Why Customer Satisfaction/Loyalty is Even More Important in the Current Economic Environment

Why Customer Satisfaction/Loyalty is Even More Important in the Current Economic Environment
February 26, 2009 TMIC

In our 20 plus year history, we’ve noticed that companies who try to “save” money by cutting their spend on customer satisfaction/loyalty/engagement research & measures, have suffered significantly more in trying to retain and win customers.

1. Current customers need even more looking after during these difficult times as your competitors are more keen and hungry.  By showing a commitment to improving service levels when everyone is talking doom and gloom (and cutting service levels), you will draw customers to you and you will also raise the bar on service levels, making it harder for your competitors.

2. Don’t forget to revisit lost and lapsed customers as these are more likely to buy from you again than a new company/client.  Your increased focus and attention to service levels may help win them back.

3. This is a perfect opportunity for you to win over some of your competitors’ customers as competitors cut costs thereby cutting service levels.

4. In tough times a better level of performance is needed by your employees to just get by.  So you need to measure and review your employees’ performance even more diligently.  A common method (amongst others) is via customer satisfaction research/measures.  Employees who share and are passionate about your company’s vision and their role will provide the support needed to retain and win customers.

As the risk of losing customers is far greater, you will need to maintain a stronger competitive position to retain and win customers.  Customer research will provide you with more insight over your competitors. So instead of not doing your customer satisfaction/engagement surveys in 2009, consider talking to us about how to increase the value you get from such surveys. Please email or contact us if you wish to find out more about our cost effective alternatives to measuring customer satisfaction and loyalty.