Insightful Supporting Stats
Metal Stamping Company Culture Series: Part 2 of 3
In Part 1 of this series, we spoke of the importance of collaborative communication being at the heart of a metal stamping supplier’s company culture. The top three elements of that are:
- Dependable, consistent communication
- Speed of Response
The natural consequence of communicating effectively with customers is that any metal stamping supplier that operates with these standards will provide exceptional customer service. Delivering optimal customer service is—or should be—the ultimate focus of all customer interactions: from answering that first email, through design and production, and after the product ships with continued support and follow-up. We found some statistics that speak to the importance of collaborative communication and its impact on customer service. InsightSquared posted 100 customer service stats in a blog and considered variables that include (among others) customer behavior, loyalty, and frustrations.
What Do the Stats Say?
- $41 billion is lost by U.S. companies each year due to poor customer service. (NewVoice)
- 51%of B2B companies avoid vendors after a bad customer experience. (Zendesk)
- 66%of B2B customers stopped buying after a bad customer service interaction. (Zendesk)
- 40% of customers begin purchasing from a competitor because of their reputation for great customer service. (Zendesk)
- 44% of U.S. consumers switch to a competitor following a poor customer service experience. (NewVoice)
- 82% felt that their service provider could have done something to prevent them from switching. (Accenture)
- 58% will never use the company again after a negative experience. (NewVoice)
- 39% of customers avoid vendors for 2+ years after a bad experience. (Zendesk)
But it Isn’t All Bad!
Let’s shine the light on the power of positive customer experiences—this kind we all want as consumers and customers (personally and in business) because we all know a good customer experience from a bad one and hold the same standards in either situation.
- 62% of B2B customers purchased more after a good customer service experience. (Zendesk)
- Avoiding negative words like “can’t,” “won’t,” or “don’t” can reduce the Customer Effort Score by 18.5%. (Harvard Business Review)
- After a positive experience, 69% would recommend the company to others. (NewVoice)
- After a positive experience, 50% would use the business more frequently. (NewVoice)
- 52% of consumers have made more purchases from a company after having a good customer service experience. (Zendesk)
- 73% of consumers say friendly customer service reps can make them fall in love with a brand. (RightNow)
- 55% say easy access to information and support can make them fall in love with a brand. (RightNow)
- 86% are willing to pay up to 25% more for a better customer experience. (RightNow)
- 87% of customers share good experiences with others. (Zendesk)
- 33% of customers share good experiences with 5+ people. (Zendesk)
- 23% of customers who had a positive experience told 10+ people about it. (Harvard Business Review)
In Part 3 of this series, I’ll share with you why I love working with Larson Tool & Stamping. Hint: lots of what you’ve read in this series is the biggest part of it. Larson is a metal stamping company that actionably cares about its customers. Makes my job that much easier!
Naturally, we believe in providing a positive experience for our customers—and Larson delivers—in customer service, engineering expertise, and metal stamping manufacturing. Contact us now and get the conversation started for your next metal stamping project.