According to common definitions, customer satisfaction is used to measure how products or services meet or surpass a customers expectations. Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve businesses.
Here are the top six reasons why customer satisfaction is so important:
- It’s a leading indicator of customer repurchase intentions and loyalty
- Its a point of differentiation
- It reduces customer churn rate
- It increases customer lifetime value
- It reduces negative word of mouth
- Its cheaper to retain customers than acquire new ones
A customer satisfaction report conducted by Accenture found that price is not the main reason for customers to abandon a certain brand; it is actually due to the overall poor quality of customer service. I do not believe there are any bigger differences when it comes to b2b companies.
By measuring and tracking customer satisfaction you can put new processes in place to increase the overall quality of your customer service. To succeed, you must have both feedback, learning and corrective action processes in place throughout your organisation.
This is very much what we at Citec consistently aim to do. For our personnel, it is also important to exceed customer expectations and wow customers at every opportunity. At the end of the day, it costs six times more to acquire new customers than it does to retain existing customers. No wonder customer-centric work is absolutely key.
In this edition of Attitude, you can read more about the Project Feedback Tool that we use at Citec for investigating customer satisfaction. If you are a customer of ours, please provide your open feedback and let us be aware of what items you want us to be better at. We are keen to hear your voice and take action. Happy reading with Attitude!
Director, Marketing & Communications