Why does this happen? Is it the case that customer satisfaction is unrelated to retention or profitability? No. They find that all attempts at improving customer satisfaction unsuccessful. Other companies have low to mediocre satisfaction scores. Despite high satisfaction ratings, they experience low customer retention, declining profitability, and low rates of customer acquisition. Yet, these companies have a difficult time translating the high satisfaction-levels into action. Many companies have a high customer satisfaction rates (90% or more customers indicate they are “satisfied”). In helping companies develop and implement their customer satisfaction strategy I find two general patterns. Companies try to measure and improve customer satisfaction using customer surveys. Customer satisfaction is a major predictor of a firm’s financial health.
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