If you are still not convinced of the significance of customer satisfaction, then we will take it one step further. Here’s 3 reasons why you should improve your customer satisfaction, starting today.
1. Retaining a customer is cheaper than attracting a new one
Attracting a new customer is about 7 times as expensive as retaining an existing one. This is especially true for business that tend to commit to long-term relationships with their customers, such as: insurance and media companies, banks, etc.
These types of businesses greatly benefit from maintaining a high customer satisfaction as their revenue is directly linked to a high Customer Lifetime Value: the total revenue per customer over a customer’s lifetime.
2. A satisfied customer is almost always worth two
Satisfied customers tend to share their positive experiences with others, resulting in free word-of-mouth advertising for your company. In 2021, customers no longer share their opinion offline, but via social media where their reviews reach a much wider audience.
3. Satisfied customers spend more money on you
Are you active in a sector that prioritizes cross- and upselling? Then a high customer satisfaction will be twice as beneficial. After all, satisfied customers will be less shy about spending money on you.
They will be more inclined to take up your media promotions, they will be more willing to pick up extra clauses with insurance companies or they will buy various financial products from the same bank.
