- Improve Customer Relationships
- Identify Customer Value
- Categorize my Customers
- Increase Growth Rate
- Demonstrate Customer Worth
Once you find out what your customers want and where you are failing to provide it, you have to take action to correct the situation. Not only that, you must let them know you’ve taken some action so they know their opinion is valued. Having a continuing and constructive dialog with your customers will keep them involved and ensure they remain loyal for longer. Retaining customers is far better than going through the lengthy, expensive and uncertain process of replacing them.
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Finding out what your customers like and dislike is essential if you are going to improve the value of what your company delivers. Many companies ask the wrong survey questions because they aren’t asked from the customer’s perspective and therefore don’t address the relevant issues. You need to know what customers are looking for and where there are gaps in what you provide. Only when you get a true picture of a customer’s experience can you take corrective action so you have truly satisfied customers.
Until you identify which customers are Promoters and which are Detractors, you can't focus your actions properly. Promoters are 'fans' of the company and so will support it however and whenever they can. Detractors, on the other hand, are unhappy and more likely to talk down the company. If you can identify your Promoters, you can use them to provide references and testimonials in order to promote the company. The aim is to get as many on board as possible so you’re not constantly calling on the same ones.
Poor growth rate is often due to the mix of customers being wrong. Too many Detractors will result in a high turnover of customers, a low sales average and the acquisition of new customers being less than it should be. Increasing the proportion of Promoters through responding to customer feedback and improved customer relationships will produce a more stable customer base and increased revenues with a higher level of profitability. This will make your company stronger and improve the prospects for further growth in the future.
Senior management is concerned with the bottom line so you need to show how it is affected by customers of different types. If you can do this, they’ll support your actions and make the process easier. Promoters are known to buy more products and services, are less price sensitive, remain loyal for longer and save on marketing costs by recommending new customers. Detractors, however, will spend less, are more likely to go elsewhere and often dissuade prospective customers from joining through making negative statements about the company.
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Because Survey Software alone is not enough
Survey software is a great way of finding out what your customers really think and need. Many companies run surveys and extract other feedback that is recorded elsewhere to get their customers’ opinions. They ask the questions, listen to the answers and take some action.
This is obviously better than doing nothing at all but sometimes isn’t enough. Companies often ask the wrong questions, interpret responses incorrectly or simply don’t have the proper objectives. Sometimes it’s all about timing and getting the focus right. If you can do that, you’ll get better results from your surveys — in fact, you can improve the return on your investment of time, effort and money many times over.