Nov 25, 2022 1:24:37 AM | Customer Success Customer Success Statistics 2024

Customer success statistics show that customer satisfaction has increased over the last decade. What does this mean for businesses? How can they improve their customer service?

The customer experience (CX) is becoming increasingly important to companies. In fact, according to Forrester Research, CX is now the top priority for organizations worldwide. This means that customers expect better experiences from brands.

Today’s consumers expect a positive brand experience from every stage of their buying journey. A positive brand experience is vital for the success of your business because happy clients are likely to turn into loyal clients, which boosts revenue.

Successful companies recognize that customer success starts with creating a great experience for every customer interaction they have. The key is to identify every aspect of a customer's journey, from early discovery through post-purchase or aftercare. By understanding where each stage in the customer lifecycle happens, you'll be able to deliver excellent experiences at every step.

In this blog, we will look at the current statistics and trends on customer success, as well as how you can use these insights to create an exceptional customer experience.

Customer Success Market Statistics

• By 2023, 25% of companies plan to merge their respective functions—marketing, sales, and customer service—into one team.
• Even though most B2B marketers agree on the importance of a customer-centered approach, only 23% of these companies focus on customer success programs rather than focusing on channels or products.
• Only 34% of customer success teams report directly to the CEO, whereas 14% of them are still considered divisions of marketing or sales.
• 62% of marketing leaders said the use of online customer data at their firms increased in the last two years, and 70% said they expect to use more online data in the next two years.
• 52% of marketing managers use customer interaction and user experience (UX) metrics to inform their strategy and tactics.
• Over 75% of marketers claim they will be responsible for ensuring the customer has an excellent overall experience throughout their entire lifecycle.
• About 83% of executives say they face significant business risk because their companies haven't improved customer experience (CX).
• According to a study, about half (49%) of American consumers surveyed said they had abandoned brands because of poor service.
  
  

Customer Success Adoption Statistics

• Customer success is a key focus for most companies, with 72% saying they prioritize improving their customer experience.
• According to survey results, 57% of respondents from the customer success and project management teams feel the most alignment in the "customers" area, with 49% feeling the most alignment in the "users" outcome area, and 29% feeling the least alignment in the "customer health" area, with 24% going for Onboarding processes.
• One statistic that stood out among all the customer success statistics was that by increasing customer retention by just 5%, your company's profit margin can increase by up to 95%.
• Customer retention has become increasingly important for SaaS companies, with 30 percent of them reporting an increase in their cancellation rate over the last 12 months.
• The average SaaS business churns at 5.33% yearly, but the median annual churn for SaaS businesses selling less than $10 million per year is 20 percent.
• Fully engaged customers represent an additional 23 percent increase in wallet share, profitabili­ty, revenues, and customer relationships.
• Customer success teams spend 61% of their time on post-sales phases against 39% on presales.
• Nearly 50 percent of the CS leaders surveyed report that funding models in their companies are based upon bottom-up estimation methodologies and are not linked to any business metric such as ARR or annual revenues.
• If a website isn't mobile-friendly, 50% of its visitors will leave without ever seeing the content. [0]
• It shouldn't come as any kind of shock that 84% of companies who say they're "customers first" are actually focused on the mobile user experience.
• On the other hand though, if a customer isn't satisfied, 13% of them will tell 15 or more people about their bad experiences.
• Moreover, 91% of customers would use an internet-based knowledge base, if one was available and tailored to their specific needs.  
• By 2023, almost half of companies plan to deploy artificial intelligence (AI) technology.
• More than two-thirds of organizations compete on the basis of their customers' experiences, up from just one-third in 2010. Organizations that excel at delivering exceptional service outperform competitors by nearly 8x.
• 73% of companies that have an above-average level of service from their customers outperform their competition.
• According to research, 96% of customers consider good service when choosing between brands.
• 83% of companies who think it's important to be customer-focused also see their revenues grow.
• 77% of consumers believe poor service deters them from returning to a company again.
• Customer-centric organizations are 60% more profitable than non-customer-focused ones. 

At Fine Media, we help you build a customer success strategy so that you can deliver exceptional customer experiences. We work closely with your teams to identify your customers' needs and create custom programs to help them succeed.

Help your Customers Succeed. 

Source: webinarcare.com, superoffice, Userlane, forbes, higherlogic, customersuccessbox, HubSpot