How to start an $80 billion dollar company in 12 months

Kayla Brehm
Category: Customer Service

Want to start an $80 billion dollar company? Here are some statistics you need to know:

7 out of 10 customers spend more with companies that they believe provide excellent customer service.

Providing a great customer service experience is like handing out coupons at a grocery store. The person may have come for one thing, but make them feel good about buying three or four more, and they’ll do it. The flip side of that is, make them feel frustrated about the simple purchase they tried to make, and they’ll never come back. Ensuring excellent customer service (or not) creates a $184 million swing annually for large companies.

70% of purchasing decisions are based around how the customer feels they are being treated.

If the customer feels valued and treated attentively, they’re more likely to buy something at a store they just walked into (or a website they’re just surfing). If they feel ignored or like a number then they’ll walk out just to prove a point. 7 out of 10 purchases happen because of customer service. Ensure that your team is given the tools to give the best experience possible.

9 out of 10 consumers say they will pay more to ensure superior customer service.

Want to enable your company to charge more? Make sure you have a phenomenal customer service team. Put yourself in a buyer’s shoes: you can pay $20 for dinner and perhaps deal with server who is clueless about the menu and indifferent to you and your needs, or you can pay $60 for a dinner and have a  waiter who is hopefully a rockstar who will suggest items, knows the menu inside and out, and makes the experience stress free and fun. I don’t know about you but that’s not even a question for me.

70% of customers will return if a complaint is resolved in their favor.

This customer statistic can also be read: if you give a refund or replacement on one item, 7 out of 10 people will buy something at full price down the road. Extrapolate that number out and that’s tens of millions of dollars to many businesses. This statistic evokes the Stanley Marcus (of Neiman Marcus) quote: “The road to success is paved with mistakes well-handled.” Empowering your reps to assist the customer seems like a good business decision now, right?

82% of consumers say the number one factor that leads to a great customer service experience is having their issue resolved quickly.

At the end of the day, customer service is simple, 8 out of 10 people will say that customer service is great if it just solves their problem quickly. This is where rep empowerment, callbacks, email follow ups, and streamlined internal processes come into play. Do these things, even some of them, and you will find yourself ahead of your competition when it comes to customer satisfaction and subsequent financial results.

Poor customer experiences result in an estimated $83 billion loss by US enterprises each year because of defections and abandoned purchases.

For context, the dollar amount consumers don’t spend because of bad customer service annually is equivalent to $20 billion more than Starbucks’ market cap (or just over half of Disney’s market cap).

$80 billion is left on the table by companies annually due to bad customer service. Create a superior customer service experience and become the company that takes in that lost revenue.

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