Marketing

25 Amazing Stats of Customer Service in 2020

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The dynamics of a relationship that is between customers and businesses have been changed dramatically with the pace of time in the last decade. A decade ago customers were more focused on getting products and services at a low price and of high quality. Even the way of advertising the products and services have been changed a lot. Previously ads were more product-oriented, emphasizing the tangible benefits of the product and its high quality. However, now the scenario is completely different, most of the ads today are consumer-oriented, emphasizing the positive experiences that will result from a customer’s use of the product. However, with the help of 25 Stats of Customer Service, we will share some insights that shed light on the significance of customer experience.

25 Stats of Customer Service in 2020

Undoubtedly customers still look for products and services at a better price but they also consider what sort of experience they can get out of it. They look for a brand that can instantly meet their needs and constantly provides value beyond the initial purchase. There are a plethora of ways to make your business more customer-focused. Simply consider the 25 Amazing Stats of Customer Service that can help you in strengthening your customer service strategies.

  • 90% of Americans use customer service as a factor in deciding whether or not to do business with a company. (American Express)
  • Investing in new customers is between 5 and 25 times more expensive than retaining existing ones. (Invesp)
  • 49% of American consumers switched companies last year due to poor customer service. (New Voice Media)
  • 81% of Americans believe that business is either meeting or exceeding their customer service expectations. (American Express)
  • 73% of customers fall in love with a brand and remain loyal because of friendly customer service reps. (RightNow)
  • 68% of customers said the service rep was key to a recent positive service experience. 62% said that this was also due in part to the rep’s knowledge or resourcefulness. (American Express)
  • Consumers are willing to spend 17% more on a company that has outstanding customer service. (American Express)
  • 77% of customers would recommend a brand to a friend after having a single positive experience. (Temkin Group)
  • The No.1 reason customers switch to a new brand is feeling unappreciated. (New Voice Media)
  • 50% of customers have left a brand for a competitor who was able to stay more relevant and better satisfy their needs. (InMoment)
  • It takes 12 positive customer experiences to make up for one negative experience. (Glance)
  • 78% of customers have backed out of purchase due to poor customer experience. (Glance)
  • 54% of customers used email for customer service last year, making it the most used digital channel for customer service. (Forrester)
  • Customers prefer knowledge bases over all other self-service channels. (Forrester)
  • 79% of American internet users are on Facebook, making it the most popular social media platform. (Lyfe Marketing)
  • Millennials prefer live chat for customer service over every other communication channel. (Comm100)
  • 80% of American customers are satisfied with the customer service currently provided by their businesses (American Express).
  • Increasing customer retention rates by just 5% can increase profits by between 25% and 95%. (Bain and Company)
  • Businesses can grow revenues between 4% and 8% above their market when they prioritize better customer service experiences. (Bain & Company)
  • 73% of companies with “above average” customer experiences perform better financially than their competitors. (Temkin Group)
  • 70% of the customer’s journey is based on how the customer feels they are being treated. (McKinsey)
  • Your online conversion rate can improve by roughly 8% when you include personalized consumer experiences. (Trust Pilot)
  • On average, customer service agents only ask for a customer’s name 21% of the time. (Glance)
  • 71% of consumers (age 16 – 24) believe that a quick response from your service team can drastically improve their customer experience. (Comm100)
  • On average, companies that invest in their customer experience also observe an improvement in employee engagement by roughly 20%. (Mckinsey)