Customer Satisfaction is a standard set for any business to improve its quality along with productivity. It is because of the understanding of the Customer Satisfaction concept that businesses today are able to supply quality products. In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.
Let us learn the few reasons:
1. It is an important indicator of customer’s repurchase.
Customer satisfaction is the only useful indicator of how likely a customer will make a purchase in the future. Asking customers to rate their satisfaction on a scale of 1-10 is a good way to see if they will become repeat customers or even advocates. If he’s satisfied with the product, he’s sure to make the purchase in the future. For example, if he happens to rate above 7, then definitely he is a long term customer. Customers rating you below 6 are a warning that you need to work on so and so appropriate field.
2. Makes you stand out of the rest.
In a competitive marketplace where businesses compete for customers; customer satisfaction is seen as a key differentiator. Businesses who succeed in these types of cut-throat environments are the ones that make customer satisfaction a key element of their business strategy.
3. It helps you calculate Customer Lifetime Value.
Satisfaction plays an inevitable role in how much revenue a customer can generates for your business. Successful businesses understand the importance of customer lifetime value (CLV).
4. No badmouth about the company.
McKinsey found that an unhappy customer tells between 9-15 people about their experience. In fact, 13% of unhappy customers tell over 20 people about their experience. It will definitely affect your business’s prestige. Customer satisfaction is closely linked to revenue and repeat purchases.
5. It is good to hold onto customers than to acquire new ones.
It costs more to acquire new customers than to retain the current ones. You and your marketing team spend thousands of bucks getting the attention of prospects, nurturing them into leads and closing them into sales. Hence it is advisable to hold onto current and loyal customers.
Let us learn the few reasons:
1. It is an important indicator of customer’s repurchase.
Customer satisfaction is the only useful indicator of how likely a customer will make a purchase in the future. Asking customers to rate their satisfaction on a scale of 1-10 is a good way to see if they will become repeat customers or even advocates. If he’s satisfied with the product, he’s sure to make the purchase in the future. For example, if he happens to rate above 7, then definitely he is a long term customer. Customers rating you below 6 are a warning that you need to work on so and so appropriate field.
2. Makes you stand out of the rest.
In a competitive marketplace where businesses compete for customers; customer satisfaction is seen as a key differentiator. Businesses who succeed in these types of cut-throat environments are the ones that make customer satisfaction a key element of their business strategy.
3. It helps you calculate Customer Lifetime Value.
Satisfaction plays an inevitable role in how much revenue a customer can generates for your business. Successful businesses understand the importance of customer lifetime value (CLV).
4. No badmouth about the company.
McKinsey found that an unhappy customer tells between 9-15 people about their experience. In fact, 13% of unhappy customers tell over 20 people about their experience. It will definitely affect your business’s prestige. Customer satisfaction is closely linked to revenue and repeat purchases.
5. It is good to hold onto customers than to acquire new ones.
It costs more to acquire new customers than to retain the current ones. You and your marketing team spend thousands of bucks getting the attention of prospects, nurturing them into leads and closing them into sales. Hence it is advisable to hold onto current and loyal customers.
