Tuesday, November 29, 2022
Customer Experience

Bad Encounters can cost brands

Could it be the quality of the item or having a positive customer experience that creates brand loyalty?

For 76 percent of consumers manufacturers treat them is as significant as what is being sold, according to a study commissioned by Lithium Technologies.

1,000 adults’ poll found that creating this type of brand loyalty can be lucrative for brands. A client is ready to invest around a quarter of the income, or # 50, to their brands a month.

The worth of happy clients

They are willing to spend more than they typically would if customers feel that a link to a new.

Of those surveyed, 41% stated that they would be willing to buy a product they considered to be inferior to other choices at the market when the new was loved by them. 68% said they’ll spend more money in their brands.

Lithium estimate that this equates to about #2.5 billion in monthly disposable earnings that customers are ready to spend in their most treasured brands.

No second chances

Importantly, the analysis also showed the damage that a customer experience can have on a company’s reputation. 65% of respondents reported that a single customer experience is enough to allow them to swear off a brand, even if they value its products.

This harm can frequently by long-term and prevalent. 76% stated that they are unlikely to use that brands products as soon as they feel they have been treated while 57% would advise relatives and friends not.

Clients value digital

1 thing the consumers shared that was that they can be classified as digital-first.

27% listed digital communicating by means of blog, a website or channel that was societal of communicating with brands as their preferred method. 60% believe not getting a reaction on channels for a lousy experience.

“Customers increasingly high expectations of brands have reached a crucial stage,” Rob Tarkoff, president and CEO of Lithium Technologies, stated. “After three quarters of customers say they’re unwilling to stay with a brand which has treated them poorly even when they love the brand’s products, it is time to sit up and take notice.

“It’s a wakeup call for manufacturers to realise providing great adventures on digital expertise is the surest path to attracting and keeping happy clients”