More than 70% of prospects say they’d be willing to pay as much as 10% more for a product or service if a company …

Exceeded their expectations.

That’s according to a recent Strativity Group study of 2,000 people’s buying habits, which also revealed:

• more than a third of buyers would be willing to pay as much as 25% more if the company provided superior service after the sale
• satisfied customers are three times more likely to continue doing business with the same company for 10 years or more
• those who’ve had a negative buyer experience are 10 times more likely to stop doing business with a company within a year, and
• the three things customers value most in a sales rep are: 1) the ability to resolve problems effectively, 2) common sense and 3) the ability to consistently exceed expectations.

That’s a huge wake-up call for anyone who still blames the economy for lower closing rates. More importantly, it reinforces the notion that service before, during and after the sale is the key to winning (and keeping) more buyers.

It may also provide a valuable opportunity for marketing and sales pros — use testimonials and key metrics to demonstrate how your company provides top-notch service.

One metric that may come in handy: the length of your average buyer relationship.

Long-term buyer relationships are a strong indication of the level of service a company is capable of providing.

Source: “70 Percent of Consumers Will Pay More for Positive Experience,” Sales and Marketing Management Magazine, 7/31/10.

Tags: closing rates, metrics, service, study, testimonials, Value