MARKET INSIGHT: CUSTOMER SATISFACTION & LOYALTY- AGHOGHO ARTHUR | Bizness Watch
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MARKET INSIGHT: CUSTOMER SATISFACTION & LOYALTY- AGHOGHO ARTHUR

Customer satisfaction and loyalty are key elements of short, medium and long-term business growth and profitability. In every sector of our economy, whether banking, telecoms, manufacturing, to mention just a few, customer satisfaction is particularly important because of limited new growth prospects. Nevertheless, higher customer satisfaction and loyalty can have a much broader impact on your business by enabling you to:

  • Shifting customers loyalty
  • Achieve lower costs of selling
  • Increase repeat purchases from existing customers
  • Improve brand equity or price premium
  • Increase retention rates for supplies sales
  • Enable faster roll out and ramp up of new products and services
  • Leverage satisfaction rates in marketing messages to attract new customers
  • Create a pool of referrals for capturing new accounts
  • Improve employee productivity, satisfaction, and retention

customer-satisfaction

In most cases, customer satisfaction and loyalty are not simply based on how well your product performs. Customers tend to have a more holistic view of their experience and what satisfies them. As part of our customer satisfaction research, biznesswatch.com identifies the key components drivers of customer loyalty. Some of these key drivers includes the following:

  • Identifying what the customer values
  • Examining critical touch points with the customer
  • Understanding the impact of your channel on customer satisfaction
  • Examining the impact of billing and administrative issues on satisfaction
  • Identifying specific sources and causes for low customer satisfaction
  • Quantifying the business impact from improving customer satisfaction
  • Benchmarking your customer satisfaction vs. competitors
  • Assessing the differences in customer satisfaction by market segment
  • Examining the relationship between business processes and customer satisfaction

In an emerging market, customer satisfaction and loyalty have been identified as key drivers in gaining substantial market share in a competitive environment. No wonder, organizations are focusing more on service improvements in the area of customer satisfaction and loyalties as well as making customers a lot of times shift their loyalty.

-Aghogho Arthur




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