This week, we’ll be continuing our conversations about Customer Experience (CX) on the Oracle WebCenter blog. While we all know that customer experience is critically important for acquiring new customers and engendering long term brand loyalty, I thought we could kick this week off by taking a look at the numbers of customer experience. I’m sure you’ll agree that nothing quite puts things into perspective like numbers and figures.
A whopping 86% of consumers say that they are willing to pay more for a better customer experience. But many companies are failing to step up to the challenge. And when companies fail deliver on customer experience expectations, they leave money on the table.
A huge percentage of customers, 89%, begin doing business with a competitor following a poor customer experience. Breaking up isn’t hard to do and today’s empowered customers have no qualms about taking their business elsewhere when their expectations for customer experience are not met.
Over a quarter of consumers, 26%, posted a negative comment on a social networking site like Facebook or Twitter following a poor customer experience. Today, individual customer service failures have the ability to easily snowball. An unsatisfied customer has the ability to easily share their rancor with their entire social network and chip away at your brand’s reputation.
A large number of consumers, 79%, who shared complaints about poor customer experience online had their complaints ignored. Companies ignore customer complaints at their own peril. And unsatisfied customers, when handled effectively, have the potential to become advocates for your brand. Of the 21% of consumers who did get responses to complaints, more than half had positive reactions to the same company about which they were previously complaining.
Half of consumers will give a brand only a week to respond to a question before they stop doing business with them. The clock is ticking when customers have questions about your brand and a week is an eternity in the realm of customer experience.
The source for these stats is the 2011 Customer Experience Impact (CEI) Report, which explores the relationship between consumers and brands. The report is based on a survey commissioned by RightNow (acquired by Oracle in 2012) and conducted by Harris Interactive. If you’re interested in seeing more facts and figures about customer experience, download the full report.