We are improving on Customer Experience Management, Are you?

             We are improving on Customer Experience Management, Are you?

As a service company, we often get overwhelmed by acquiring a new customer but do we really understand that how big this responsibility is? 

 

Acquiring a new customer cannot be celebrated as a success unless this customer stays with you post your break-even point.  That drills down to the concept of the customer service satisfaction.

If a customer is not satisfied with the services a company provides, he is not going to stay and that is where a service company need to pay attention.

There are few key Aspects why customer satisfaction is so important:

§  It’s a real-time indicator of customer’s loyalty

If you really want to know how satisfied the customer is or if you want to know how likely it is that a customer will give you repeat business, then please get a review from the customer on a scale of 1-10. 

Make a process of getting the customer’s feedback each and every time you make delivery of services.

6 and above you met the expectation or slightly exceeded the expectation and there are chances these customers will give you the repeat business.

9 and 10 you have done exceptionally well and these customers can be your brand ambassadors.

Below 6 is an alarm that customer is dissatisfied and you are at a risk of losing the customer.

§  Differentiation of the services with other competitors

In a competitive market where everyone competes for customers; customer satisfaction is seen as a key element. Businesses who succeed in these cut-throat circumstances are the ones that make customer satisfaction a key differentiator of their business strategy.

§  It reduces customer churn

It is quite evident that customers do not leave because of prices but they leave due to the overall poor customer services and where the companies fail to meet the expectations.

§  Increase chances of retaining the clients for a longer period

A ‘completely satisfied customer’ contributes on an average 2 times more revenue than a marginally satisfied customer. Moreover, a ‘completely satisfied customer’ contributes higher revenue than a ‘dissatisfied customer’.

Satisfaction plays a significant role in how much revenue a customer generates for your business.

Lucrative businesses understand the importance of customer lifetime value (CLV). Increase in CLV is proportionally related to the increase in marketing dollar.

§  Reduces negative publicity

If your one customer is not happy with your services he can eliminate the chances of 20 new customers just doing the bad publicity and this damage is huge. This shows the impact of how badly a dissatisfied customer can affect the entire business.

§  It is cost-effective retaining existing customers than acquire new ones

Acquiring a new customer requires a lot of effort and money but retaining a customer requires a very little or no money instead just provide the best services and loyal customers will not leave you.

"Customer Experience Management" (CEM), a new approach taken by a growing number of companies in which the entire customer lifecycle is mapped out, from pre-acquisition through optimal profitability with excellent service delivery. With CEM Training, Operations and Marketing work as a team to develop a consolidated strategy to move customer up the profit curve. This means that with every new marketing and advertising campaign, Training and Operations must be part of a coordinated plan to walk customers to the next stage of their lifecycle.

This is my viewpoint on Customer Service Satisfaction, What’s yours?

Ashu Sharma 

(COO, eBizneeds)