How to Increase Profits With Customer Surveys
The value of customer satisfaction cannot be ignored and customer surveys are an effective means of ensuring client retention. After all, it costs less to keep a client happy than it does to replace one. The use of a customer survey does more than measure customer satisfaction; it serves as a useful tool that provides business leaders and management with real ways to:
- Increase profits;
- Enhance products and services;
- Make solid policy and procedure decisions based on real numbers; and
- Evaluate employee behavior to foster solutions.
Successful businesses start with the customer, and customer surveys give business leaders the power to discover what customers want.
How Customer Surveys Maximize Profits
Loyal clients are the key ingredients in the 80/20 rule, where 80 percent of profits come from 20 percent of your clients. A properly designed and implemented customer survey program easily tracks the responses of your most valuable clients (the 20 percent) versus others. These responses help industry leaders focus on product and service enhancements within a demographic, a region, or the entire client base.
Customer Survey Results Lead to Product and Service Enhancements
Knowing how your clients feel about your products and services gives you the insight to implement necessary improvements, which is essential to customer retention. Fostering relationships with your customers maximizes profits by creating opportunities for renewals, referrals, cross selling and upselling. Customer survey data also helps companies establish solid benchmarks pertaining to pricing, production, and other critical aspects of their business processes and performance.
Establish Profitable Policies Based on Customer Survey Results
Customer surveys foster profitability by discovering the most effective marketing strategies. An example is when “top customers” or a particular demographic rate a particular product feature or service very highly. Then it makes sense to ramp up your marketing efforts to emphasize that feature or service within the customer segment or demographic. This same strategy can be used to determine which products or services can be discontinued or receive less of the marketing budget.
Customer surveys provide leaders with the information to make the best decisions related to product development and enhancements. The data allows leaders to clearly see what their customers really want. Knowledge is power, and knowing your customers, what they like, and what they don’t like, is the key to fueling their loyalty and increasing bottom line profits.
Employee Behavior – Why it Really Does Matter
Business leaders may mistakenly believe that loyal customers will overlook shortcomings in staff, but they won’t – and shouldn’t be expected to. Customer surveys simplify employee monitoring, which can pinpoint troublesome staff members, stores, or outlets, and the reasons for high numbers of complaints. Unhappy employees are hazardous to the health of a business and can cost you valuable customers.
Implementing Customer Surveys
Finding the right company to assist with the implementation of a customer survey program is crucial to ensuring its ability to provide business leaders and management with data they can rely upon and use to increase profits and customer loyalty. Quality customer surveys can be streamlined into your everyday practices to enhance customer service and increase profitability. NBRI employs expert consultants armed with the tools and experience to help you manage your business better through science.