Where is the Puck?

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.