There are different methods of marketing but customer satisfaction is the most powerful yet neglected tool of marketing. A lot of businesses focus on digital marketing techniques such as social media, SEO, video marketing, but ignore the compound interest generated by satisfied customers. Yes, compound interest is the most powerful force in business and can only be obtained from highly satisfied customers. Ever wondered why the customer-centric companies are doing much better? They generate a whopping 82% sales increase from moving their customers from satisfied to highly satisfied. By customer-centricity, I’m referring to processes within a company that is tailored to suit the needs of the customer.
Such companies focus mainly on customer satisfaction while other things remain secondary. This is because they understand that satisfied customers are more likely to recommend the company’s products and services to a wealth of audiences which consist of their friends, family members, neighbors, and colleagues. And the most interesting thing is, they do it for 100% FREE! Why a lot of businesses neglect this FREE POWERFUL marketing tool keeps me in awe. Customer referrals should be the main growth area of any business.
Just as your 45-page business plan means a lot for your business, so also should 24/7 customer service. The customer’s experience when interacting with the company is just as important as the quality of your products and services. The difference is that the quality of your products and services don’t possess as much power. This is why we preach customer-centricity. Beyond offering quality products and services [which is paramount], provide swift response and better user experience to your customers. You can’t expect your visitors to be happy when your page takes forever to load – fix that! You don’t expect a 5-star rating when your abandoned carts numbers keep increasing by the day. You have hundreds of inquiries unattended to and you expect them to brag about your company? It doesn’t work that way. Make adjustments by satisfying your customers.
I’ll conclude by saying the value of a company is not rated by how much it generates but, ultimately, by how it provides the best possible product and purchasing experience for its customers. The faster you respond to their requests the more positive experience and overall value your company gets. The more your employees continue to show enthusiasm for excellence, the more power you command from your customers. In addition, lowering the cancellation rates (churn rates) is the most powerful ingredient of building a business. We will follow this article with an in depth article regarding managing Churn in a business.