If you can’t persuade your chief financial officer (CFO) and other senior leaders of the value of great customer experience, then scare tactics may be your only option. In other words, you’ll have to show them how poor customer experience can hurt your bottom line — and help that of your competitors. Here are some handy statistics:
Studies suggest that failing to deliver a high-quality customer experience can result in an erosion of your company’s customer base by as much as 50 percent over a five-year period.
After enduring a poor customer experience, 88 percent of consumers do business with a competitor.
Poor customer experience has caused 78 percent of consumers to bail on a transaction.
Given the opportunity, 60 percent of Americans would try a new brand for a better service experience.
Dissatisfied customers are mouthy. Witness: Some 13 percent of dissatisfied customers tell more than 20 people of their bad experience, while 61 percent tell between 5 and 7.