There may be many things you can do to have a successful business. But the key to up the game is allowing your customers an experience of a lifetime with your services. Ask any of the top 10 market research companies in Dubai, and the majority of them will advise you to focus on ‘customer satisfaction.
What is Customer Satisfaction (CSAT)?
Customer satisfaction (CSAT) is a part of Customer Experience (CX), where CSAT usually revolves around a particular interaction and contributes to the overall experience with the brand. Businesses can conduct surveys with the help of the best market research companies in Dubai to gauge the satisfaction levels of their customers.
However, many companies seem to disregard how customer satisfaction can either build or tarnish your brand image. If you have been downplaying this crucial factor, then here are the details that you all should read.
- Word of Mouth is a Thing! It does matter.
Consider a scenario where few buyers have had an unpleasant service at any point in their customer journey. The first thing they do is rate your company very low and add negative reviews, leaving prospects with negative opinions about your company and tarnishing your image. This little scene imagined can probably send chills down your spine. And that is why experts from the top 10 market research companies in Dubai say customers are your biggest asset.
90% of people trust a brand recommended by their friends or relatives is enough to stress how critical word of mouth can be to your business.
- Attracting new Customers is Way More Expensive than Retaining the Old Ones.
According to the Harvard Business Review report, attracting new customers can cost you 5 to 25 times more than retaining an existing customer. So, instead of investing heavily in acquiring new customers, why not direct a big chunk of your finances towards enhancing your services to retain existing customers. This way, you can reduce unnecessary expenses tremendously and improve the business by multiple folds.
According to the professionals from Dubai’s best market research companies, the simple acts are enough to make your customers feel valued and in awe of your brand. It includes greeting the customers while they enter or leave the store, addressing their issues on time, offering prompt services with no delay, honesty, etc.
- Happy Customers keep you Ahead of the Competition.
The market grounds are only growing harder to penetrate with each passing day. In such challenging times, one thing that is sure to differentiate you from the competition is a bunch of satisfied customers. Customer satisfaction builds your reputation and labels your brand as trustworthy. You will have tens of people who have the same business as yours, but the customer base you build with high satisfaction rates will make you stand out in the crowded marketplace.
- Better ROI
It is self-explanatory to say customer satisfaction plays a crucial role in improving your ROI. The more people feel satisfied with your service and products, the more they are to make future purchases and recommend it forward, which will increase your revenue and ROI. Research says that companies with excellent customer service report 5-7 times more revenue than their competitors. So, be wise and make sure you direct your investments the right way.
Takeaway
Running a business is not just about supplying products to the people. Over time, it becomes all about the relationship or the connection you build with the people who purchase your product. It turns out to be an exchange of value. The more you make your customers feel valued, the more you get in return. So, tie up your laces, conduct a customer satisfaction survey, gauge the loopholes, and make room for improvements!