Customer Satisfaction : Establishing Effective Customer Relationship 🔗

Introduction

It seems self-evident that companies should try to satisfy their customers. Satisfied customers usually return and buy more, they tell other people about their experiences, and they may well pay a premium for the privilege of doing business with a supplier they trust. Statistics are bandied around that suggest that the cost of keeping a customer is only one-tenth of winning a new one. Therefore, when we win a customer, we should hang on to them. Why is it that we can think of more examples of companies failing to satisfy us rather than when we have been satisfied? There could be several reasons for this. When we buy a product or service, we expect it to be right. We don’t jump up and down with glee saying “isn’t it wonderful, it worked”. That is what we paid our money for. Add to this our world of ever exacting standards. We now have products available to us that would astound our great grandparents, and yet we quickly become used to them. The bar is getting higher and higher. At the same time, our lives are ever more complicated with higher stress levels. Delighting customers and achieving high customer satisfaction scores in this environment is ever more difficult. And even if your customers are completely satisfied with your product or service, significant chunks of them could leave you and start doing business with your competition.