May 2011: Low Hanging Fruit: These Stats Show Opportunities to Best the Competition

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May 17, 2011 by Confero Inc.

  • Unhappy customers talk more than you think.  Customer Service Manager reports that an unsatisfied customer tells 9-15 others about the negative experience. 13% of disgruntled customers tell more than 20 people about their problems.     
  • Seventy percent of Americans will spend more at places that deliver excellent customer service. A majority of respondents (70%) in a recent American Express survey indicated that they are willing to spend 13% more with companies that they feel provide great service. The American Express customer service study also revealed that last year, only 58% of Americans said that they would spend 9% more with companies that provide outstanding customer service. Another eye opening finding: six in ten Americans do not think that companies are placing more emphasis on customer service. The study was completed in February 2011 and the results were released on May 3rd.
  • More customers want mobile banking.  The Financial Brand reported recently that 1 in 10 banking customers in the United States accessed financial services accounts (bank, credit card, brokerage) through a mobile device during the 4th quarter of 2010. This represents a 54% increase in 12 months.
  • Compared to decades ago, restaurant sales comprise significantly more of the total dollars spent on food in the United States.  The Research and Knowledge Group for the National Restaurant Association revealed that the restaurant industry today accounts for 49% of the total food dollars, a significant increase from 25% in 1955.
  • More customers shop with mobile devices. According to the Arc Worldwide, approximately 90% of Americans ages 18 to 64 have a mobile phone. Of these, about 50% use their phones to shop.

Tagged: customer service, retail, food & beverage, banking,

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