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8 Reasons You Need to Pay Attention to Customer Satisfaction

Competitive intelligence program

There are a lot of businesses looking to improve their bottom line. Improving your customer satisfaction is one key to doing just that. Competitive intelligence agency experts list these reasons as why companies should care more about customer service.

  1. Consumer loyalty starts with good customer service. When consumers are happy with a product or service, they want to buy it again. Customer satisfaction and customer loyalty are not the same thing but the latter leads directly to the former. It starts with a customer having a positive experience with a product. That is customer satisfaction when they start buying it regularly over other brands, that is loyalty. Why is this important? It has been estimated that a single purchase is worth only a tenth of what customer loyalty is worth.
  2. Maintaining customer satisfaction is key. Having one good experience with a brand is not enough, say competitive intelligence agency experts. It takes some time to build brand loyalty. It has been estimated that this process can take up to three years. Once a customer has developed a sense of loyalty to a product or service, your work in customer service does not end. Customer loyalty is a fragile thing. It does not take a lot of bad experiences to convince them that they should go elsewhere for something similar.
  3. Measuring customer satisfaction is a great way to measure how well you are doing. One thing that people hire a competitive intelligence agency. Many companies talk a good game when it comes to customer service but, unlike a project’s budget, scope and time, it is more of an intangible. In order to label a campaign or project a success, it is important to have a high satisfaction level. If the people you have created a product for are not happy with it or the customer service they get, how successful was that project? Even if it was all done on time and under budget, if you cannot sell it to people, it cannot be considered a success.
  4. Your customer satisfaction level is a good indicator of how likely a consumer is to come back. They say that you only have one chance to make a fist impression. If a consumer walks into your place of business and has a great experience and is very satisfied, the chances are better that they will come back. If they have a bad experience, on that first visit, they probably will not give you a second chance. At least 91% of people who were unhappy with the service they got report that they would not buy from that company again.
  5. Consumers will pay more for a better customer service experience. More than price, customer service will either bring people back or send them away. In a recent study, 90% of American consumers say they would pay more to get a better customer service experience.
  6. It sets you apart. Good customer service sets you apart from your competitors. Competitive intelligence agency experts say that when a company provides much better customer service than their competitors, consumers will take note. This is something that will drive customers to your door. This is why it is important to link your brand with good customer service.
  7. It costs more to bring in new customers. Talk to anyone in sales and they will tell you that getting new customers takes a lot more time and effort than selling to existing clients and customers. Your existing customers know and, hopefully, like your products and brand. They do not need the same amount of convincing about what you do and why they should buy from you. New people may not know what you produce and who you are so it takes more work to get them to try you out.
  8. Unhappy consumers tell their friends. People are much more likely to complain than to compliment. Competitive intelligence agency expert say that when a person is unhappy with the customer service they receive, they will tell the world. They go on Twitter and Facebook. They let the people they know, know that they had a bad experience and advise others not to use that company.

The bottom line is that improving customer satisfaction will really improve your bottom line.

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