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Types Of Research To Drive Business Growth

2 mins read

Customer satisfaction can be best understood in terms of customer experience. It is the total sum of a customer’s perceptions, interactions, and thoughts about a brand, product or service. Therefore, if customers generally have positive experiences with a brand, they can be considered satisfied.

Given the wealth of options dissatisfied customers have at their disposal, they will have little or no problem choosing to patronize your competition in the event of a bad experience with you. Customer satisfaction has an impact on the revenue and growth of a business. It is the foundation of business success.

Why measuring customer satisfaction is essential. Happy customers form the foundation of any successful business because their satisfaction leads to repeat purchases, brand loyalty, and positive testimonials. If you don’t measure customer satisfaction, you will not be able to identify unhappy customers and solve their challenges.

A survey that has over time been attributed to 1st Financial Training Services states that 96% of unhappy customers don’t complain, and 91% of them will leave and never come back. Whereas, satisfied customers will repeatedly patronize you and recommend you to their network. This is the reason why businesses must always keep an eye on the experiences of their customers, especially in this digital age where a single negative review online can cause irreparable havoc to a brand.

Businesses that continuously seek customer feedback and proactively measure it tend to grow faster because from listening to their customers, they develop models of customer-centricity that help them iterate and innovate their services, moving them upward and forward in the market.

In the next few bullet points, we will explore all the various tools that have proven effective for measuring customer satisfaction and leverage the insights for business growth. These tools can be deployed to achieve any of your set business goals.

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  1. Detractors - Customers who respond between 0 and 6. You stand the risk of losing these customers, and they are also likely to impede the growth of your business through their negative reviews.

  2. Passives - Customers who respond between 7 and 8. This set of customers are satisfied with your business but are not raving fans and can quickly leave you for a competitor. At this stage, it is still easy to convert them into being loyal customers.

  3. Promoters - Customers who respond between 9 and 10. These are your loyal customers who are very likely to help in growing your business through referrals.

The man who comes back through the door in the wall will never be quite the same as the man who went out.

Mrs Mencer

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