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Ivan’s Law (2): Facts About the Importance of WOW! Factor

March 3rd, 2009 · Add Comment

Still not sure about “Ivan’s Law” and 10-300 rule? Consider these numbers below, then brainstorm with your team how to create Wow! factor in your business. It pays to wow your customers!

– COMPLETELY satisfied customers are six times more likely to repurchase products than merely satisfied customers (Jones and Sasser, Why Satisfied Customers Defect, Harvard Business Review, 1991)
– Increasing customer retention by 5% increases profits between 25% and 85% (Sasser and Reichheld)
– Out of 100 dissatisfied customers only 4 will complain to the organization, and 92 of those who do not complain will switch to a competitor.
– Each dissatisfied customer will tell 8 to 10 other poeple of his or her negative experience (TARP, Consumer Complaint Handling in America, 1986)
– It generally costs between five and ten times more to find a new customer than to retain an existing one.

Tags: "Know-Wow" · New Business Trends · New Marketing Trends · Viral Marketing

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