Customers are willing to pay 10 percent or more to continue buying products or services from companies that deliver great experiences. This is according to a study conducted by Strativity Group from 1,994 surveyed consumers.
While it is a fact that dissatisfied consumers are 10 times more likely to stop buying with the company within the next 12 months, happy customers are 3 times as likely to continue doing business with the company for 10 years. The new findings revealed customers are likely to remember companies that continue offering outstanding customer experience. As a reward, they will go on doing business with them. Not only exceptional experience builds longer business relationships, it makes organizations more profitable.
The study indicated the following key drivers create great customer experiences:
- Quick and effective issue resolution
- Common sense and discretion
- Exceeding expectations
- Ease and simplicity
In addition, the study correlates customer loyalty with the consumers’ satisfaction in these organizational touch points:
- Retail stores
- Written communications
- Call centers
Delivering a great customer experience is not a one-time deal. It is a continuous process requiring real commitment. To succeed, businesses must be able to devise a strategy that will differentiate their brand of customer experience from their competitors.
Data source: Strativity Group