The value of client satisfaction

With an ever-crowded market, wouldn't it be easier if you could be 100% confident in your customer service? In your ability to deliver the products and services that are most important to your customers, so that they stay with you year-on-year?

Let's be real; marketing is very much hit and miss. It's expensive, and success isn't guaranteed. But if you can show your customers - and potential customers - that you value them, results will follow.

When companies get busy, ensuring full customer satisfaction can take a back seat. Sure, complaints are still handled, but businesses don't actively seek out customers with aftercare or for feedback.

The key to customer service success is never losing sight of your client satisfaction - in part because it costs much less to keep an existing customer than it does to gain a new one. Happy customers equal referrals; the cheapest and most effective form of advertising for any brand.

So how do you calculate the value? Let's compare year-on-year stats. How many clients were invoiced in the past financial year compared to the one before? And how many clients actually spent less in this period?

Compare these figures to how many new clients you gained through referrals, and how much revenue was made through selling extra services to clients that were happy to take on your recommendation?

This gives an idea of how much each client is worth to your business; the minimum value of customer satisfaction to your business.

It gives your business something to act on, too. If your clients aren't referring you, why? Could you win new clients through promoting your client feedback?

Ensure every employee understands that everything they do has an influence. And if they measure the above factors, your company's revenue will increase far more cost effectively than it would by traditional marketing.

See more about how Investor in Customers could help you to deliver a remarkable customer service. Visit investorincustomers.com or call us on 0800 024 8895.