The Value of Customer Satisfaction
The Customer is Always Right
Do you understand the value of customer satisfaction? It’s easy to devalue the worth of a customer now and then. Working in customer service is not always easy and can often feel taken for granted. This blog is here to remind you that the efforts of quality customer service are still worth it in the end.
The Facts Matter
- A 2016 study reported that customers who were part of loyalty programs generated between 12 – 18 percent more revenue than those without a loyalty membership.
- When you’re acquiring new customers, it’s been estimated to be anywhere from 5 to 25 times more costly than keeping existing customers. Of course, the price per acquisition does depend on your industry.
- According to a report released by the advisory firm Bain & Co., They saw an increase in profits by 25 to 95 percent when their customer retention was increased by a mere 5%.
Why Is Customer Satisfaction So Valuable?
Happy customers are good for business in more ways than one. The easiest way to ensure that your customer satisfaction ranking is up to par is by having a consistent line of communication in place. Issues will always arise with customers, but what matters is how things are dealt with.
If a customer does not feel cared about or listened to, nothing is stopping them from walking away. Remember, a happy customer is the best marketing campaign you can have. Let’s breakdown the 5 major reasons why customer satisfaction is so valuable.
5 Key Reasons to Value Customer Satisfaction
1. It’s harder to gain a new customer than to keep an existing one.
2. Customer satisfaction can increase your sale’s value and help you stand out from your competition.
3. Nothing is stopping your customer from leaving you when they are dissatisfied with your service.
4. Customer satisfaction and revenue go hand-in-hand. Clients are more likely to up services or even recommend your services to others when they are satisfied.
5. Word of the mouth is a free and very effective form of marketing.
Customer Satisfaction Surveys
The best way to track your customer success rate is to provide your customers with frequent surveys. To streamline this process, make customer feedback part of your customer service strategy. For example, some companies will send out an automated survey to the customer after every customer service transaction. This is an easy way to make sure you are staying in touch with the needs of your clients.
Utilize Your Resources
If there is one takeaway from this blog, it’s to use your resources to improve your customer service and satisfaction rate. If you currently do not have a customer satisfaction strategy in place, now is the time to implement one. Surveys are a surefire way to create an organized outlet for customer feedback.