Customer satisfaction is the main purpose in business. It is estimated that it costs five times as much to draw interest from new customers as to retain an existing one. The relationship between the customer and the business is very important.
Research says the following:
- A customer is 4 times more likely to defect to a competitor if the problem is service-related than price- or product-related.
- A 2% increase in customer retention has the same effect as decreasing costs by 10%.
- 96% of unhappy customers don’t complain, however 91% of those will simply leave and never come back.
- A dissatisfied customer will tell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people.
- Happy customers who get their issue resolved tell about 4-6 people about their experience.
- 70% of buying experiences are based on how the customer feels they are being treated
- 55% of customers would pay extra to guarantee a better service.
- Customers who rate you 5 on a scale from 1 to 5 are six times more likely to buy from you again.
The wire.com writes, only 79% of customers are being satisfied with your company, its service and its products is no longer good enough. They go on to further state that until you get above 90%, you cannot feel comfortable that your business name and reputation are valuable.
Today’s customers are holding onto their dollars more tightly than ever. As customer spending is stagnant, companies must provide more than just a good product at a fair price, they must also provide a positive emotional experience, according to peoplemetrics.com.
Here are some tips to make sure customer satisfaction is important within your business:
- How are customers being greeted and approached?-Make them feel comfortable. This establishes the tone for the entire interaction.
- Show that you value your customers-Let them know you think they are important.
- Ask how to help your customers-Inquire on their wants and needs. It is important that each customer encounter makes them feel satisfied.
- Handle customer complaints appropriately-Listen, reassure them that you’ll act on their complaint or concerns and follow through until resolution.
- Help customers-Help customers get what they want and do so in a timely manner.
A business can be successful only if the result is a satisfied customer. Customers are the reason of the business, so it is important to keep them happy and give them real value.