The document presents various statistics highlighting the importance of customer retention, revealing that 68% of customers leave due to perceived indifference and showing that a 5% increase in retention can lead to a profit increase of 25% to 125%. It emphasizes the significance of addressing customer complaints effectively, with studies indicating that satisfied customers share positive experiences while dissatisfied ones tend to share negatives with more people. Furthermore, it notes that companies that prioritize customer experience generate significantly higher profits than their competitors.

1. 22 really useful customer retention stats

2. 68% of customers leave you because they perceive you are indifferent to themhttp://www.retentionofcustomers.com/Customer_Retention_Ideas_Report_DC_Version.htm

3. 93% of adult Americans said that a company’s reputation for honesty & fairness is extremely important to themGallup poll for the Better Business Bureau 2007

4. Companies that prioritize the customer experiencegenerate 60% higher profitsthan their competitorsSources; Gartner Group and “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy

5. 50% of people emphasise the convenience of electronic interaction over face-to-facehttp://www.emarketer.com/Article.aspx?R=1007395

6. 281 million pages featuring “customer service” ranked by GoogleGoogle results for 8/7/2010

7. 86% of US & European consumers say their trust in corporations has declined over the last 5 yearsCited in “A Complaint is a Gift”

8. 1.17m pages featuring “customer complaints” in 2007. 3.36m pages featuring “customer complaints” in 2010Google results for 8/7/2010

9. 43% of people feel less inhibited about complaining once they get onlinehttp://www.emarketer.com/Article.aspx?R=1007395

10. satisfied customers tell 9 people how happy they aredissatisfied customers tell 22 people about their bad experienceshttp://www.allbusiness.com/sales/customer-service/1096122-1.html

11. A commitment to customer experience results in up to 25% more customer retention and revenuethan sales or marketing initiativesSources; Gartner Group and “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy

12. 1134 retweets and 3,000+ backlinks(and counting!)of an airline passenger complaint letter, republished by the Telegraph newspaper http://www.telegraph.co.uk/travel/travelnews/4344890/Virgin-the-worlds-best-passenger-complaint-letter.html

13. A 5% increase in customer retention can increase business profits by25% - 125%Sources; Gartner Group and “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy

14. 80% of your future profitswill come from just 20% of your existing customersSources; Gartner Group and “Leading on the Edge of Chaos”, Emmett C. Murphy and Mark A. Murphy

15. Repeat customers spend 33% more than new customersLaura Lake

16. the average dissatisfied customer will tell 11 others about their experienceThe Sydney Entrepreneur Centre

17. Research shows that for everycenta company spends on improved customer service they see a return on investment of 34% to a massive 400%www.sarocks.co.za

18. 60–75%of customers will do business with a company again if it deals with a customer service issue fairlyeven if the result is not in their favourwww.sarocks.co.za

19. If you resolve a complaint quickly & with little fuss on the part of the customer, studies show that 9 out of 10 customers will buy your product or use your service againwww.sarocks.co.za

20. When MBNA halvedits defection rate, profits rose a whopping 125%http://www.ncbi.nlm.nih.gov/pubmed/10107082

21. A 5% increase in customer retention can increase a company's profitability by 75%http://www.bain.com/bainweb/Consulting_Expertise/capabilities_detail.asp?capID=102

22. 62% of service execs have compensation tied to loyalty scoresTwitter @KnowledgeBishop

23. 80% of companies believe they deliver a superior customer experience, but only 8% of their customers agreeBain & Company from Harvard Management Update

24. Customer Thermometer is a 1-click customer feedback tool dedicated to helping businesses improve customer retention. From $17 per month.Available Fall 2010 from www.customerthermometer.com