Mining the Social Web

Listening to what customers are saying to your sales reps, in social media, and in product reviews, is not just being customer-friendly, it’s good business:

• 78% of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience. —American Express Survey, 2011
• It takes 12 positive experiences to make up for one unresolved negative experience. —“Understanding Customers” by Ruby Newell-Legner
• For every customer who bothers to complain, 26 other customers remain silent. —White House Office of Consumer Affairs

No surprise here: customer experience affects both top and bottom lines. According to Forrester Research, a modest shift in customer experience for a $10 billion company increases product sales by $64 million, reduces churn by $116 million, and improves revenue $103 million by word of mouth alone.