Benazir Marjan is intended to use her business knowledge in the practical field through this article.
Why Customer Satisfaction is Essential to Earn for a business?
Customer satisfaction is the most important indicator to create loyal customers. It helps a company to win the competition in a market. This world is getting competitive day by day. There is huge struggle to establish in business world. This dynamic phase of earth is getting challenges in every moment. Even, an established company needs to update its policies and practices within a regular interval to compete in the market. New entered companies have to work day and night to put in place. Once, it gets a place, it has to focus on how to stay for long term in the market. In order to stay in long term in the market it is essential to earn customer satisfaction. Once, customers will be happy the base of the organization will be very strong.
Customers are the individuals who purchase the company’s goods and services. A company’s entire revenue depends on its total sales and the sales deepen on the customers. Satisfied customers will be regular customers who will buy the product again and again. If there are not enough sales, it will not generate enough revenue. It will hamper the company’s overall growth. Customers are the blessings for a company. Their contentment helps a business to get its desired success fast. There is a certain department in business called Customer Relationship Management (CRM), where employees particularly work on how to keep good interconnection between the organization and customers through providing quality goods or services. Here are certain facts about Why Customer Satisfaction are Essential to Earn:
1. Any business has to attract customers. Next, it has to hold the existing customers with ensured quality products or services. Once, the customers get the worth of paying money after their products, they hardly switch towards another brand. It is always easy to hold satisfied customers than acquiring new ones. Satisfied customers automatically enhance company’s overall growth by continuing increased sales.
2. Sometimes, in order to guarantee customer satisfaction, a business may have to increase its cost. Even if it appears about the question of increasing cost, companies should do it for sake of holding customer contentment. Companies will be benefited in the long run with its customer gratification which may raise cost at present. But maintaining this fact, one day this cost will be turned into profit considering this cost as investment for the company. As investment is basically an asset of a company, here the cost is appraised as asset. Finally, today’s asset is going to earn more return for the company in case of earning customer satisfaction.
3. Customer satisfaction will keep any organization ahead of the competition. No matter how many competitors will be there in the market, pleased buyers will be always after a particular brand. Once, there will be a fixed amount of customers, the company will be able to generate a minimum amount of fixed profit which will be increased over the time. This is how customer satisfaction will always open the opportunities for a brand.
4. Customer satisfaction reduces negative words of mouth. Satisfied customers spread good words of mouth among people which create a strong promotional activity for the company. Therefore, the business gets new customers through customer satisfaction.
5. It promotes customer retention. Retention is the process of engaging existing customers to continue buying products or services from the business. Satisfied customers follow the brand for long time. Customer retention increases customers’ lifetime value and boosts the company’s revenue. It also helps to build amazing relationships with the customers.
6. It increases brand loyalty. Brand loyalty is the tendency of consumers to continuously purchase one brand’s products over another. Satisfied customers are always loyal customers towards a certain brand.
7. Satisfied customers support any business even in time of corporate crisis. Corporate crisis is an event, situation or public initiative that threatens the company’s ability to effectively operate its business. It may occur due to any kind of natural disaster. For example, if any business gets hampered due to fire, it may stop its production for a certain time. But when it recovers, after that time period, satisfied customers will again come back to that brand.
Without customers’ support no business can operate in this world. Satisfied customers are the strength of a company. They come back to its products (also to the services) again and again, finally increase over all business growth as well.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Benazir Marjan