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Is Customer Satisfaction Worth the Effort? 5 Ways to Maximise ROI
How happy and satisfied are your customers, and how does the way they feel about your business impact your bottom line? Take the time to measure customer satisfaction on a large scale and you’ll be able to analyze what your customers think, want and feel and come up with concrete strategies to help provide exactly what they need to keep coming back for more. Better ROI begins with a better understanding of your customers; ask the right questions and you’ll get the data you need to make strong and strategic decisions for your marketing efforts.
Understand the Customer Journey
In the early stages, when you are trying to win a customer over, trust is everything; your prospects need to feel confident in your ability to deliver. Once you’ve successfully handled a few sales, though, the customer journey becomes more about efficiency and living up to expectations. Realizing and adapting to the different stages in your customer relationship allows you to provide the right response and support for every customer you have. Meeting the right needs allows you to support each customer individually and offer a personalized experience.
Associate Customer Satisfaction with Customer Loyalty
Approaching your customer satisfaction ratings to gauge loyalty allows you to get a relatively good idea of where you are, what resonates with your prospects and what to expect in the future. Whether you’re gauging customer satisfaction with an in-person survey app or other data collection method, understanding that the satisfaction data you receive has a direct impact on your future sales allows you to act when you need to.
Monetize Customer Loyalty and Satisfaction
Happy customers stay loyal, meaning they’ll return to you, again and again, to get “more” of whatever made them buy in the first place. Whether it is your great customer service, your superior products or the efficient way you deliver the goods, capitalizing on customer loyalty allows you to improve your revenue. Not sure “why” your customers are loyal? Take the time to gather customer feedback and you’ll gain some valuable insight into what you are doing correctly and what resonates most with your target prospects.
Understand Acquisition vs. Retention
It costs far more to acquire a new customer than it does to sell more of your product or service to an existing one. Even rolling out a new product is easier when you have a receptive audience. Understanding the importance of that returning customer and how much less money you need to spend to reach them can help you maximize your ROI.
Identify What Drives Your Prospects to Buy
Opting for a model that is customer based can help you gain insight into why your prospects buy and into the things that matter most to them. Which buyer attributes are most important and will result in the best ROI for your firm? There’s only one way to find out for sure; go directly to the source, your customers, and ask what’s most important to them.
When you take the time to measure customer satisfaction and equate satisfaction with ongoing loyalty, you can get a better idea of the big picture. What triggers your customer to buy, why do they choose you and what can you do “more” of in the future to keep those sales and revenues rolling in? The answers to these questions will help you boost your marketing ROI and ensure that you are properly targeting your efforts.
Also published on Medium.