The key objective of a successful business is not just to earn a profit, but also retain the existing customers. The overall goal of any customer satisfaction survey is getting actionable customer feedback, which can be used for improving the overall customer experience. Most of the companies in this digital age are not only focused on meeting customer expectations but exceeding them. To deliver incredible customer experiences, measuring customer satisfaction and tracking is the first and the essential step.
- Understanding Customer’s Expectations: A CSAT survey will offer powerful insights so that you can focus on satisfying your customer’s expectations. Understanding your consumer's expectations is a crucial factor in making your products and services better.
65% of customers find a positive experience with a brand to be more influential than great advertising- PWC
- Improving Customer Retention: There are no second thoughts that a satisfied customer will become your brand advocate. If you provide incredible customer experience, the chances are high that customers are more likely to share their positive reviews and testimonials online. The prospective customers are going to perform research before choosing products and services. They are more likely to buy from you if they come across some positive reviews.
The best method to improve customer retention is by showing the customers you know their problems and working on them. Having happy customers will improve the odds of repeat purchases and raises customer lifetime value.
67% of customers mention bad experiences as a reason for churn, but only 1 out of 26 unhappy customers complain- Salesforce
- Helps in Driving Growth: Happy customers are a vital factor for business growth. Customer Satisfaction asks about instant satisfaction - responses that are likely to point out sentiment towards the customer's most recent interaction with your brand or service.
One-third of consumers say they would consider switching companies after just one instance of bad customer service- American Express
- Helps in Building Customer Loyalty: When you fulfill all the requirements of the customers and give preference to them, then they become loyal to you. Repeat buyers are your most valuable customers for any business. Only a 5% improvement in customer retention rates yield between 25% to 100% increase in profits across industries—happy customers will spend more money and buy more frequently from your business.
80% of consumers steadily gained loyalty for a brand over time, due to experiences with products, services, reviews, etc. – InMoment
- Reduction in Churn Rates: If a customer isn’t satisfied with your products, they might stop using your products and services. They might also discontinue the subscription with your company. This is known as the churn rate. It’s typically simple to retain an existing customer than to acquire a new one. Focusing on providing excellent customer service will help in reducing the churn rate.
11% of customer churn could be avoided if the business simply reached out to the customer- Kolsky