In today’s business world, one of the most critical success factors for companies is customer satisfaction. So, what is customer satisfaction? How is it essential for companies, and how is it measured?
What is Customer Satisfaction?
Customer satisfaction shows how well companies meet their customers’ expectations with their products, services, and support. Customer success is significant for all companies regardless of their sector. It affects the brand image, by increasing sales and reaching larger audiences through word-of-mouth marketing. This is why 88% of companies put customer satisfaction at the heart of their strategies.
How Can You Evaluate Customer Satisfaction?
Ensuring customer satisfaction is essential for a company’s sustainability.Therefore, some metrics can be applied to retain existing customers and gain satisfaction from new customers. These are;
1) Set Goals
Before planning strategies and campaigns for customer satisfaction, companies should set goals. Goals determined at the beginning of the process, will contribute to measuring customer satisfaction with data obtained at the end of the process. For example, to evaluate a service offered by your company, what kind of results do you expect to get from your customer surveys? Which results will mean that your customers are happy and you are successful? Setting goals and expectations will help you evaluate customer satisfaction more precisely.
2) Organize Online Surveys
To achieve customer satisfaction, you must first understand customer needs. Conducting regular surveys, allows you to learn about your customers’ opinions, expectations, demands, and complaints. This way, you know what you need to improve or change. Moreover, personalized customer satisfaction surveys help you connect with your target audience on a more personal level. This allows your brand to have a better connection with your customers and retain them. Some of the commonly used online surveys to measure customer satisfaction are CSAT and NPS.
- NPS: Net Promoter Score (NPS) is a survey that measures customer loyalty and indirectly customer satisfaction. Net promoter rating is calculated on the answer given to the question, “How likely are you to recommend us to a friend or business partner?” Scoring is usually done on a scale from 1 to 10. Those who choose between 0 to 6 are called “detractors,” whereas those who choose 9 or 10 are called “promoters.” NPS value is obtained by subtracting the percentage of detractors from the percentage of promoters.
- CSAT: CSAT (Customer Satisfaction Rate) evaluates on average how happy your customers are with your products or services. Depending on predetermined metrics, customers are asked to rate from 1 to 3, or 1 to 5, or 1 to 10. It is the most used customer satisfaction survey.
3) Consider Customer Churn Rate
The churn rate is the percentage of customer loss in a given period. Companies can find answers to questions such as “Why don’t customers prefer us anymore? Why is there a decrease in the number of customers?” only with surveys. PwC states that 73% of people see customer experience as an important factor in their purchase decision. Companies with a high customer satisfaction rate have high sale rates and low churn rates. For this reason, you can assess customer satisfaction via evaluating churn reasons.
4) Analyze Collected Data
Companies need to analyze the collected data to measure customer satisfaction. The analysis can be done through various programs. It allows measuring the company’s progress, success rate, and customer satisfaction by comparing the targets set in the first step with the data in the last step.
The Right Place for Customer Satisfaction: Infoset
Carrying out studies for customer satisfaction requires a long time. With Infoset, you can Carrying out studies for customer satisfaction requires a long time. With Infoset, you can save time and money by automating these work processes. In addition, with the Omnichannel customer service system, you can manage all your support and sales channels on a single platform and automate all your processes. So start using Infoset today to take your customer experience to the next level and increase your sales!