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Customer Satisfaction Research

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Everyone is interested in having satisfied customers, but you would be amazed at the number of companies that do nothing to assess how satisfied and how loyal their customers ARE – and what impact this has on their profitability. These companies are marching toward disaster, and will find out about problems when suddenly they see an exodus of customers or a decline in profitability. But even if this never happens, there could also be a problem more subtle than that – opportunity costs:

How much potential revenue is your company leaving on the table because you are missing out on opportunities that your customers are waiting for you to ask about?

Questions YOU should know the answer to:

  1. What percentage of your customers would unhesitatingly recommend your company to a friend or colleague? How does this compare to the scores of your competition?
  2. You know the 20% of customers that 80% of your revenue comes from? How are they different? What makes them tick? What is happening in their markets that you should be aware of – that could impact how much they buy from you?
  3. What little changes could you make to your business model that would result in your getting better market share and higher satisfaction/loyalty scores?
  4. What is your competition doing or saying to get its foot in the door of your best customers?
  5. Your business model and competitive advantage? How much longer will they be relevant?
  6. What keeps your best customers up at night?
  7. Are your customer service surveys (assuming you do them!) ticking your customers off?

Customer satisfaction research does not have to be complicated. In fact, it’s frequently amazingly simple and inexpensive. It WILL cost you though, if it’s not done.

If you don’t know the answer to these questions, call Frank Martin at (800) 386-2177 and ask how customer satisfaction research can be used to pay for itself within 12 months.

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