This infographic, produced by Monetate, shows that 73% of consumers would buy again from a retailer if they had a superior customer experience, while 89% would shun a business if they had a bad experience.While many in higher education might shun statements like this as not applying to our sector, we could turn it round a little.
When students are receiving offers from more than one institution of similar standing, I wonder if anyone could research/calculate/estimate to generate a statement like "x% of postgraduate applicants would turn down an offer from a university if they had a bad experience"?
I would be surprised if the figure wasn't in the same region when you think about the number of processes a postgraduate applicant goes through - online application, post-application dialogue and waiting for a decision, identifying and applying for accommodation, identifying and applying for funding, amongst other things.
I wonder how the cost of overhauling the customer experience - bringing in more service level agreements, agreeing ways of measuring performance, standardising processes, improving system usability etc - would balance against an increase in revenue from enhanced conversion rates?
The ultimate customer experience: infographic - blog article on econsultancy.com