Are you meeting your customer’s expectations? Are your customers satisfied? Existing customers are the source of current revenue, future sales, and referrals to others. Statistics indicate that it is 6-7 times more expensive to attract a new customer than it is to sell an existing customer. As such, retaining current customers should be a No. 1 priority for every small business owner.
Retaining customers begins by gaining a thorough understanding of their expectations and priorities. Oftentimes this is unknown, unclear, or internally defined by company personnel. In most cases, companies have not taken the time to actually ask their customers what they want.
Deploying a Customer Satisfaction Management System in your small business will ensure that you are developing and delivering your products and services based on what your customers want, not what you think they want.
A simple three-step process will allow you to implement this. First, talk with your customers to understand their expectations. This can be done through interviews or focus groups. Next, have your customers prioritize their expectations by ranking the ones that they value the most. And finally, use the ranked list and have your current customers rate your performance. A simple survey can be used to do this.
Satisfied customers buy more, are more loyal, and recommend you to others. It is definitely an asset to your business to have satisfied customers, and having a Customer Satisfaction Management System is a proven approach to accomplishing this.