Raving Fans: Customer Satisfaction
In our previous post, we discussed how maintaining “clean” books and records can improve your financials and record-keeping, which in turn increases the value of your business. Today’s topic is vastly important, and for some reason is often neglected by business owners in their own companies– I am talking about the importance of consistent, customer satisfaction!
As business volume increases, customer satisfaction can slip
through the cracks by owners, management, and employees if one does not pay close attention to this. One of the first things buyers are likely to do before deciding on receiving a product or service from a business is to see what others are currently saying about said business.
Many individuals will Google the business or go to a ‘crowd-sourced’, business review site like ‘Yelp’ to find the business customer rating and read their reviews to see what others are saying about their experience. Likewise, potential employees also visit sites such as Glassdoor, to read reviews from current and former employees to assist them in their decision of accepting a job from said company.
Similarly, buyers of a business want to know:
1. The business offers solid customer service, and that their customers and employees are likely to be loyal and continue with the company’s product or service
2. They will inform others about their experiences to promote the business’s brand. This is an excellent way to grow an organization. Unfortunately, it is shocking how many business owners know so little about their customers and do not track customer satisfaction.
Especially when you consider how easy and inexpensive it is to
create and implement! For example, it was so instrumental for me in my last
service-based business, which I sold, to see how our employees
were treating our customers. This allowed me to put processes
and systems in place to help ensure a high CSI.
Whether you learn how others perceive your business through a
Customer Satisfaction Indexing Score (CSI), a Net Promoter
Scale, or Customer Effort scoring, you must learn how to
properly resolve issues and exceed customer expectations in
order to receive good customer reviews.
The bottom line is to remember the “Golden Rule”, and to treat others the way you want to be treated. Not only is it simply the right thing to do, but it will pay big dividends overall in customer and employee retention, as well in receiving referrals.