A good Customer Experience is a must for any business wishing to hold a strong position in the market.
Businesses scale with time and experience attained right from their inception. To exit the seedpods, businesses need to consider product offering, market, demand/supply ratio, and, most importantly, its customer base.
A customer’s positive experience is the turning point for any business. It encourages the business to grow smoothly and exponentially. Statistics show that loyal customers spend more on the business than new customers. Also, retaining a customer is far less pricey and time-consuming than acquiring new ones. Hence, ensuring a pleasurable customer experience is vital for businesses.
What is Customer Satisfaction?
Customer Satisfaction is an overwhelming term to define. Especially if a business is unable to understand for sure what makes their customers happy.
The textbook definition of customer satisfaction is conceptualized as an emotional or cognitive response. However, brands spend a bomb to achieve satisfaction for their individual customer base.
Typically, customer satisfaction is achieved if a customer stays with a brand because of comfort, approach, or other benefits. Brands having a larger customer base end up grabbing larger market shares and, eventually, grow strong.
Are Your Customers Unhappy?
It’s important to know that the effects of a satisfied customer far outweigh the effects of advertisements.
One effective way to know if your customers are unhappy is the Customer Churn Rate. This measures the percentage of people ending their relationship with a business in a certain time period.
It’s impossible to create an image of an idealistic customer and assume what they want. We need to collect feedback and understand how they perceive your business. Feedback helps you track your customers’ journey and work on the lacking aspects. Feedback should be the top priority of a business.
How to Measure Customer Satisfaction?
Ratings are a fun way to engage with the audience. A lot of people prefer to give ratings using the star system rather than typing out reviews. These are easy to understand and can be filled within seconds.
Many brands and businesses use the star system on their websites, blogs, pages, and apps. It makes the job simple but isn’t an accurate measure of understanding the customer psyche.
Today, emojis are used while texting, posting, and reacting to said posts. Emojis are engaging, unique, and relatable. Younger audiences use emojis to communicate how they feel to a point where’s it’s a language of its own!
Emojis help your audience connect in a way other rating scales don’t. Emojis focus on user sentiment, as well as experience.
Reviews are the most effective way to understand customer satisfaction. In fact, reviews give complete information about why the customers liked a particular product. It also tells us what aspect they liked about it, and how well they really understand the concept.
Reviews help determine who’s a person of interest, and you can bank on that fact!
Graphic Rating Scales
A popular example of a graphic rating scale is a Likert Scale. It’s a series of numbers between your choosing. For example, 1-10, 1-100, etc. where customers can rate their experience from best to worst.
This type of scale is commonly used for customer reviews on service products.
This one’s the most time-consuming and exhaustive method of all. Surveys can take a few days, or a few months to complete depending on the type.
Surveys provide extremely accurate results, but the amount of time spent collecting data isn’t always available. People move on, trends change, and new products are launched.
However, if everything stays constant, there is nothing greater and valuable than a survey to gauge customer review.
Focus groups are the second most effective medium when it comes to understanding customers. You can see how they react to the product in real-time. You can also ask questions and hear unfiltered opinions about the products.
What Method Works For You?
Just like every snowflake is different, the method you use to approach your customer also varies. To get positively impactful results, trial and error are necessary. Use a combination of these methods and figure out what works best for you.
In fact, there are digital tools, like Locobuzz, that help you extract reviews from various digital portals. This provides you a first-hand review of your brand.
Customer satisfaction is the backbone of any successful business. To excel, these points should be the top priority of any business. The growth of your business depends on how well you maintain this.
Locobuzz is a SaaS platform that converges with technologies such as AI, ML, Big Data, and Analytics to provide brands with a 360-degree customer experience management suite. Locobuzz’s powerful analytics algorithms have helped seasoned brands establish a strong foothold in the digital hemisphere through the covid19 crisis period. Visit our website www.locobuzz.com for more information on our CX management services that are catered toward businesses like yours!