The research firm Greenfield Online and Datamonitor/Ovum released a study last week, “The Cost of Poor Customer Service,” that estimated the amount of money lost by U.S. firms due to poor customer service. They estimated the cost to be $83 billion per year. 61% of the time, the lost money goes directly to a competitor.
71 percent of consumers interviewed said that they had ended a business relationship due to poor customer service. In terms of industries, as would be expected, the greatest churn occurs in cable/satellite, financial services and consumer products.