Gaining market share and sustaining high customer loyalty doesn’t happen by accident. Leading companies know that. Customer satisfaction survey programs help businesses attract and keep customers by listening and responding to what they want.
Higher Customer Loyalty Means Higher Profitability
Every company's most critical assets are their customers, and no company can afford to disregard the importance of customer satisfaction and loyalty. Partly due to steeply expensive advertising and promotional costs, acquiring a new customer can cost up to four or five times more than keeping a current customer*.
At the same time, the profit margin is much greater from a loyal customer who continually shops with you versus those occasional customers who cherry pick your sales and promotions. Do your customers spend with you because they have an emotional connection to your company, or would they switch to the competition as soon as a promotion or a new competitor was introduced?
It is estimated that 76 percent of all Americans talk about at least one brand a day*, and a study conducted by Northeastern University found that 15 percent of all conversations in America include something about a product or service.
Furthermore, 91 percent of consumers regularly or occasionally seek advice about products and services before making a purchase*. What are your customers saying about your company? Are you leaving positive enough impressions on your customers to encourage active recommendations to others?
To win in today's competitive market, your company must ensure that more of your customers are loyal, emotionally engaged customers who not only continue to spend with you, but who also generate income by advocating your company to others.
At the same time, you cannot afford to give customers everything they want. In order to maximize profitability, you need to understand which company improvements will make the greatest impact by increasing loyalty and which improvements are unwarranted. BestMark's customer satisfaction surveys can provide you with the critical information you need and help you make these challenging business decisions.
The BestMark Advantage Customer Satisfaction Research
Our customer web surveys are designed to capture your customers' rational and emotional feelings toward your products and services and your company as a whole. By using regression analysis and other data mining techniques, we will pinpoint the key drivers of overall customer satisfaction and loyalty, which will enable your organization to prioritize decision-making and make confident investment choices.
Using over 30 years of survey-writing expertise, BestMark will create a web survey that uncovers the information you need to know:
- What percentage of my current customers are truly delighted and engaged with my organization?
- What is the spend/profit difference between those customers who are highly engaged versus those customers who are not?
- What can my organization do to move more customers into this highly engaged zone?
- What company changes will result in the highest return on investment (e.g., is it more important to spend resources on shortening customer wait time or on further customer service training)?
- And more
Typically, the invitation to a web survey is placed on customer receipts, but other invitation methodologies can also be used such as generating emails or handing out cards in your stores. We will help you determine the most effective methodology and sample size for your specific needs.
Too many companies have made the mistake of gathering customer feedback and then finding that they have an overwhelming amount of data that they aren't sure how to use. Through statistical analysis, we will determine which improvements will give you the greatest return on investment through increased customer loyalty and profitability.
With GuestLink, BestMark’s proprietary web-based reporting system, customer-facing managers and all levels of the organization will have immediate and continuous access to this prioritized customer feedback, enabling them to act quickly and confidently. GuestLink also offers the ability for managers to dynamically create ad hoc reports on the fly and update customized "Action Plans" based on their individual areas of opportunity.
By continually surveying your customers, your action plans will be regularly measured and updated. For those areas where customer feedback cannot provide the exact information you need, we offer an array of additional services and solutions.
For example, mystery shops can measure how well your customer-facing employees are adhering to sales training, compliance audits can enforce essential foundational elements such as correct product placement and accurate pricing, and customer intercept interviews can provide insight into why customers are leaving your locations without buying.
We will customize an integrated suite of solutions that will provide the holistic view you need and empower your organization to drive customer delight and limitless profitability.
Contact BestMark to learn more about how BestMark can unlock your companys potential for ever-increasing success.
1. Acquiring a new customer can cost up to four or five times more than keeping a current customer. Source: C. Denove, C. & Power, J.D. IV (2006). Satisfaction: How Every Great Company Listens to the Voice of the Customer. New York: Penguin Group (USA) Inc.
2. It is estimated that 76 percent of all Americans talk about at least one brand a day. Source: TalkTrackTM, Keller Fay Group, 2006. http://www.kellerfay.com
3. 91 percent of consumers regularly or occasionally seek advice about products and services before making a purchase. Source: BIGresearch, 2007. http://www.bigresearch.com