What would you consider to be the holy grail of business? How about clients who automatically return to your business for services or products without giving your competitors a look in? Certainly such client captivity would have to rank right up there among the most sought-after business achievements. After all, Australia’s business marketplace is a highly competitive place. Maintaining strong financial health and performance depends on having a loyal pool of satisfied customers. For this reason, customer satisfaction is a crucial metric is business management and growth.

BLOG: How great do you rate with your customers?

Customer satisfaction itself is a relatively simple concept. In a nutshell, this comprises how well your business products or services meet or exceed customer expectation. The key to converting and keeping customers is delivering real service as opposed to lip service. This means taking a genuine care and pride in your product or service delivery. Special services and privileges go a long way too.

So how do you know how satisfied your customers are? You need to undertake customer satisfaction measurement. This can take many forms. Some ideas as to how you can measure your business’ customer satisfaction levels are outlined here:

  • Make a call: telephone your key clients and ask them a set of targeted measurable questions. Examples include: Are there are products or services that we don’t currently offer that you would like to receive from our business? On a scale of one to 10, how well do our products/services satisfy your business needs? Please share with us five things that our products/services could do better.
  • Benchmark: Does your business have more than one branch? If so, why not benchmark one branch against the other and score responses to deliver a customer satisfaction score for each branch. You can then identify the higher performing branch and assess what it is that they are doing to achieve greater customer satisfaction. This gives you measurable changes that you can implement in your branch with a lower customer satisfaction rating to improve client loyalty and retention across your whole business.

Strong customer satisfaction drives down customer churn and boosts customer lifetime value. All of which is marvellous for your business bottom line. Whatever approach you favour, measuring customer satisfaction is becoming an increasingly important part of business financial management regardless of industry or sector. Your business has much to gain from measuring customer satisfaction now and as an ongoing business initiative.