Customer Satisfaction & Loyalty
Most companies lose 45% to 50% of their customers every five years, and winning new customers can be up to 20 times more expensive than retaining existing customers.
Moreover, just a 5% reduction in the customer defection rate can increase profits by 25% to 85%, depending on the industry. Given these claims, it is imperative that customers know what makes buyers and specifiers choose one supplier rather than another.
A collection of our thoughts on the subject of customer satisfaction are gathered below:
To be able to enhance the customer experience, it is important to understand the factors, both rational and emotional, which play their part in the process.
Do you know how important your customers are to you? See how improvements in customer satisfaction and the subsequent reduction in customer defections impact dramatically on your profits.
Learn the fundamental stages of customer retention and see how even small increases in customer satisfaction can lead directly to significantly larger profits.
Introduction – Transcending The Net Promoter Score
In a downturn, you have to adopt the right state of mind, says Renne Botham at Touchstone Growth Running a business is a challenge, like no other. Chances are you spend more time at work than you do at home; you can at times be more in touch with your colleagues than with your friends; and with modern...
We are now over half way through 2011 and hopefully you are reading this with your company having survived one of the deepest recessions in history! However, there has been a lot of talk about the fear of a double-dip recession (one in three Finance Directors believe the economy will fall back into recession,...
A supplier in the utilities and telecoms market wants to measure the satisfaction of its customers across a range of issues and develop an action plan for improving customer satisfaction.