Ultimate Collection Of Loyalty Statistics
Of course I can’t personally vouch for the claim made by this headline, but it’s so audacious that I decided to pass the article on nonetheless.
The authors — loyalty program marketers Access Development — report that they’ve recorded every publicly available piece of data they could find regarding customer engagement and loyalty and compiled it in the Ultimate Collection of Loyalty Statistics. Then they observe: “It’s all third-party research, which can be sloppy and biased. Our job is to present the information, not necessarily to make judgments on what is and isn’t useful.”
“Ultimate” or not, it’s a good compendium of what marketers think they know about customer loyalty.
Here are some of the stats that caught my eye:
- 60% of U.S. consumers have not completed an intended purchase based on a poor customer service experience. That translates into an estimated $83 billion in lost sales for U.S. retailers.
- It takes 12 positive customer experiences to negate the poor impression left behind from one unresolved, bad experience.
- 44% of Millennials believe brands say something about who they are, their values and where they fit vs. 36% of Gen Xers and 33% of Baby Boomers.
- A repeat customer spends 67% more than a new one.
- A Totally Satisfied Customer contributes 2.6 times as much revenue as a Somewhat Satisfied Customer.
- 52% of consumers have switched providers in the past year due to poor customer service.
- The estimated cost of customers switching due to poor service is $1.6 trillion.
- Once a provider loses a customer, 68% of consumers will not go back.
- 80% of ‘switchers’ feel the company could have done something to retain them.
I hope the last two ‘factoids’ in particular catch your attention.
Most lost customers (donors as well?) are, well, LOST. They have heaps of choices out there. It’s a cruel, competitive world out there, even in the nonprofit space.
And 4 out of 5 could have been retained!
Time for another plug of Roger’s book, Retention Fundraising.
Tom
One response to “Ultimate Collection Of Loyalty Statistics”
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Okey dokey, Tom. Good information. Even if the factoids aren’t perfect, this should (I wish it would!) shock fundraisers and bosses and boards.
Thanks.