Consumers Are Willing to Pay For Exceptional Customer Experiences Even In Tough Economic Times

A Strativity Group Customer Experience Study revealed:
"In contrast to the popular perception that consumers focus on price only, our study demonstrates that consumers are paying attention to customer experience they receive and are willing to reward exceptional experiences with larger purchases, longer relationships and premium price."

Key Findings:

• Share of Wallet
  More than 70% of consumers surveyed indicate that they are willing to spend 10% or more with businesses if those businesses exceed their expectations.
• Customer Retention
  Loyal customers are almost three times as likely to expect to continue doing business with companies for another ten years or more than dissatisfied customers.
  Dissatisfied customers are ten times more likely to expect to attrite in the next twelve months than their loyal counterparts.
• Premium Pricing
  40% of loyal customers said that they are willing to pay 10% or more to continue purchasing from companies delivering great experiences, in contrast with 9% of dissatisfied customers.
  52% of dissatisfied customers expect discounts of 5% or more to continue doing business with a company while no loyal customers expect discounts.
  

Consumers are very clear about what they are seeking from the experiences companies deliver:

• Quick and effective issue resolution
• Common Sense and Discretion
• Employees who Exceed Expectations
• Ease and simplicity
  

Study Overview
1994 consumers from North America
The study was done in collaboration with Customer Service Experts Inc.
Study was web-based questionnaire following the customer strategy phases
The survey was conducted from April 13, 2009 through May 4, 2009.