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Why Your Customers Are Leaving – and How To Win Them Back

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The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

One of the most important questions facing a business of any size is: why do your customers leave?

It doesn’t matter if you are a part of a Fortune 500 firm, or if you are a local plumber that works out of a van. This question should be important to you, because it has a huge impact on your livelihood.

Oddly enough, it turns out the answer to the question could be deceivingly simple. Businesses just don’t seem to care enough about their customers.

Why Customers Leave

Even if your product is mediocre. Even if you are technologically behind your competitors. Even if your prices are higher – if you actually care about your customers, you will still have a chance at keeping them on board.

That’s because people want to work with companies that have “skin in the game” with their clients. They want you to fight for them, and to be noticeably invested in their success.

Yes, you still have to deliver on your promises, but just showing your ongoing commitment to their problems will go a long way.

Here’s the Disconnect

If you are thinking that the above fact is obvious, then you are not alone.

There are thousands of companies across the world that have deemed customer service to be their big competitive advantage. They have company rallies where they talk about putting the customer first, and their internal messaging is all around how being “customer-centric” is the engine behind the company’s success.

The problem (and the opportunity) is that although everyone says they are focused on solving the problems of their customers, nobody actually executes on this promise successfully.

Consulting firm Bain & Company calls this the “Delivery Gap”:

The Customer Delivery Gap

It’s like a New Year’s Resolution. Almost everybody makes them, but no one actually keeps them.

But it’s a huge opportunity. If everyone says that they are customer-centric but only very few actually deliver, that means that clients are rightly skeptical about such a claim. It’s your opportunity to turn their outlook upside-down by unexpectedly hopping right into the trenches with them.

Once they see you fighting for them on a personal basis, it will make a world of difference.

The Proof is in the Pudding

These types of customer relationships translate to real success, even in the stock market:

ACSI Long/Short Portfolio

This is the American Customer Satisfaction Index (ACSI) long/short portfolio. Basically it represents the idea of buying equity in companies that have high levels of customer satisfaction, while betting against the companies that customers hate.

The end result? Consistent outperformance against the S&P 500 over the last 16 years.

Real customer service translates to real wins, and it will likely allow you to decrease client turnover, while upping the lifetime value of each customer.

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Markets

The Most Popular TV Brands in the U.S.

Korean brands dominate the U.S. TV market.

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A stacked bar chart ranking the most popular TV brands in the U.S.

The Most Popular TV Brands in the U.S.

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Every year, over 40 million TVs are sold in the U.S., making the device a flagship technology in many American homes.

In this graphic, we illustrate the most popular TV brands in the U.S. based on a 2023 Statista survey of over 8,000 American adults. Respondents were asked, ‘What brand is your main TV?’

Korean Brands Dominate the U.S. TV Market

Samsung and LG combined account for 52% of the TV market share. Interestingly, the two firms have a partnership in place, with LG supplying OLED TV panels to Samsung since 2023.

TV BrandCountry% of Respondents
Samsung🇰🇷 South Korea33
LG🇰🇷 South Korea19
Vizio🇺🇸 U.S.11
Sony🇯🇵 Japan7
Hisense🇨🇳 China5
TCL🇨🇳 China5
Philips🇳🇱 Netherlands3
Insignia🇺🇸 U.S.2
Sanyo🇯🇵 Japan2
Toshiba🇯🇵 Japan2
Sharp🇯🇵 Japan1
Other or don't know--9

Vizio, a California-based company, holds the third position, but its TVs aren’t manufactured in the United States. Rather, they are produced by Taiwanese companies AmTran Technology and Foxconn, the latter being a major manufacturer of the iPhone.

Further down the ranking is Insignia, owned by U.S. retailer Best Buy. While it’s uncertain who produces Insignia TVs, some speculate they’re made by China’s Hisense.

Despite holding the largest market share, South Korea ranks behind Japan in terms of the number of companies among the top brands. Japan boasts four brands on our list, with Sony ranked 4th overall, capturing 7% of the responses.

Growing Market

The U.S. is witnessing a surge in demand for high-definition televisions, driven by consumers’ desire for a more immersive home viewing experience.

Globally, the U.S. leads in revenue generation, with the American TV market projected to generate $18.2 billion in revenue in 2024.

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