You may feel that your customers receive good service, but how does it compare with your competitors, or other suppliers your customers use? Furthermore, customer satisfaction is based on perceptions – which may be different to reality.
Conducting regular customer satisfaction surveys is an important element of good business. Surveying your customers informs business process, nurtures customer value and ultimately increases profits.
In this blog we explore the main benefits of conducting regular customer satisfaction surveys, with a focus on how to apply what you learn.
Place customer value at the heart of your business
When conducting customer satisfaction surveys it is important to interpret and learn from the findings. Increasingly companies are realising that understanding customers provides opportunities to strengthen relationships, to cross sell or up sell, so increasing the profit potential of each customer.
Applying what you learn by improving current product and services is an important element of customer satisfaction surveys. Also remember that the findings can also input into new products and services or identifies opportunities to cross sell other products.
Much more effective than developing new customers is the retention of current customers. Developing strong customer relationships is key to business success. Very often, just the act of asking for customer opinions will improve relationships. Customer satisfaction is about perceptions. Identify the Service Gap and then reduce it.
Finally having a full understanding of your customers’ expectations and attitudes is key to business development. Successful companies survey their customers once or twice a year to keep in touch with changing views and benchmark performance against their competitors and suppliers of complementary products.
Applying what you learn:
- Learning point 1: Share the findings of your customer satisfaction surveys so all parts of your business understand the needs of your customer. This allows each business unit to identify new, profitable ways of satisfying customers’ needs. Maximising the learning potential.
- Learning point 2: Use the survey findings to inform and adapt your sales approach. Identifying cross-selling opportunities increases the profit potential of each customer.
- Learning point 3: Apply the survey findings to your service delivery. Adapting and improving your service delivery will increase customer retention.
- Learning point 4: Feed your customer satisfaction survey findings into your new product development.
- Learning point 5:Taking regular customer satisfaction surveys is a good way of informing your business strategy. Knowing what your customers want is critical to business success.
Customer satisfaction surveys can review a number of aspects of the customer relationship such as delivery performance, product suitability and quality of your staff. It also obtains similar information about your principal competitors, so that differences can be evaluated.
The survey should be the first stage of your customer value programme and each report should yield follow-up actions, to help you implement changes and exploit the opportunities identified.
In principal conducting regular customer satisfaction surveys allows you to place customer value at the heart of your business. Enabling you to identify opportunities to retain customers, cross-sell and up-sell, as well as deliver new successful products. It informs your business strategy and places you in a strong position to grow profits.
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