Our Customer Experience technology is at work with companies around the world to track customer satisfaction. We enable business owners to measure customer satisfaction and better position their business competitively. Customer experience is the new battleground in business today and it’s happening right now.
Here are five reasons why you should track Customer Experience.
1. Customers defect to competitors based on perceived value
Research by the SBA found that 9% of customers will leave because they perceive a competitor’s offering as better. More than one industry leader believes that to stop this, companies must focus on offering a ‘perceived service’ that is better than competitors.
Let us work with you to track customer experience and then benchmark it against industry data and determine if you are at risk of customers potentially defecting.
2. You already pay for marketing to get your customers
Getting the customerin your door for the first time is just the start. The trick is to keep them coming back, focusing on their lifetime value to your business.
In one article from Harvard Business Review, the co-owner of five Domino’s Pizza stores calculated that regular customers were worth more than $5,000 over the life of a ten-year franchise contract. He made sure that every order taker, delivery person, and store manager knew that number. For him, telling workers that customers were valuable was not nearly as potent as stating the dollar amount: “It’s so much more than they think that it really hits home.”
Let us use our customer experience survey tools to help you protect the customer relationship and to help you build the lifetime value of your customers.
3. A lot can go wrong during the lifetime of a customer relationship
As a business owner, you can’t interact with every customer. In fact, to build the most valuable business your time is better spent elsewhere. At the same time, a poor customer experience will hurt your business before you knowit, if you don’t have a way to receive independent feedback. In other words, if you have an unsatisfied customer, find out early and react before you lose them.
For example, during normal interaction with your customers, different challenges may come up. More than one employee may interact with customer inquiries and the customer may have many experiences over time. If you have no customer experience tracking, you are "flying blind” and you may not discover (until it’s too late) how your customers really feel.
Let us help you make sure your feedback tool is the independent voice of your customer and don’t count on a problem employee to give you the “straight scoop”. You can manage the overall customer experience by better understanding how your business is perceived and act on what you learn.
4. Happy customers refer new business
By ensuring your customers are satisfied, you put yourself in the very best possible position to create customer advocates that will send business referrals your way and help spread great “word of mouth”. High rating scores will give you the confidence to ask your staff to go into every customer encounter as if they were going to ask for a business referral at the end. Stay on top of your game, offer outstanding service and strive to exceed customer expectations.
Customers stay where they feel welcome and are treated well. They refer business when they trust that their friends and associates will have the same experience.
5. A drop in customer satisfaction is a key indicator that customers have a foot out the door
Keeping track of your overall customer experience rating serves as an advance warning system. A drop in your score means something happening and customer feedback will help you understand the challenge. This technology has been used by large companies for a while now, but only recently has it become surprisingly affordable for mid-market and main-street sized business owners.
Understanding the link between customer defections and profits provides a guide to lucrative growth. It is not uncommon for a business to lose 15% to 20% of its customers each year. Simply cutting defections in half will more than double the average company’s growth rate.Companies with high retention rates may grow 2 - 3 times faster than low retention competitors. In fact, if you want to expand through acquisition you could create value by acquiring low retention competitors and reducing their defections.
Chelsis Financial delivers this technology to business owners to help strengthen customer relationships and measure customer satisfaction. Contact us NOW to arrange for a short online demonstration and to put this tool to work for your business today.