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HomeMarket Trends2022 Customer Patience Study: How Speed Affects Sales?

2022 Customer Patience Study: How Speed Affects Sales?

Six-Time bestselling author Jay Baer’s new study proves that speed and response time is the most important component of the customer experience.

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A comprehensive new research study illustrates that consumers care more about time than ever before.

Jay Baer, customer experience expert and author of The Time to Win: The 2022 Customer Patience Study says:

All the trends like quiet quitting, the great resignation, leisure travel, work from home, and work/life balance are all driven by the one BIG trend: we care more about our time and how we spend it.

Key findings with a few surprises:

  • 2/3 of consumers say SPEED is as important as PRICE.
  • 83% of consumers expect businesses to be as fast or faster than they were before the pandemic.
  • More than half of customers have hired the first business to respond, even if they were more expensive.
  • Half of all consumers are less likely to spend money if a business is slower than they expect.
  • Gen Z is likely to feel “respected” when a brand responds quickly.
  • Half of all customers will not wait more than 3 minutes in a store.
  • Responding to customers faster than they expect creates meaningful loyalty and revenue improvements for businesses.
  • Baby Boomers are the LEAST patient generation. Gen Z is the MOST patient generation
  • This is the most comprehensive national survey ever undertaken about consumer patience and business responsiveness.

Jay Baer adds:

Post-pandemic, customers have come to realize that we each have just 1,440 minutes each day. Now, when interacting with a business takes longer than we expect it to, it feels like time has been stolen from us. And when business is faster than we anticipate, it feels like we’ve been given the gift of time.

This study indicates companies would be wise – and would benefit economically to focus on satisfying customers’ need for speed.

The study can be downloaded in its entirety at The Time to Win.

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