How Does Your Brand Rank? 2017 Customer Loyalty Statistics
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 (Accenture)
- 18% of U.S. consumers confirm that their expectations around brand loyalty have completely changed (Accenture)
- 41% of U.S. consumers said they ditched a company because of poor personalization and lack of trust (Accenture)
- 61% of online shoppers chose receiving surprise perks and discounts as their preferred personalized experience (SAP Hybris)
- 6.5% of millennials considered themselves brand loyal, and those who prefer personalized communications have a 28% higher brand loyalty than those who do not (SmarterHQ)
- 41% of U.S. consumers are loyal to brands that offer them the opportunity to personalize products to create something that is bespoke to them (Accenture)
- 51% of U.S. consumers are loyal to brands that interact with them through their preferred channels of communication (Accenture)
- 81% of U.S. consumers feel loyal to brands that are there when they need them, but otherwise, respect their time and leave them alone (Accenture)
- 85% of U.S. consumers are loyal to brands that safeguard and protect the privacy of their personal information (Accenture)
- 79% of consumers will leave a brand if their personal data is used without their knowledge (SAP Hybris)
- 44% of U.S. consumers are loyal to brands that actively engage them to help design or co-create products or services (Accenture)
- 41% of U.S. consumers are loyal to organizations that present them with new experiences, products or services (Accenture)
- 33% of U.S. consumers are loyal to brands that engage them in “multi-sensory” experiences, using new technologies such as virtual reality or augmented reality (Accenture)
- 23% of U.S. consumers are loyal to brands that partner with celebrities (Accenture)
- 42% of U.S. consumers are loyal to brands that their family and friends do business with (Accenture)
- 78% of consumers report they are retracting loyalty at a faster pace than three years ago (Accenture)
- 37% of U.S. consumers show loyalty to brands that actively support shared causes, such as charities or public campaigns (Accenture)
- 79% of Gen Z would engage with a brand that could help them make a difference (Saatchi New York)
- 39% of U.S. consumers feel loyal to brands that connect them with other providers, giving them the ability to exchange loyalty points or rewards (Accenture)
- 51% of U.S. consumers are loyal to brands that keep them on the cutting edge by consistently offering the latest products and services (Accenture)
- 26% of U.S. consumers think brands should do everything possible to earn their loyalty (Accenture)
- 55% of U.S. consumers express loyalty by recommending the brands and companies they love to family friends (Accenture)
- 43% of U.S. consumers spend more with the brands and companies they are loyal to (Accenture)
- 23% of U.S. consumers feel loyal to organizations that partner with social influencers (Accenture)
- 89% of American consumers say they are loyal to brands that share their values (Wunderman)
- 40% of consumers chose “satisfaction” to describe their experience with brands to which they are loyal (InMoment)
- Eight out of Ten consumers are willing to pay more for better customer experience (Capgemini)
- There was $756 billion this past year in lost retail and brand sales in the U.S. alone, and globally, $2.5 trillion (Accenture)
- 80% of executives feel their brand understands the needs and desires of their consumers, only 15% of consumers agree (Capgemini)
- 24% of employers that have increased educational requirements for their workforce have seen a positive effect on customer loyalty (CareerBuilder)
- 57% of Centennials say quality drives their loyalty to a brand more than any other factor, even more than price (55%), nearly 10% higher than any other generation (Yes Lifecycle Marketing)
- Millennials are more likely than other generations to remain loyal to a brand because of its loyalty rewards (22%) and its company reputation or philosophy (15%) (Yes Lifecycle Marketing)
- 15% of Millennials say points influenced their most recent purchase (Yes Lifecycle Marketing)
- 85% of Gen X consumers report that discounts influenced their last purchase (Yes Lifecycle Marketing)
- Baby boomers led the generations when it comes to factors that drive brand loyalty: Price (62%), Convenience (30%) and Product Variety (21%) (Yes Lifecycle Marketing)
