How much is a customer worth?
Online reviews are a rich source of data that can inspire product development. By looking into what users are saying about similar products we can leverage these experiences into our own knowledge base.
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96% of unhappy customers don’t complain, however 91% of those will simply leave and never come back.
– 1st Financial
It costs 6 – 7 times more to acquire a new customer than retain an existing one.
– Bain & Company
A 2% increase in customer retention has the same effect as decreasing costs by 10%
– Emmet & Mark Murphy
A dissatisfied customer will tell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people.
– White House Office of Consumer Affairs
Happy customers who get their issue resolved tell about 4-6 people about their experience.
– White House Office of Consumer Affairs
A customer is 4 times more likely to defect to a competitor if the problem is service related than price or product related.
– Bain & Company
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