From the course: Measuring the Value of Customer Service
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Customer defection
From the course: Measuring the Value of Customer Service
Customer defection
- Poor customer service negatively impacts how your customers behave. A study from Accenture found that of those reporting a bad experience, 97% changed their future buying decisions, 58% stopped buying, 52% switched, and 52% told others not to buy, yikes. Customer have long memories too. Only 32% will ever return. A customer cannot be easily or cheaply replaced. In fact, it's anywhere from five to 25 times more expensive to acquire a new customer than to keep an existing one. Many customer won't tell you when something's gone wrong. They'll just simply not return. But they will tell their friends and family and perhaps post a review. Michael O'Leary, CEO of no-frills Ryanair, says he learned the importance of customer service the hard way. He once dismissed it. "We don't want to hear sob stories. "What part of no refund don't you understand?" That was until he faced huge operating losses and Ryanair was named by one…
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