Surveying the Customer Landscape Keeps Businesses Thriving
Customer satisfaction impacts every part of a businesses’ bottom line. From profits to stock prices, customer satisfaction can be linked to every big and small business’s profits. And to maintain a steady stream of cash flow and customers, companies are turning to customer satisfaction surveys to pinpoint consumer trends and provide incisive information that leads to gaining a competitive edge in the marketplace.
Every company management team knows that customer satisfaction is the cornerstone of any successful business, but many industry executives are more talk than action. Wal-Mart founder Sam Walton, one of history’s most successful businessmen, had the right idea when he said: “There is only one boss. The customer.”
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Establishing a strong customer base is fundamental for any successful business, since companies typically see 80 percent of their business coming from 20 percent of their customers. And there are many American success stories chronicling the correlation between customer satisfaction and corporate profitability. Most recently was a report that Apple, Google, and Symantec were among the high-technology companies with the most loyal customers. And companies that have customers who are happy with their products or services are, obviously, less likely to lose them.
All three of these tech giants provide outstanding products and services, but what they do best is listen to what their customers have to say. And the most effective tool for any business, when conducted properly, is the customer survey. Appropriate methods, like the ones employed by the National Business Research Institute (NBRI), help companies identify consumer trends, capitalize on their strengths, and, most importantly, spot their weaknesses.
“To understand attitudes, opinions, and behaviors, clients need to partner with trained psychologists who understand which research methodologies are appropriate for measuring organizational variables,” said Dr. J.T. West, a Ph.D. and founder of NBRI. “They have to do this without contaminating the data through the questions, the scale, or the process. NBRI imposes very strict requirements in its processes.”
The Addison, Texas company has more than 3 decades of experience conducting scientific research for multi-billion dollar companies like American Express, Cisco Systems, and Sony. NBRI maintains the highest standards of any survey company, using psychologists to analyze data that is comprehensive and reliable.
Accurate survey data has become even more important in a highly competitive global market. The Internet has given consumers an infinite amount of choices when shopping for products or services. Customer satisfaction statistics for major online retailers have steadily declined in recent years, providing further evidence that consumers have raised their standards and expect much more. And since the customer expects more, companies are turning to surveys provided by NBRI to help grow their business.
Following NBRI customer survey results, clients receive a clear picture of what drives consumers to choose a product or service, and the reasons why they would remain loyal or leave.
“NBRI is dedicated exclusively to the business of survey research,” said West. “We can determine which variables drive productivity, profitability, and customer satisfaction. We use this knowledge to add value to a client’s study. Because we do one thing, and do it well, clients make the greatest strides forward when they call on us.”