Are my customers happy? It’s a simple question that every CEO, executive, business owner asks at least once a day. They ask because when customers are happy we know they recommend to family and friends more, buy more and are more loyal– right?
Well, the answer is yes, because that concept has always been true in business. It just has.
But, at Lithium, we wanted to dive deeper into that reality and find out what a ‘happy customer’ really means to a brand and their bottom-line.
So, we commissioned a study with Harris Poll of more than 3,000 adults in the US and UK to find out the true value of a ’happy customer.’
And what better occasion to announce the findings than on #InternationalDayOfHappiness!
Today, we’re ‘happy’ to share the results:
In the U.S., happy customers are willing to spend 33% of their disposable income every month with a brand they love—that averages to about $100 per consumer. [CLICK TO TWEET]
In the U.K., happy customers are willing to spend 25% of their disposable income every month with a brand they love—that averages to about £50 per consumer. [CLICK TO TWEET]
What does that mean? In the US, that’s around $31 billion up for grabs every month to brands who make their customers happy.
The study also found:
73% of adults will spend more on a product from a brand they love versus a brand they do not.
55% of adults admit they place more value on a positive experience with a brand than on the product purchased.
83% said they would stop using a brand after one bad experience.
9 out of 10 adults (87%) agree that they would look elsewhere if a brand made them unhappy in any way.
About one-third of adults (31%) say they are likely to spend more on products and services from a brand that shares entertaining and engaging content with them via social media.
We know making (and keeping) ‘happy customers’ is no easy feat. So, dive even deeper and read our new whitepaper: The Path to Happy Customers at http://lith.tc/happiness for best practices and tips.
If you want a snapshot of the study, download our infographic here.
And check out what people on the street had to say- watch the video here.
Finally, tell us your tips on how you keep your customers happy in the comments below and/or tweet @LithiumTech #HappyDay.