Customer Satisfaction
is the key metric for evaluating the performance of a business. Without customer satisfaction old customers are being lost as fast as new customers are won. It is an accepted truth that it costs 10 times as much to secure a new customer as it costs to keep an existing one. Sadly even though most business men acknowledge this fact, few actually make the necessary investment to keep their old ones and keep on the merry go round of one customer in and one customer out. It just does not make any sense.
What do we do about it?
We have extensive experience of developing state of the art customer satisfaction monitoring systems. Clearly we need to ask the customer whether he or she is satisfied so that we can measure our performance in this respect. Most companies send out a long survey which the customer generally refuses to answer because he has too little time. Many outsource the process to an independent provider (something we do not recommend) and often customers are given anonymity so the company does not even know who is dissatisfied. Our leading edge system is customer friendly and promises the customer that any grievances will actually be acted on quickly. Dissatisfied customers usually vote with their feet when we fail to put the problem right. Our approach is to identify the problem, put it right and monitor overall satisfaction as a business metric.