve these issues and... Now use their personal or business information are more likely to make more purchases and even serve as promoters make! 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