8 out of 10 is only just good enough!

 

Whiskers may have bragged that 8 out of 10 cats prefer it, but in today’s world that simply ain’t quite good enough!

 

We’re often challenged by clients to prove that investing in Customer Experience delivers a significant return on investment. Fair challenge. So let’s think about the potential commercial benefits in terms of Loyalty, Advocacy, Trust and Reputation. And let’s think simply:

 

Loyalty – existing customers continue to buy and potentially buy more

Recommendation – existing customers talk positively influence potential customers to buy from you

Trust – people who want to buy from you feel safe confident doing so and are more inclined to buy new products/services from you, they believe that if something goes wrong you will sort it

Reputation – existing and potential customers have a positive perception of you and are more inclined to buy when the need arises or talk about you positively

 

All good – £+!

 

Organisations who’s customers rate you 9 or 10 out of 10, get exceptionally strong commercial benefits:

 

Loyalty – 96%

Recommendation – 91%

Trust – 96%

Reputation – 85%

 

But as you slide down that customer satisfaction scale, at some point those levels of commercial benefit are reduced by HALF. And most people guess that happens at between 5 and 7 out of 10 – most customers are happy, right? Maybe, but its cost you dear.

 

The commercial benefits are halved at between 8 and 8.9 out of 10 – organisations rated by customers at that level demonstrate:

 

Loyalty – 66%

Recommendation – 46%

Trust – 48%

Reputation – 36%

 

Food for thought?

 

If you’d like to talk about how you make the step from where you are now to consistently achieving customer satisfaction at 9 out of 10 and over or you’d like to work through the commercial benefits for you, get in touch, we’d love to help.

 

Contact Us 

 

Data from Institute of Customer Service UKCSI