How Does Your Brand Rank? 2017 Customer Loyalty Statistics

May 26, 2018

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A variety of research shows that today’s customers place a priority on receiving exceptional service.

 

A 2011 report published by American Express revealed that 3 out of 5 customers were willing to give up a former favorite brand in order to have a better service experience. Even more telling are the results of the 2010 RightNow Customer Experience Impact report, which revealed that 9 in 10 Americans are willing to spend more with companies they believe provide excellent customer service. Eighty percent of respondents shared the belief that smaller companies place a greater emphasis on service than larger companies, meaning ...

 

small business success is highly dependent on the satisfied customer.

 

The way that small business owners can beat out other nightlife venues isn’t to compete with them on the things they are good at (e.g., low prices, compelling entertainment, etc.); it’s far more important to out-support your competition by providing a level of service that they just can’t match. Exceptional service is the bedrock for creating customer loyalty, and it can come back to haunt you if your business isn’t making it a priority. Below we have gathered the 2017 Customer Loyalty Statistics from various sources. 

 

 

2017 Customer Loyalty Statistics

 

- 82% of U.S. adults are loyal to brands and 84% are loyal to retailers (ICSC)

- 92% of loyal customers rank price and value as the top driver for loyalty to specific retailers, followed by product/quality at 79% and variety/selection at 71% (ICSC)

- 54% of U.S. consumers have switched providers in the past year (Accenture)

- 13% of customers are loyalists, who don’t shop around (McKinsey Research)

- 29% of customers shop around, but ultimately repurchase from the same brand (McKinsey Research)

- 58% of customers switch to a different brand (McKinsey Research)

- 57% of consumers listed “having a negative review unaddressed while continuing to receive offers for similar products” as the top reason they would break up with a brand (Talend)

- 53% of consumers listed a company falling victim to a data breach as a reason for breaking up with a brand (Talend)

- 74% of Millennials would switch to a different retailer if they had poor customer service (ICSC)

- 50% of consumers said they were willing to give a retailer a second and third chance, with 50% abandoning brand loyalty only after the same mistake was made more than twice (SAP Hybris)

- 81% of Americans say businesses are meeting or exceeding their customer service expectations (American Express)

- 40% of Americans say they feel businesses are increasing their focus and attention on service (American Express)

- Consumers spend up to 17% more with companies with excellent service (American Express)

- Millennials were willing to spend up to 21% more with companies for great service (American Express)

- 84% of Millennials say businesses are meeting or exceeding expectations (American Express)

- 82% of satisfied customers will “likely” or “very likely” keep shopping with a company and give it another chance if something goes wrong (MarketingSherpa)

- 40% of satisfied customers will “very likely” keep shopping with a company and give it anotherchance if something goes wrong (MarketingSherpa)

- 42% of satisfied customers will “likely” keep shopping with a company and give it another chance if something goes wrong (MarketingSherpa)

- 86% of Gen Xers and 85% of Baby Boomers would switch retailers immediately if customer service is poor (ICSC)

- 58% of Millennials say they will buy the same brand of products no matter what (ICSC)

- 69% of millennials (ages 18-34) indicate they always or often choose the same brand when making a major purchase vs 58% of Gen-Xers (ages 35-54) and 56% of Boomers (ages 55+) (TD Bank)

- Millennials are more likely than any other generation to say their loyalty to a brand has influenced their most recent purchase (70%) (Yes Lifecycle Marketing)

- 42% of consumers listed not providing live/real-time customer service support as a reason for breaking up with a brand (Talend)

- 50% of U.S. consumers said they switched companies they buy from this year because of poor customer experience (