Episode 39: You don't need complex algorithms to create raving fans

Kelli Confidential: Negotiation Essentials Empowering Extraordinary Women

According to a 2023 study, more than half of consumers (53% according to this report) will cut spending with that provider after a SINGLE bad experience - that's right - no second chances, they simply won’t go back. The study was conducted across 23 countries and 23,000 consumers and it estimated that poor customer service amounted to $4.7trillion in lost revenues globally (where the customer simply decided not to buy that product or service again. That’s sobering if ever there was a statistic you want to remember.
Why am I talking about this and what, Kel, does this have to do with negotiation?
Stewardship and service to others. Plain and simple.
I talk about both of those topics regularly - as these should be your goals every time - whether in deal-making or when running a business. Showing that the other person matters, that you value them in that exchange, will pay dividends every time. Need more convincing? Let's jump in to hear some other statistics.
Citations and Resources: ✨ ✨

✅ “America’s Best Customer Service: 2024”. Newsweek. Online. April 2024. https://www.newsweek.com/rankings/americas-best-customer-service-2024
✅ Khoros Research Team. "Must-Know Customer Service Statistics of 2023." Khoros, 2023. https://khoros.com/resources/customer-service-statistics

✅ Morgan, Blake. “15 Stats about Post-Covid Customer Service”. Forbes. Online. 15 March 2022. https://www.forbes.com/sites/blakemorgan/2022/03/15/15-stats-about-post-covid-customer-service/
✅ Nextiva Research Team. "100+ Essential Customer Service Statistics & Trends for 2024." Nextiva, 2024. https://www.nextiva.com/blog/customer-service-statistics.html

✅ Petersen, Tyler. "Poor Customer Service Threatens $4.7 Trillion in Annual Revenue Globally." Business Wire, 2023.
https://www.businesswire.com/news/home/20211115005083/en/Poor-Customer-Service-Threatens-4.7-Trillion-in-Annual-Revenue-Globally-as-Companies-Struggle-to-Retain-Staff

✅ Zippia Research Team. "28 Critical Customer Retention Statistics [2023]." Zippia, 2023. https://www.zippia.com/research/customer-retention-statistics/

Recommended Books: 📕

Blanchard, Ken and Sheldon Bowles. “Raving Fans”. Jossey Bass Publishers. 1 Jan 1996. https://www.amazon.co.uk/Raving-Fans-Ken-Blanchard/dp/0688123163/ref=sr_1_2?crid=19TCE3VXKVG0Y&dib=eyJ2IjoiMSJ9.SZf2xKmlCW73rw_-haamHKXeMGf

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