Customer service is at the heart of everything we do here at Answer4u and it is also the foundations on which every successful business rests.

To highlight just how important customer service is as an investment, we've collected a series of Customer Service facts that are sure to get you thinking.

• A study conducted by Walker predicts that by the year 2020, consumers will choose brands based on their customer service rather than price.
• The chances of selling to a new customer is 5-20%, whereas the chances of selling to an existing one is 60%-70% according to a study published in Marketing Metrics.
• The Harvard Business Review discovered that customers who have had a good past experience with a company spend 140% more than those who have had a bad experience

(Source: Harvard Business Review)

The Harvard Business Review also discovered a direct link between customer service and memberships:

(Source: Harvard Business Review)

• An American Express Survey also discovered that bad customer service is much more likely to be relayed to others than good service:

• The Institute Of Customer Service have found that customer satisfaction has continued to rise in the last few years:

• 68% of customers have changed to another company due to negative experiences according to Accenture Analytics.
• Aspect found that 76% of consumers treat customer service as a metric for how valued they are.
• VisionCritical found that 84% of companies that consider themselves to be customer-focused spend more time on their mobile experience than anywhere else.
• 77% of customers report that valuing their time is the best thing a company can do to show good service as a report from Forrester Research revealed.
• 81% of companies see customer experience as a competitive differentiator, yet only 13% self-rate their customer service delivery at 9/10 or better according to a report from Dimension Data.

Customer Service Is Queen

Customer service is without doubt the heart of any business and if these statistics are anything to go by, this will only get more prominent in the upcoming years. It's important to remember as a business that the old adage of not getting a second chance at a first impression rings very much true in the corporate world. Customers are becoming less and less patient with bad service and it only takes one bad experience to not only send them looking elsewhere, but also muddying your name as they go.