Forbes.com says that bad customer service costs $338.5 billion globally each year. In the US alone, that’s about $83 billion, or an average of $289 per lost relationship.
Most companies today accept the fact that good customer service has a profound effect on reducing customer churn, and eventually the bottomline. Measuring customer satisfaction has become a key function in most Fortune 500 companies.
https://hiverhq.com/blog/measuring-customer-satisfaction/
Traditionally, customer satisfaction surveys have focused on collecting aggregate data. In the world of market research, this approach makes sense. It’s statistically accurate, high-level, and shows trending data—all great things for market researchers. But as customers have become more aware and their expectations have risen, this “open-loop” system falls short. Customers expect that if they take the time to provide personal feedback, then someone should take the time to provide personal follow-up.
https://www.peoplemetrics.com/blog/5-necessities-of-an-effective-closed-loop-customer-feedback-program/
Most customer service professionals are familiar with the two most common customer service metrics: the Customer Satisfaction (CSAT) Score and the Net Promoter Score (NPS). NPS asks customers how likely they are to recommend a company to their friends or colleagues on a scale of 0 (not at all likely) to 10 (extremely likely), while CSAT typically asks customers to rate the quality of specific experiences, like a customer service chat or a store visit.
https://www.business2community.com/customer-experience/care-customer-effort-score-01840420/
There are many reasons why companies don’t succeed, but one important reason is not analyzing customer feedback correctly, and hence making bad decisions. How do you know what your customers like or dislike about your product or service? Isn’t it valuable data for you? Of course it is.
https://www.influencive.com/5-proven-growth-hacks-leverage-customer-feedback/
Satisfied customers lead to sustained growth. To improve sales, retention rates, and loyalty and in turn expanding your business, you should actively seek and respond to customer feedback. Understanding your customers and transforming what they have to say into actionable insights can prove to be a great competitive advantage.
https://www.exactlly.com/blog/index.php/leveraging-customer-feedback-grow-business-10x/
When the topic of customer satisfaction arises, the modern mindset leaps immediately to the traditional retail realm of B2C relationships and starts compiling all the exciting new ways to keep track of, as well as boost their success. Yet, this same mindset is becoming increasingly essential in the world of B2B, since a customer-focused approach dictates the long-term success and the quality of relationships built in both B2B and B2C. You may not create a standard questionnaire or stick to a classic social media scheme to delve deeper into the minds of your customers, but B2B is in dire need of redirecting their focus to their customer pool.
https://customerthink.com/how-to-measure-b2b-customer-satisfaction/
As a business owner, your primary goal is improvement—you’re constantly trying to re-invent your business strategies and ideals to make your company shine. A big part of this is reception: what do your customers think of your company?
The correlation between popular businesses and higher customer satisfaction is easy to see. It’s true that more people will flock to your company after hearing positive things from friends and family. It’s long been recognized that people remember negative experiences more easily, so what can you do to improve overall customer satisfaction? Let’s look at what you can do to make your company retain the loyalty and respect of your patrons.
http://customerthink.com/optimizing-your-business-to-improve-customer-satisfaction-2/
For your business to be successful, you’re probably doing everything you can to satisfy your customers. But how do you know if your efforts are actually paying off? We’re all aware that in today’s digital age, where social media is a powerful tool in the hands of people, customer experience can make or break a business. Both happy and unhappy customers wield much greater power than their counterparts from a decade ago. A happy post or an angry rant – both can go viral on social media, affecting your business in a way that you never imagined!
https://customerthink.com/cracking-the-customer-satisfaction-score/
In today's ever-evolving hospitality industry, what makes a great marketing strategy? One thing remains certain. In the hospitality industry, succeeding in marketing requires knowing your guests. And the best way to know your guests is via actionable, data-based insights geared towards guest engagement and satisfaction.
So the question evolves. How do you best map out and utilize the information gathered about guests to maximize ROI?
https://www.hospitalitynet.org/opinion/4087591.html/
Stories are a better way to learn a customer's true experience, and the value they received. Of course, you can ask for examples on your surveys. But nothing replaces a conversation where you can go deep. Probe through dialogue. Gather real insights rather than platitudes.
https://www.inc.com/stephen-shapiro/how-to-know-if-your-customers-are-really-satisfied.html/
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