Despite its name, customer satisfaction measures more than simply how satisfied your consumer base is with your product. Although there are countless benefits to monitoring customer satisfaction, there are three concrete and demonstrable ways that it relates to your overall success.
Stand Out From the Crowd!
Unless you are the only company that offers what you do, there will always be competition. In reality, someone offers a similar product as you, or they will at some point in the future. As a result, the marketplace only becomes more and more competitive with time, regardless of your industry or niche. If you plan on succeeding in this competitive landscape, it is crucial for you to stand out and differentiate yourself. Word-of-mouth references are vastly underestimated in today’s advertising circles, but at the end of the day, the client trusts what they know. If a trustworthy source recommends a product, you tend to sway in that direction. If you offer a high quality experience to your current customers, they will assist in your efforts to build new business. Every customer goes on a path from initially becoming aware of your business to eventually becoming an advocate. What happens along the way can drive success or failure.
Customer satisfaction measurements often reflect consumer loyalty, or how likely they are to continue using your product or service. When looking at the numbers, a ranking system for customer satisfaction immediately pays dividends whether you use a star system, a numeric system or even something much more in depth. These numbers not only reflect how satisfied the consumer is – but also repurchase intentions and loyalty. Customer satisfaction becomes a road map for how likely a current client is to return or renew. The higher the rating the more likely you can move a customer all the way to advocate. Conversely, lower ratings give you insight and can help you create marketing initiatives, with special offers, support help and special pricing. Knowing what your customers think is a powerful tool to build strong relationships with your customer base.
Although this may be one of the most discussed customer retention statistics, it is necessary to remember that it is always cheaper to retain a current customer than extend the effort necessary to acquire a new one. In fact, Forbes tells us in their article Five Customer Retention Tips for Entrepreneurs that attracting new customers will cost your company 5 times more than keeping an existing customer! Between your marketing strategies, advertising efforts, and sales responsibilities, the amount of money AND time that is funneled into efforts to sign new business is monumentally higher than that of properly maintaining current customer relations. Your ability and success at maintaining these relationships with your current customers can be easily measured through your customer satisfaction ratings.
When it comes to customer satisfaction, Salesnet listens to what the people say! We understand the importance of feedback, strive to utilize YOUR opinions to further progress, and our results are undeniable.