If your business isn’t prioritizing customer service, you might want to think again.

Customer service ranks as the #1 factor influencing how much a consumer trusts a company. In another survey, 92% of companies reported a decline in customer satisfaction, with consumers most disappointed by inconsistent service.

Still not convinced? Here are 20 more game-changing customer service stats:

1.     Nearly a third of consumers believe that businesses are now paying less attention to providing good customer service. (Echo 2012 Global Customer Service Barometer)

2.    Just 7% of consumers say that customer service experiences they have with companies typically exceed their expectations. (Echo 2012 Global Customer Service Barometer)

3.    42% of service agents are unable to efficiently resolve customer issues due to disconnected systems, archaic user interfaces, and multiple applications. (Forrester)

4.    45% of US consumers will abandon an online transaction if their questions or concerns are not addressed quickly. (Forrester)

5.    It is 6-7 times more costly to attract a new customer than it is to retain an existing customer.  (White House Office of Consumer Affairs)

6.    89% of consumers have stopped doing business with a company after experiencing poor customer service. (RightNow Customer Experience Impact Report)

7.    Consumers are 2 times more likely to share their bad customer service experiences than they are to talk about positive experiences.  (2012 Global Customer Service Barometer)

8.    26% of consumers have experienced being transferred from agent to agent without any resolution of their problem. (2012 Global Customer Service Barometer)

9.    A customer is 4 times more likely to buy from a competitor if the problem is service related vs. price or product related. (Bain & Co.)

10. 33% of consumers would recommend a brand that provides a quick but ineffective response. (Nielsen-McKinsey)

11. 17% of consumers would recommend a brand that provides a slow but effective solution. (Nielsen-McKinsey)

12. It takes 12 positive customer experiences to make up for one negative experience. (Parature)

13. Consumers prefer assistance over the following channels: Phone (61%), email (60%), Live Chat (57%), online knowledge base (51%), “click-to-call” support automation (34%). (eConsultancy)

14. 45% of companies offering web or mobile self-service reported an increase in site traffic and reduced phone inquiries. (CRM Magazine)

15. 81% of companies motivate employees to treat customers fairly, and 65% provide effective tools and training to gain trust with their customers. (Peppers and Rogers Group)

16. 70% of buying experiences are based on how the customer feels they are being treated.  (McKinsey)

17. 55% of consumers would pay more for a better customer experience. (Defaqto Research)

18. 83% of consumers require some degree of customer support while making an online purchase. (eConsultancy)

19. Customer churn is attributed to the poor quality of customer service.  (Accenture Maximizing Customer Retention Report)

20. A 10% increase in customer retention levels result in a 30% increase in the value of the company. (Bain & Co)