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Customer Satisfaction
Customer Satisfaction studies and strategies have circled the business world for decades. Through all the empirical evidence, one clear correlation is evident.....
An increase in the quality of the workforce, who are aligned to improve customer satisfaction generates superior financial results. The chart below provides additional insights:
A study was conducted by The Journal of Marketing who studied over 500 mid cap and Fortune companies - comparing the rate of improved customer satisfaction increase with profitability increases.
Over a five year period of time with training and customer satisfaction programs in place, customer satisfaction scores increased on average 1% per year.
Over a five year period of time with training and customer satisfaction programs in place, customer satisfaction scores increased on average 1% per year.
The average financial benefit to the company was an 11.4% increase.
The dollar increase was $94,000,000.
The Holy Grail – Will Your Customers Recommend Your Company?
The data research firm, InfoQuest conducted a study correlating customer satisfaction with revenue tracking 20,000 customer responses over three years, comparing satisfaction levels in year 1 to account histories in year 3.
Results differed dramatically based on satisfaction level.
With very few exceptions, building a satisfied customer base is the product of a company taking a good hard look at itself through the eyes of its customers, and then going out and systematically addressing, and fixing, what it sees. Success is predicated on understanding each of the many dynamics that comprise and contribute to the customer relationship. It is an outcome that is driven, not pulled.
Results differed dramatically based on satisfaction level.
With very few exceptions, building a satisfied customer base is the product of a company taking a good hard look at itself through the eyes of its customers, and then going out and systematically addressing, and fixing, what it sees. Success is predicated on understanding each of the many dynamics that comprise and contribute to the customer relationship. It is an outcome that is driven, not pulled.
FInding 1
A Totally Satisfied Customer contributes 2.6 times the revenue to a company that a Somewhat Satisfied Customer contributes.
FInding 2
A Totally Satisfied Customer contributes 14 time the revenue that a Somewhat Dissatisfied Customer contributes.
FInding 3
A Totally Dissatisfied Customer decreases revenue at a rate equal to 1.8 times what a Totally Satisfied Customer contributes to a business. That Finding was based on not only loss of existing account revenue, but on the additional impact brought about by negative referrals.
A Totally Satisfied Customer contributes 2.6 times the revenue to a company that a Somewhat Satisfied Customer contributes.
FInding 2
A Totally Satisfied Customer contributes 14 time the revenue that a Somewhat Dissatisfied Customer contributes.
FInding 3
A Totally Dissatisfied Customer decreases revenue at a rate equal to 1.8 times what a Totally Satisfied Customer contributes to a business. That Finding was based on not only loss of existing account revenue, but on the additional impact brought about by negative referrals.
To learn more how to improve your customer satisfaction and profits, call your Focus Partners Account Representative or us at 866-498-2442.