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.
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Data from Institute of Customer Service UKCSI