"It is clear that leading, profitable businesses worldwide share one thing in common - they focus on, listen to, understand and respond to the needs of their customer."
Chairman and CEO of Microsoft Corporation.
“Merely satisfying customers, in markets where competition is intense, is not enough to keep them loyal. The only true loyal customers are totally satisfied customers.”
President and CEO of the Ritz Carlton Hotels.
"There are genuine reasons for concern if the majority of your customers fall into the satisfied category. These customers have reasons for not being completely satisfied."
Ruby Roy Dholakia, Ph.D.,
Professor of Marketing and Director of RITIM.
These established findings are widely recognised and apply to all industries across Australia.
- It costs at least 7 times more to source a new customer than it does to retain an existing one.
- A 'satisfied' customer tells 5-7 people in a year whilst a 'dissatisfied' customer will tell 14-20 people.
- Companies can boost profits anywhere from 25% to 125% by retaining a mere 5% more of their existing customers.
- 'Totally satisfied' customers were 6 times more likely to use that service and recommend it than 'satisfied' customers.
- Customers who have a bad experience with you and do not complain
are only 37% likely to still do business with you.
- Customers who have an opportunity to complain and the complaint
is actioned are 95% likely to still do business with you.