Are you curious about the benefits of customer centricity for your business? Then look no further. I’ve collected, curated and vetted a list of up-to-date statistics below. Keep reading for the top customer centricity statistics that show why you should focus your business on understanding your customers situations, needs and expectations.
31 Customer Centricity Statistics
90% of American customers believe they are equally as or more loyal than they were to their preferred businesses a year ago.
77% of customers have maintained loyal relationships with their preferred businesses for 10 or more years.
60% of loyal customers will purchase more frequently from their preferred businesses.
Loyal customers spend 67% more with a business than new ones.
Customers with an emotional relationship with a business have a 306% higher lifetime value and will recommend the business at a rate of 71%, rather than the average rate of 45%.
Emotionally-connected customers will spend an annual sum of about $700 with a business, versus regular, satisfied customers who will spend an annual sum of only about $275.
86% of customers say that they are ready to pay more if it means getting a better customer experience.
Customer-centric businesses are 60% more profitable than businesses that don’t focus on customers.
Businesses that lead in customer experience outperform laggards by nearly 80%.
Businesses with a customer experience mindset drive revenue 4-8% higher than the rest of their industries.
Businesses that earn $1 billion a year will see an average gain of $700 million within three years of investing in customer experience.
There is an 80% increase in revenue for businesses that focus on improving customer experience.
64% of businesses with a customer-focused business owner believe they are more profitable than their competitors.
37% of customers consider themselves to be loyal to a business after at least five purchases.
55% of customers now trust businesses less than they used to.
About 50% of loyal customers have left a business for a competitor who was able to stay more relevant and better satisfy their needs.
73% of customers agree that customer experience helps to drive their buying decision.
Two-thirds of businesses compete based on customer experience.
63% of business owners want to rally organizations around customers as the top investment priority.
90% of business owners believe the customer has the greatest impact on their business.
90% of business owners believe customers have the biggest impact on business strategies.
39% of business owners say customer experience is the most effective method of creating a competitive advantage, which was the most common answer.
59% of businesses with a business owner who is involved in customer experience report higher revenue growth, compared to just 40% of businesses without a customer-focused business owner reporting growth.
Customer experience leaders are 3x more likely to have senior executives leading business-wide efforts.
22% of Fortune 100 businesses have a C-level customer officer, compared to 10% of Fortune 500 and 6% of Fortune 1000.
77% of customers view businesses more favorably if they seek out and apply customer feedback.
82% of customers feel more positive about a business after engaging with personalized content.
60% of customers say unexpected rewards are the biggest reason they'll stay loyal to a business.
Only 37% of customers say that loyalty programs are an effective way to earn their business.
75% of customers say they favor businesses that offer rewards.
58% of businesses pursue personalization strategies for customer retention.
I hope these stats helped you understand the importance of customer centricity and the value of focusing your efforts and investments around the customer.
I find that statistics like these are also useful to help me identify areas of opportunity for my business. For example, customer centricity comes from the top and takes management buy-in to achieve, and customer initiatives should be developed around listening to customer feedback.
If you want to go even deeper you should read my posts on putting customers first and improving customer service. I also published customer satisfaction statistics if you want a perspective around customer experience and service.
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