What are the benefits of measuring customer satisfaction?
May 27, 2021at6:30 PM
The technological advancements of today’s world are in sync with customer expectations. Today the business world is somewhat ruled by ever-increasing customer expectations and the efforts to keep them happy and satisfied. While doing so it is important to know that you can figure out customer purchasing habits or how they feel about your product or services, is through one of the most efficient ways, that is the data collected from feedback surveys. It doesn’t matter which industry you work for, the demographics of your target market, or the nature of your business, or what goods or products you provide, collecting data about your customers helps you to improve nearly every aspect of your business. This data leads to major findings and helps with conclusions. And through this data, we figure out how important is to measure customer satisfaction and other metrics.
Brands and companies that offer the best customer experience gather insights to act on. Actionable insights help these brands and companies to improve their strategies, figure out customer signals, and help their teams build better strategies to attract more customers. Customer satisfaction is one of the aspects of every business that is really important; it's simple math, happy customers tend to stay loyal to your business and they provide better lifetime values, plus they also do word to mouth marketing by providing positive reviews and by recommending your brand among their personal circles.
Understanding the formula of success for any brand is easy, you just have to figure out what your target customer base is, what are their likes and dislikes about your product/services, and how satisfied are they with their experience with your brand, voila! Your potion to improve your overall customer experience is ready. However, this is not it, there is a lot that goes into winning the market competition and keeping your customer intact while maintaining the yearly profits and bottom lines, but this is no less than any other efforts that a brand invests into making themselves stand away from the crowd and beat the market competition.
Measuring customer experience is important because it helps brands with more actionable insights. You ask your customers about specific moments that made their experience good or bad. When a customer responds to your feedback surveys with their answers, you get valuable insights about where and precisely what you need to change or maintain to make your customer experience better the next time. Customer satisfaction is a related measure that can also be positioned during transactional moments, for example in-store, after a call, or when you receive a product. It gives brands a clear picture of how they are performing in real-time. For example, one of the leading e-commerce brands has focused all its energies on improving its customer experience by working on the feedback provided by its customers. By doing so they have significantly improved their NPS score and other metrics and are helping the brand to regain its market position and rebuild its trust among its customer base. Experts are calling their move a realignment.
Collecting customer satisfaction data helps you look into the details that might go overlooked otherwise. When you ask customers about their experience of specific moments, you can easily test customer touchpoints in their entire journey with your brand, against each other. For example, a customer care interaction vs an in-store or online purchase interaction. You can figure out what worked and what didn’t, you can also test different channels of the same touchpoint, for example, comparing customer satisfaction of purchases made in-store, through a phone call, and online.
According to Mckinsey, there are definite benefits for your business by improving customer satisfaction of the customer journey.
Measuring customer satisfaction is important: because it can help you potentially minimize the risk of important decisions made in order to improve business operations. You can visibly see how improving the customer experience at specific points in the customer journey can have a positive impact on other metrics too. of course, by making sure all your customer needs are met and all your customers are satisfied with your services.
At Dropthought we believe that to build a sustainable relationship with a customer, we must value their feedback. We believe in building a situation-based and feedback-centric client engagement plan that will not only help businesses to leverage the data collected abundantly but also if done right this can turn into a long-lasting opportunity to keep your customers intact and keep the revenue bar up and running.