It pays to keep your customers satisfied
Customer satisfaction is more than a nice-to-have: for SMEs, it’s vital
Do a quick search on Google for ‘driving customer satisfaction’ and you’ll find yourself bombarded with new tools, features, programmes, and statistics about how to make your customers your biggest advocates.
Understanding customer behaviour not only helps the pennies grow into pounds, it enables you to build business plans, predict growth, and keep up with market trends.
It makes sense, right? Not convinced?
Here are three reasons why customer experience needs to be at the forefront of any business decision:
1. Increase revenue, reduce costs
When customers are happy with your business, they become loyal to you.
They’re more willing to pay full price because they understand the value that they receive from your company, and are less sensitive to annual increases or price bumps. Happy customers also provide an ongoing revenue stream, whereas trying to win over new customers drives up the cost of acquisition.
What’s more, you can look at the purchasing habits of your most satisfied customers and use that insight to create a profitable portfolio.
2. Referrals and recommendations
Word of mouth is incredibly effective at driving new business for SMEs.
Happier customer are much more likely to recommend you company to their friends and families. They’ll also become brand advocates for you, and have a wider influence on potential new customs via social media.
Beware of the reverse though; customers who have had a bad experience will equally use social media to complain. Make sure you’re equipped to respond to any customer complaints (or compliments) to make sure you always provide the best customer experience.
3. The refined buyer
As you build a customer base of satisfied customers, they become familiar with your business and understand the ins and outs of how things work.
They make fewer demands on your business in comparison to a new customer who may pick up the phone or use online chat with every issue they encounter. Refining the customer base attracts similar customers to your company and enables you to streamline key functions like your ordering processes, customer care, support, and billing. As these start to reflect similar customer needs, you can handle them more effectively.