Acquiring new customers is costlier than retaining old ones. So once a business wins a customer, it is vital to keep them hooked on to the brand. Not surprisingly, the customer loyalty towards a brand largely depends on the extent to which a company’s products and services have satisfied their needs. A new report from Infiniti Research reveals some of the most efficient methods for measuring customer satisfaction.
According to the research, factors such as the ease with which the company helped solve a customer query or complaint post-purchase plays a vital role in deciding the repeat purchases or promoting positive word-of-mouth. In order to take corrective action before losing out on existing and potential customers, it is crucial for modern businesses to measure customer satisfaction regularly.
Best ways to measure customer satisfaction
Customer satisfaction surveys—This is a standard approach for gathering data to measure customer satisfaction. This involves surveying the customers based on their satisfaction level of using the company’s products/services. Customer satisfaction survey includes three variations: in-app surveys, E-mail surveys, and Post-service surveys.
Customer satisfaction score (CSAT)—One of the most commonly used methods to measure customer satisfaction, customer satisfaction score involves asking customers to rate their satisfaction with the products or services of the business. Then the average rating given by the customer is considered as the company’s CSAT score.
Net promoter score—This is a method of measuring customer satisfaction based on the likeliness of a customer to refer the products/services of the company to their peers. Here, customers are asked to rate their likeliness to recommend the offerings of a company on a scale usually ranging from 1 to 10. This is a direct indicator of their satisfaction levels with the offerings.
Social media monitoring—Social media plays a crucial role in measuring customer satisfaction of brands. The reach of both customers and the business on social media are unprecedently high. This makes measuring customer satisfaction on social media a highly effective way to understand what the customers think about a particular brand and their products/services.
Best practices for measuring customer satisfaction
Maintaining contact and assessing satisfaction levels of the customers often prove to be challenging for businesses. By using best practices for measuring customer satisfaction, it becomes easier to monitor and establish better customer relationships:
Define the goals—Businesses must first establish how they plan to use the results of measuring customer satisfaction. Setting objectives means that the company becomes clear on how to analytically extract useful information from the data. It is vital to keep the customer satisfaction survey based on these pre-defined goals.
Make surveys short and precise—Getting customers to respond to surveys is a highly challenging task for customers. So, is essential to make them as precise as possible to induce customers to participate in the surveys. The length and time-consuming surveys would make customers more reluctant to give their response. The goal here is to extract maximum information for measuring customer satisfaction by being as precise as possible.
Be regular and consistent—In order to make measuring customer satisfaction effective, it is imperative for brands to be consistent and regular in conducting surveys. In today’s fast-paced business environment, timing and consistency od collecting customer feedback is crucial in determining corrective action to prevent losing out on customers.
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