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Good Points Blog

How to turn negative customer experiences into retention opportunities

Turn bad customer experiences into retention opportunities

We all make mistakes, and while most people believe that everyone deserves a second chance, brands often find that a single foul-up can result in the loss of a customer. So how can your organization fight that response? In our latest survey, we set out to answer that question, and, in particular, the role compensation plays in customer recovery.

Consumer compensation behaviors

It turns out, only one in three consumers (33%) are compensated after a negative experience – a figure brands should take note of, as 60 percent of American consumers are not likely to stay with a brand if they do not receive some sort of compensation. But compensation is not a silver bullet. In some cases, when the compensation is deemed inadequate by the recipient, compensation can make a customer feel worse. And for nearly 20 percent of Americans, they’re not looking for a financial response – they’d be happy with a simple apology.  

Instead of playing the guessing game, we surveyed 1,500 Americans, with the help of Ipsos Public Affairs, to gain insight into consumer attitudes on brands’ customer mitigation process. Download our whitepaper, “The Art of Keeping Customers,” to learn more about:

  • The kinds of compensation customers prefer
  • Generational compensation behaviors
  • Compensation, distribution and redemption rates
  • The implication of social media in the customer mitigation process, including the steps to take to handle a social media crisis

Just click on the button below to download the report.

 

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Tags: blog, customer experience, customer recovery, customer mitigation, incentive manager, white papers

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