Researcher and Author, Jay Baer, is a customer experience expert who has been researching speed as a competitive differentiator for more than 10 years. In this national study, Baer investigates 1,900 consumers to identify the correlation between speed and customer satisfaction, loyalty, purchase potential and more.
You can download the study and explore more from Jay Baer here.
Key Takeaways
#1 Speed or Price: Which is More Important?
- 64% of Customers Say Speed and Responsiveness is as Important as Price When They Decide Where to Make a Purchase
- 52% of Customers Have Hired a Service Provider or Made a Purchase Because They Were the First to Respond — Even Though They Were Not the Least Expensive
#2 How Much Would Customers Pay to Never Wait
- Customers Would Pay an Average of 19% More for Always Immediate Service (no waiting in line, on hold, et al)
#3 How Speed Changes Customers' Willingness to Spend
- 27% of Customers Are More Likely to Spend Money When a Brand Responds Faster Than Expected
- 49% of Customers Are Less Likely to Spend Money When a Brand Takes Longer to Respond Than They Expect They Should
#4 Speed Impacts Loyalty
- 85% of Customers Say Speed and Responsiveness is an Important Factor In Their Loyalty to a Brand
- 30% of Customers Are More Loyal When a Brand Responds Faster Than Expected
#5 How Fast is Fast Enough?
- 47% of Customers Will Not Tolerate a Wait for Assistance of More Than 3 Minutes in a Store
- 82% of Customers Expect Businesses to Reply to an Email Within 24 Hours
- 67% of Customers Expect Businesses to Reply to a Contact Us Form Within 24 Hours
