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Your Speeding Ticket 
Posted (2014-04-30)

If you’ve ever had a speeding ticket, you’ve probably consoled yourself by remembering the 20 to 100 times you were over the limit but didn’t get caught.

Customer complaints are like your speeding ticket. Those complaints are only the ones you caught. According to a study by Lee Resources Inc., for every customer complaint, there are 26 other unhappy customers who simply remain silent, but then avoid doing business with you.

Businesses need to be aware of those statistics when they do their planning. They sometimes struggle to know whether they should focus on new customer acquisition or customer retention.

On the new customer acquisition front, you may have seen statistics like the data that suggests it can cost 5 to 20 times as much to acquire a new customer as it does to keep an existing customer.

Statistics like that can lead you to believe it’s too costly to attract new customers, until you are exposed to other statistics that reveal uncontrollable customer churn rates.

It is estimated that through lifestyle changes like marriage or divorce, geographical relocation, deaths, births, career moves and aggressive competitors, the average customer base will turn over at the rate of 20% per year in spite of your best customer retention efforts.

So here is the bottom line: every business needs a plan for both fronts to continually attract new customers, while creating customer experiences to minimize customer churn.

One of the statistics on word of mouth advertising in our Top Ten Customer Statistics suggests that while happy customers might tell 4 to 6 people about their experience, unhappy customers are likely to tell 9 to 15 people.

Click here for me to deliver our Top Ten Customer Statistics to help guide you and your staff towards more sustainable customer growth.

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Bob Bannister
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