Many different metrics and methodologies for measuring customer satisfaction exist. No one piece of customer feedback tells the full story. Combining metrics to paint a picture of what happens when customers interact with your business is vital.
Customer satisfaction and retention go together. After all, happy customers stick around. Positive interactions develop loyalty—and that allegiance equals dollar signs.
The boss calls a meeting and starts with something like, “We need to reduce churn among our customer base,” or “We’re lagging on our quarterly revenue projections,” and maybe, “It’s time to roll out the new product line.” Then your boss asks the most important question, “What are we doing to do about it?” The answer: develop a customer experience strategy.
Voice of the customer, or VoC, has become mainstream – a common, or even essential strategy for many businesses. But what is VoC, and what is the benefit of establishing a VoC strategy?
About 73% of consumers rely on experience first when making purchase decisions (PwC). Research also shows that more than two-thirds of customers will pay more for a better experience (Salesforce). The data illustrates a key point: a customer experience strategy is not a “nice-to-have,” but a “must-have” for company success.
You’d be hard pressed to find a viable company that isn’t interested in customer satisfaction. In essence, acquiring satisfied customers—and keeping customers happy—is the lifeblood of any successful business.