Quality Customers Over Quantity

Customers quality over quantity

“The power of the people is so much stronger than the people in power.”

Wael Ghonim (2011)

One commonality with many businesses worldwide is to make profit, a lot of it. This pushes them to put a lot of focus on increasing the number of customers that they have. Essentially, more customers should translate into more revenue and more profit. Although this is true, there are so many practical factors that are neglected which make this ideal assumption untrue. Let’s consider a business with x number of customers but with a 10% customer satisfaction score. The likelihood that such a business is making profit is rather slim. On the other hand, a business with a 90% customer satisfaction rate is likely to have more repeat business and a steady growing customer base that contributes to increasing revenue and profit.  Customers want businesses to care about what they think and have to say after an experience with the business. What measures are you making as a business to ensure that you have an open channel of engagement with your customers?

Providing good customer experience is one of the best ways of ensuring the success of a business. Ensuring that your customers are treated honestly and with respect from the moment they walk through your doors until the second they step out will convince them that your business is worth the repeat purchase. Giving out high quality customer service is one sure way to increase the quantity of new customers for your business. Why? Because happy customers like to share their good experiences with others. 64% of marketing executives indicated that they believe word of mouth is the most effective form of marketing. In the same vein, people like to share their bad experiences. What good will having a large customer base be if a few bad reviews can cause a huge loss of numbers?

“Customer satisfaction should be the focus of an organization because customers drive business. Collecting customer satisfaction data can help your company determine what is working well with your products, services and internal processes, and what you need to improve or change completely.” – Indeed Editorial Team.

No business is perfect, and the goal should not be perfection; but a gradual and steady progression of change that delivers an increasingly satisfying experience to customers. This is where customer feedback comes in. A business cannot know how its clients feel about its products and services if it does not provide an avenue for them to interact with it. Esteban Kolsky’s research reveals that only 1 in 26 unhappy customers actually complain. More importantly, 91% of unhappy customers who are non-complainers simply leave. This shows that to identify dissatisfied customers, one must have a mode of receiving feedback from them. Receiving feedback would allow your business to work on its shortcomings and improve emphasize its strengths thus encouraging your customers to stay with you long-term.

It is important that the system and mode of customer feedback collection is has engaging graphics and uses uncomplicated language. This would make it simple and quick for customers to share with your business what’s on their mind. In summary, customer feedback is the key to a great customer experience. Grow your business by providing a quality customer experience for quality customers.

Have you heard about Echo? It’s an easy-to-use, 360 digital service platform that can help you source for customer feedback, make sense of the data and direct the path of future business decisions based on the interpretation of data collected. Try Echo for your business now.

Sources

Afshar, V. (2017, December 7). 50 important customer experience stats for business leaders. HuffPost. Retrieved from https://www.huffpost.com/entry/50-important-customer-exp_b_8295772

Podgórski, N. (2021, November 10). 8 quick tips on how to improve customer satisfaction. Customer Feedback Surveys 🚀 Survicate [Start Free]. Retrieved from https://survicate.com/customer-satisfaction/tips/

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