call over internet

The ROI of excellent service

Happy customers are engaged and loyal. Many of them act as brand advocates, happily promoting businesses without monetary or incentive compensation. Temkin Group’s customer service statistics showcase that after enjoying a positive experience with a company, 77% of customers would recommend it to a friend. In addition, 72% of customers share their positive experiences with six or more people, which showcases just how impactful a positive customer experience can be.

But that’s not all. Recommendations from friends and family are one of the most potent forms of advertising. Nearly 83% of online respondents in 60 countries say they trust recommendations from friends and family and buy from businesses they recommend.

As you can see, engaged existing customers can bring in new clientele, help you boost brand loyalty, and ultimately generate more revenue. In support of this statement, Rosetta states that engaged customers spend 300% more over the course of a year than non-engaged customers. Moreover, increasing customer retention rates by a mere 5% can increase profitability between 25% to 95%. For the sake of comparison, a 2% increase in customer retention affects the profits the same way as cutting costs by 10%

But engaging your customers isn’t enough. Your employees need to be involved as well so they can create memorable experiences and drive more sales. By increasing employee engagement by just 10%, organizations can increase profits by $2,400 per customer service representative per year.

To showcase the power of engagement and positive experiences further, consider this example; a company with $1 billion annual revenue can increase revenue by $823 million in 3 years with a moderate increase in customer experience. However, to reap the benefits of excellent service, you first need to become a top-performer in NPS by meeting customer service benchmarks and increasing your NPS to 41% or higher.

#PositiveExperiences
#ShareAPositiveExperience

72%

of customers share a positive experience with 6 or more people. Kolsky
Meditator graf man

#CustomerSpending

U.S. companies lose more than

300%

earnings over the course of a year.

Rosetta

300%

#EmployeeEngagement

Organizations can increase profits by

$2,400

per employee per year by increasing employee engagement by just 10%.

IES

$2,400

#CustomerExperience

A company with $1 billion annual revenue can increase revenue by

$823

million in 3 years with a moderate increase in CX.

Temkin Group

$823

#CustomerRetention
#CuttingCosts

a 2%

increase in customer retention affects profits the same way as cutting costs by 10%.

Forbes

Meditator graf woman

#IncreasingRetentionRates

Increasing customer retention rates by

5%

increases profits by 25% to 95%.

Harvard Business Review

5%

#PositiveWord

After having a positive experience with a company,

77%

of customers would recommend it to a friend.

Temkin Group

77%

#NPS

Top-performing brands have an average NPS score of

41%

Rosetta

#CustomerRetention
#Profits

a 5%

increase in customer retention can produce 25% more profit.

Forbes

Meditator graf standing woman

Our website uses cookies. By continuing we assume your permission to deploy cookies as detailed in our privacy and cookies policy.

×
Schedule a one-on-one call and discover how LiveAgent can benefit your business.

We’re available on multiple dates

Schedule a demo