Happy customers make for a healthy business. The greater your customer satisfaction, the more likely you are enjoying the profits that go with it. Repeat sales mean you are spending less time winning new customers as you are providing your existing customers with everything that they need. You’ll spend less on marketing and that means more money to use for other areas. Here’s what you can do to increase customer satisfaction.
Every customer that leaves or chooses to take their business elsewhere, is someone you have to replace with a new customer. It can cost you much time and money to find, market and sign new customers.
If your customer retention rates are high, you will spend less money on marketing and more time on keeping your current customers happy. Happy customers bring repeat business and help increase your revenue and profitability. The cost of acquiring new customers costs more than the cost for retaining your current customers, so look at the special investment you have in your customers as a worthwhile one at that.
Your best customers will also provide the most to your business. Typically, the top quarter of you customers will contribute more than half your revenue and profits and, therefore, much attention should be given to them.
Understand what your customers want and deliver that to them. If you have a team of workers, assign your best employees to oversee specific accounts. The personal touch is important as problems can be quickly addressed and resolved by knowledgeable team members.
Build Lasting Relationships
Take a look at any well established business and you will see that they have clients that have been with them for many years. It isn’t that the clients are too lazy to work elsewhere, rather they have a solid relationship that benefits both parties.
Long-term customers provide a lifetime customer value what can impact your long-term profitability. They represent the very foundation of your business, customers you want to keep for many years.
Satisfied customers also bring with them another important attribute: their personal recommendation of your business. If a customer is happy with your service, they’ll tell others. Moreover, they may allow you to use their name in your marketing material.
It is important that you monitor customer satisfaction very carefully. Ask your customers for their feedback and, if they are happy with your service, you can also ask them to write a review about your business. Yelp, Angie’s List, Google Places and CitySearch are a few that come to mind. They can also give feedback on social media, including Twitter and Facebook.
You might also consider the five predictive imperatives for maximizing customer value as outlined by SPSS. These are: base your customer strategy on predictive profiles; predict the best way to win the right customers, predict the best ways to grow customer relationships, predict the best way to keep the right customers longer and and use predictive intelligence at every customer touchpoint.
Winning the right customers is an important consideration as you’ll have a more symbiotic relationship with those that first your ideal customer profile. When you win new customers, you can work on growing those relationships by discovering their affinities. For instance, you might pair products and services together to increase your profits — not only do you sell copiers, but you provide the service agreement to maintain them. Be prepared to offer your customers a range of services to help them reach their goals.
Customer satisfaction is not just a goal, but a process. You need to be able to determine what customers want individually, and tailor specific responses to help them reach their goals. In doing so, you’ll retain your customer and enjoy the profits that go with this long-term business relationship.
See Also — You Can Attract New Customers to Your Store