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Leading companies know that measuring customer satisfaction is profitable. How to sustain it?
Marketing departments at major companies know that measuring customer satisfaction pays dividends.
However, few companies know how to sustain measurement consistently.
The profitability of measurement works if the company is willing to take responsibility for the results obtained and act accordingly.
The advantages of having your client satisfied
Ultimately, companies seek to generate stable relationships over time with their clients, in order to achieve their objectives.
Having a satisfied customer will make them stay over time. It is known that it is much easier to retain a customer than to get a new one.
A satisfied customer stays with the company and generates more income.
The third study on Commercial Networks in Chile, carried out by MBA UDD professor Jorge Bullemore, reveals that 37.98% of companies acknowledge wanting to keep their current clients. 4.13% more than what was recorded in previous measurements.
However, the effort to attract new clients decreased by 5.61%. In this sense, the study indicates that among the main challenges for companies is having a correct implementation of an agenda, which is aligned with commercial objectives: sales, margin and commercial satisfaction.
(Fountain:https://bit.ly/3CIqzQU)
Some benefits of having a loyal customer:
- The cost of retaining or permanence of a client is much lower than that of acquiring
- Greater probability of cross-selling. Sell other products or services of the company.
- Lower service costs, since the client knows the dynamics of the company.
- Possibility for the company to offer the customer products of a higher range.
- Lower price sensitivity. They do not change their choice of the company’s services so easily. There is more resistance to competitive offers.
How can you achieve customer loyalty?
Increasing customer satisfaction is essential for them to stay.
Let’s define customer satisfaction:
It is a measurement of the satisfaction that one has about the products and services of a company.
It depends on whether you continue consuming the products and services of that brand and whether you can recommend it to other types of users.
The results of this satisfaction can be one of the keys to increasing a business’s sales.
(Fountain:https://bit.ly/39Dwmec)
It is necessary to understand customers and know how to act
If companies are not willing to invest time, work and money to innovate based on results, simple measurement will not work to improve the company.
Therefore, the question behind each measurement must be aso that. It is recommended that each company be able to know who it wants to be within the market, to then measure whether its consumers perceive its identity in the same way.
Depending on the industry, retaining a customer can be between 5 to 15 times cheaper than acquiring a new one. So:
The value of understanding how customers perceive the company has great potential in relation to the future of the company.
The profitability of a customer satisfaction study lies in the commitment to its results.
It is important to know how to see errors and find opportunities for improvement with a focus on current customers. It will be key to avoid the temptation to push the metrics towards comfortable results.
Knowing how to measure will increase the progress of your company
Monitoring customer satisfaction, management and experience is a key axis for the success of companies. Most dissatisfied customers will not buy again if they have a bad experience.
There are tools to measure customer experience and know what they think and feel. This way companies will be able to know what they are doing well and what they should improve.
What tools to use for effective measurement?
- Customer Voice: Companies can collect direct information from their customers in their web store. The best time to receive an honest opinion is the moment in which the experience develops.
- Employee Voice: Here companies can obtain information from their own collaborators. If you give your people the opportunity to express themselves, they will be able to improve the team, keep them motivated to generate a better customer experience.
- Real Time Customer Service: It is a real-time alert system that allows companies to manage complaints before they escalate. Customer service, speed of response and resolution, can be the difference between retaining a customer or losing one.
- Using the Global Check application: With this application, companies can manage a virtual audit process for their brands. The app generates a checklist that your collaborators will have on their cell phones to report and review. Applicable to stock control, hygiene, security, among other functions.
- Satisfaction surveys: The survey is the most classic method to find out what customers think of each organization. It is extremely important that the surveys are carried out immediately after the customer acquires the product or service. The response rates sent as soon as customer service ends are much higher.
- Complaints and claims index: The number of complaints will help each company to achieve continuous improvement in its business. It is a very useful indicator to know the errors and transform them. Companies will then be able to re-analyze customer satisfaction after resolution.
- NPS (Net Promoter Score): It is a measure that is used to know how many of the company’s customers like the brand enough to recommend it to other people. It is based on a single question. How likely are you to recommend the product or service to a family member or friend? On a scale of 0 to 10, customers who respond by assigning 9 or 10 points are promoters.
- CSAT (Customer Satisfaction Score o Customer Satisfaction Scale): It is measured immediately after contact with each company ends. It is made up of a metric from 1 (not at all satisfied) to 10 (very satisfied).
- CES (Customer Effort Score): Seeks to establish a score by measuring the ease of solving a problem. The main question in this type of survey is: How easy was it to resolve your incident today? And scores are assigned from Very simple, Simple, Indistinct, Difficult and Very difficult.
- FCR (First Contact Resolution): First call resolution has a very positive impact on customer satisfaction. Simplifies the experience to the percentage of customers who receive what they demanded in their first contact with the brand.
- CLI (Customer Loyalty Index): Allows you to evaluate how the customer perceives the services provided. This way you can implement an appropriate loyalty strategy, translating the data into objectives to achieve.
See also: Methods for measuring customer satisfaction.
The importance of incorporating customer testimonials
Creating trust with potential clients is essential for the proper development of a company.
“One of the elements that can influence is to include testimonials from customers satisfied with your products or services, and for them to share it with others. Many times, when we intend to buy something, we turn to opinions from previous customers to convince ourselves about the product we are interested in. Therefore, this social proof is very effective in increasing sales from potential consumers who are in doubt.”
Source: Discover how to get quality testimonials and generate more sales
Testimonials are powerful. Communicating positive customer reviews can spark interest in potential customers.
Key questions
What do they say about us? Is there a difference with what we want to be?
What is the consumer looking for? Is there something we can’t give you?
What is our position compared to the competition?
How is my offer perceived in terms of price/quality?
These are some of the questions that each company can ask itself when measuring to align its objectives and have a real notion of customer perception.
Create a better future
In a context in which the network of offers and preferences is increasingly complex, the best argument for companies to plan strategies is to understand what experience the consumer has with their brand.
Being a company that takes care of its customer satisfaction will help you retain them and thus increase your reputation to obtain new customers. Offering ways to give opinions, listen, talk, and have different ways to measure customer satisfaction will help each company improve and develop.
Furthermore, once the customer has obtained a certain level of satisfaction, they will be willing to recommend the company’s services to those around them. Customer recommendations and testimonials are the best indicators of the future evolution of the company’s financial results.
Studies are an input of information that, to be profitable, must be accompanied by actions of innovation and change. Global Metrics can help companies learn how to measure customer satisfaction, request a demo here.
