Customer satisfaction is the lifeblood of any business. As a customer, John Willding, a mergers and acquisitions attorney from Dallas, Texas, believes that you may not know that your feedback is getting through to people that make the decisions at a company. You may feel like the company doesn’t care about making the customers happy or that their only concern is making money.
It is not enough for a business to be good at what they do. Businesses must also create an environment where their customers enjoy doing business with them and make it as easy as possible to purchase from them. The 3 R’s of customer satisfaction are respect, responsiveness, and reliability; if businesses fail in any one of these areas, they will have difficulty retaining their customer base.
What is Customer Satisfaction
Customer satisfaction is the lifeblood of any business. As a customer, you may not know that your feedback can directly impact how businesses operate and what they produce in the future. In this blog post, we’ll go over some key things to do to get customers happy.
Customer Satisfaction is simply the extent to which a person is satisfied with a product or service. John Willding believes that this metric particularly affects two important business trends: What kind of word of mouth advertising the customer is likely to give and how likely the customer is to refer your business to others.
Word of Mouth
If a customer has a positive experience, they’re are likely to tell up to 3 people without being prompted. However, researchers have shown that customers who have a negative experience tell up to 15 people without being asked specifically about their experience.
John Willding believes that this shows that customers are much more likely to let everyone know about a negative experience than a positive experience.
Statistics show that 72% of people get their news from friends and family, making word of mouth the most popular method of sharing. Also, 83% of Americans say that word-of-mouth recommendations make them more likely to purchase a product or service.
John Willding believes that this means that unhappy customers can easily destroy any goodwill you’ve been able to earn in your customer base.
A customer’s opinion can greatly affect business, and a business must create a relaxing and enjoyable environment for their customers. To attract and retain customers, businesses need to respect them by being attentive to customer needs or providing quality products. This also means respecting the customer’s time by offering efficient services that ensure the customer doesn’t spend wasted time waiting in lines or experiencing delays in deliveries. To ensure this happens, the employees must treat the customers with respect. Their clients enjoy the process of doing business with them and make it as easy as possible for those people to purchase from them.
Responsive companies understand their clientele and offer a product or service that caters to what they need. Responsiveness also means promptly responding to customer complaints or concerns. Many companies have instituted 24-hour customer service hotlines and live chats on their websites to give their customers an avenue for making themselves heard.
Responsiveness also means promptly making negative situations right for the customer. If the customer needs a refund, make sure they get it quickly. Suppose the first solution the company offers isn’t up to the customer’s expectation. In that case, the company should have a backup solution to offer the customer something that fits their needs.
Customers are looking to have a sense of reliability when they are supporting the company. If your product fails to work in any shape or form, the customer will lose their minds. If you cannot solve whatever problem they might have, they will leave and complain about your company’s reliability on every online platform available. If the company is reliable, then the customer will continue to be satisfied with the relationship.
The primary thing companies can do to promote reliability is to keep their word. If a company offers a guarantee on services, then that guarantee needs to be honored. Many companies also do customer follow-ups to ensure that there are no problems with products or services.
The company also needs to focus on the quality of its products and services. If products break soon after they are purchased, or service fails soon after it is paid for, the company is unreliable, and customers are more likely to go to the competition.
Imagine a world without word of mouth. This might not be too much of an exaggeration since statistics show that over 80% of customer interactions happen through personal recommendations from friends or acquaintances.
The least you can do in return for all your good luck is listen carefully to what they have been telling everyone else — the best way to get new business into any establishment!
The 3 R’s of Customer Satisfaction are a great way for companies to ensure that customers will be satisfied with their experience. If you want your company to stand out from the competition, make sure you follow these guidelines! These tips should help any company create an environment that is relaxing and enjoyable for their customer base.
— — — — — — — — — — — — — — — — — — — — — — — — — —
About John Willding
John Willding is a Mergers & Acquisitions attorney located in Dallas, Texas with 20+ years experience representing buyers (including private equity funds) and sellers in business acquisitions. He has successfully closed over $3 billion of private company middle-market deals in industries such as healthcare, technology, defense, manufacturing, real estate and energy. He is a Graduate of Southern Methodist University, Rutgers, and Harvard University.