70% of the Global Fortune 500 companies turned over between 2002 and 2012. Competition is fierce, and if your business isn’t prioritizing customer service – the #1 factor in how much a consumer trusts a company- you may want to reconsider. After all, by the year 2020, customer experience will overtake price and product as the key brand differentiator.

Stats

Here are ten powerful customer experience statistics to keep in mind as you plan for 2015:

1-    94% of customers who have a low-effort service experience will buy from that same company again (CEB)

2-    55% of consumers are willing to pay extra for products and services from companies that are committed to positive social and environmental impact (Nielsen)

3-    62% of organizations view customer experience provided through contact centers as a competitive differentiator  (Deloitte)

4-    92% of organizations that view customer experience as a differentiator offer multiple contact channels (Deloitte)

5-    54% of consumers shared bad experiences with more than 5 people, and 33% shared good experiences with more than 5 people (Dimensional Research)

6-    90% of respondents who recalled reading online reviews claimed that positive online reviews influenced buying decisions, while 86% said buying decisions were influenced by negative online reviews. (Dimensional Research)

7-    It is 6-7 times more costly to attract a new customer than it is to retain an existing customer.  (White House Office of Consumer Affairs)

8-    A 1% improvement in first Call Response = $276,000 in annual operational savings for the average call center (SQM Group)

9-    When companies engage and respond to customer service requests over social media, those customers end up spending 20% to 40% more money with the company. (Bain & Company)

10-   80% of CEOs believe they deliver a superior customer experience, but only 8% of their customers agree.  (Bain & Company)