Customer Satisfaction (and loyalty) is the central concept that organizations aim to develop their businesses around. And, when done right it could lead to a customer consistently choosing you over all competing brands, every time. This is the intention behind the initiatives that brands propose.
Yet, mere intentions do not take them far.
It is the research and insight about their customers, their behaviours and sentiments that could determine if the Customer Satisfaction Measure is made of the right stuff and designed to be a winner!
As a marketing research agency, we often encounter organizations at crossroads about their satisfaction programs. Unable to decide whether to proceed the same way a competitor does or to stay with the same mundane programs they have been extended to customers since their inception. And we want to tell them,
“These are not the only options”
Customers choose organizations because of the unique value they possess, a need that gets fulfilled only when they interact and convert with a particular brand. They enjoy certain experiences and buying journeys more with you than with anyone else. Keeping this in mind is vital for developing a Satisfaction Program that strikes the right chord. While research can help you determine the patterns that are implicit or sometimes even hidden in the customer data (that reveal the reasons for their choices), it can also help you create a personalized Satisfaction Program that is tailored exclusively for your customers.
A wide array of methodologies, studies and frameworks are available, such as our M2M approach, that can help you zero in on details like – Which channels do your customers prefer? What are the personas that are of interest to you? When are the customers most likely to convert? Does a Satisfaction measure help you reach them when they are the most disengaged? Are the customers looking for supporting content or offers and discounts, or even both? – The list goes on. You begin to draw a more complete picture of the customers, their expectations as well as ways and means to showcase your strengths as an established brand. This helps you plan your approach to customer engagement. (The more satisfied customers are, it inadvertently enhances Customer Engagement!)
Will we know when the customer is not satisfied with the brand? NOT always.
Most customers would probably just walk away to the next best thing if given a reason for disappointment with the service or product. The expectations are high and the opportunities to discontinue/ lapse are even higher. This is another important reason to consider for taking stock of the situation. Your customer satisfaction measure should have enough scope to engage even the most dissatisfied customers. It should pick up on the signals that the customers give out when they begin to feel disassociated with your brand. And, the basis for doing all this lies in the supporting research that tells you what actions irk customers and draw them away.
Customer satisfaction (and subsequently loyalty) is driven by small things that are hard to measure and even harder to predict. However, the success of such studies is hinged on the measurement and control of the facets of satisfaction that are uncovered through good marketing research.
Research reveals that most businesses lose nearly 50% of customers over a 5-year period. Getting new customers costs 20 times more than retaining your current ones. And even a 5% reduction in your customer desertions can dramatically increase your profits from 25% to 85%, subject to your industry. These statistics demonstrate how serious it is for you to understand why your customers choose you over other businesses. We want to represent you to unlock this information through our proven research techniques. Contact us today!
