Customer satisfaction isn’t a new concept. It’s been with us since the dawn of commerce and while the way we gather customer feedback and ensure customer satisfaction has changed a lot, the sole concept has remained the same as it was centuries ago.
Today, there are myriad customer touchpoints at which your potential or existing customers can come into contact with you. This can be anything from receiving your newsletter, speaking to your customer support, or liking your page on Facebook.
After conducting your first customer survey, you will get your NPS and a ton of valuable feedback from your customers. Looking at all that data, you might want to ask yourself “What now?”.
Most companies who invest in measuring customer satisfaction do so with a goal of deriving the obtained information and turning it into product and service innovations and better customer experiences. Unfortunately, too many times the information is passed along from desk to desk until it finally gets pushed aside with other, “more pressing”, issues.
If you don’t want to be one of those companies and want to monetize your customer feedback, here are 3 simple ways how you can do exactly that.
1- Unlock the value of your satisfied customers
Amazon’s CEO Jeff Bezos is often cited for saying “If there’s one reason we have done better than of our peers in the Internet space over the last six years, it is because we have focused like a laser on customer experience, and that really does matter, I think, in any business.
If your survey results show that your customers are overall satisfied with your company, don’t applaud yourself and do nothing. Instead, use your happy customers to further monetize your customer satisfaction. Turn your survey results into tangible numbers and use them in your marketing efforts. For example, share the fact that 90% of your customers would recommend your company to their friends. Furthermore, ask some of your satisfied customers to provide you with their testimonials and use those quotes on your website and social networks. This is what we did on MyFeelBack’s website :
2- Turn your unsatisfied customers into a valuable resource
Bezos once said “If you make customers unhappy in the physical world, they might each tell six friends. If you make customers unhappy on the Internet, they can each tell 600”.
There are not many things that can impact your business reputation more than the way how you respond to customer complaints. Customer service has always played an important part in a company’s success, and successful companies such as Amazon and Nordstrom build their entire strategy around it. Since it is easier than ever for your customers to share their experiences, the way you respond to your unsatisfied customers will determine what they will say about you to their friends.
To apologize is nice, but what if we told you that you can turn them from a problem to an opportunity?
Yes, there is. Remember, no one will be more honest with you than an unsatisfied customer. Each angry and unhappy customer has a high potential of becoming your best marketing weapon. All you have to do is listen. One such example is Dominos who had hordes of customers who complained that their pizza had the same taste as the cardboard it was packaged in. They listened, and they acted.
As their CEO Patrick Doyle once said, “You can either use negative comments to get you down, or you can use them to excite you and energize your process of making a better pizza. We did the latter.”
Below is an example of what you can do with MyFeelBack.
If a NPS score is inferior or equal to 6, then instantly send an email to the customer with additional information
You could of course imagine many variations: A coupon code valid in the next hour, a letter of apology form the CEO, a smart survey to ask for more details about the issue encountered etc…
Here’s what an email after a bad NPS score could look like:
3- Translate your customer satisfaction feedback into your product and process innovation
“If we can arrange things in such a way that our interests are aligned with our customers, then in the long term that will work out really well for customers and it will work out really well for Amazon.”
Every organization out there prides itself on giving their customers exactly what they need. Low fuel-consumption cars. Sugar-free sodas. Deodorants with long lasting effect. After all, giving your customers what they want guarantees success – or so you may think. As a C-suite executive in a company, it can be easy for you to alienate yourself from your customers.
Therefore, CTOs and R&D Directors often roll up their sleeves and start incorporating new features into their products. Often, new features and those wanted by their customers have nothing in common. Remember the New Coke? We thought so. For a CMO, this alienation from customers often results in poor performance of their marketing efforts.
Click here to discover Why Amazon is the “Earth’s Most Customer-Centric Company”.
In short, use your customer feedback as a basis for your innovation. By using the data obtained from your customer survey, you can identify your customer expectations and use them to drive your innovation. By doing so, your innovation will end with creating the products that your customers will want to buy.
Measuring customer satisfaction plays a vital part in customer acquisition and retention. But in order to improve your customer satisfaction, you need to pinpoint all potential gaps and pain points. This can only be done if your methods for obtaining customer feedback are designed to measure your key performance drivers. The more precise your measurement, the more precise you will be able to zero in on those pain points.
One easy way of measuring customer satisfaction and getting actionable results are customer surveys. To learn more on how to collect high-value customer feedback and monetize it, read this case study from the insurance leader in France or book a free demo.