In today’s world of neck-to-neck competition in almost every industry, all companies are launching different products and offers so that they can attract more and more customers. The underlying idea is to increase the market share and revenues as well. In the quest of increasing profits, many companies tend to forget their customers’ satisfaction.
This is the main reason why they exist in the industry for as less as just 3-4 years. The satisfaction of a customer is the key role player in your business growth in terms of operations as well as revenues. An instant spike is noticeable in business volume figures if you work towards maximizing the satisfaction level of the existing as well as new customers.
This means that there is a direct relation of customer satisfaction with your business volume. Therefore, it becomes very essential to rate customer satisfaction.
So, how do you measure customer satisfaction? Well, this actually depends upon the several time-to-time feedbacks that your company receives following a few procedures. For example, you can conduct a survey and know about the likes and dislikes of your customers with regards to your company. Similarly, you can also consider having an online poll.
In both the methods, you will have to give equal importance to the complaints as well as compliments. By considering both, you will then need to analyze the information.
Usually, all the questions in a survey are either answered by selecting a score, let’s say from 1 to 5 where 1 means very poor, 2 means okay, 3 means good, 4 means better, and 5 means excellent.
Now, let’s suppose that the survey has 10 different questions on its products and services, and that the customer ticks in different scores for each question. For analysis, all the ticked scores will be added (3 + 4 + 2+ 5….) and then will be divided by the maximum weightage (10 x 5 where 10 is the number of questions and 5 is the highest score per question).
So, if the totals core comes to 35, it will be divided by 50 and will then be converted into a percentage value, which in this case, would be 70%. Now, this is the customer satisfaction score that a company gets via a survey. Usually, a score of 90 and above indicates that the company can prove to be a great opponent for its other equivalents in the industry.
However, this survey method has its own drawbacks. Although it is successful in tracking whether the satisfaction level of customers has been increased or not as compared to the last quarter or year, it does not reveal what are the future expectations of the customer. If the expectations are very high and are not met, the next year survey will surely show a drop in the level of customer satisfaction.
So, it is recommended to approach the customers and ask their suggestions and expectations in maintaining their satisfaction levels. It can concluded that rating the customer satisfaction and then improving it by finding out and meeting the future customer expectations is the key to permanent success.