8 hard-hitting facts on why you need to get on the feedback train asap.

What’s the benefit of gathering customer feedback? Well bottom line is that loyal customers grow a business way faster than sales or marketing. 

However, if we never ask for customer feedback, we’ll never understand what drives customer satisfaction. If we don’t know what drives satisfied customers, it will be impossible to create customer loyalty. 

Don’t believe it? Here are the facts: 

  • It costs 5x to 25x more money to acquire a new customer than keep existing ones happy.
  • The #1 most common source of new leads are referrals.
  • Highly-engaged customers buy 90% more often and spend 60% more per transaction.
  • According to a recent Microsoft report, 89% of customers want companies to ask them for feedback. To customers, this is a sign that you’re willing to listen and learn
  • As many as 86% of customers say that good CX will turn them from one-time clients to repeat buyers in Khoros’ 2021 report. 
  • Last year, 60% of B2B companies reported to have a customer feedback software to facilitate the process of managing suggestions and customer sentiments.
  • When it comes to customer satisfaction, Hubspot reported 83% of companies believe it is vital to make customers happy, and see increasing revenue because of this.
  • Just by getting 12% more of your customers to advocate can double your revenue 

Fun fact: up to 86% of buyers will pay more for a better customer experience according to a PWC research. For many customers, the product and experience are one. They are buying more than just the tangible item or the software function.

Returning customers, or customer loyalty, is what grows a business. Not a 30-second, $300,000 commercial on NBC.