Does investing in customer satisfaction generate profit?

Technology not only has changed the way companies organize themselves, but it also has transformed the customer behavior. In this scenario, customer satisfaction becomes a central element in profit generation and business consolidation.

However, to meet customer demands, it is not enough to have a good customer service. New consumers are more demanding! So, in order to exceed his expectations and provide a high-quality service, you need to understand who the 4.0 consumer is.

WHO IS THE 4.0 CONSUMER?

The first step for really being able to satisfy your customer is to identify and know 4.0 customer’s profile. The term was thought by the expert Philip Kotler, considered the “father of the marketing”, in the book “Marketing 4.0: From Traditional to Digital.”

This nomenclature refers to the consumer’s situation in the new technological moment. After all, in order to achieve customer satisfaction, your company needs to attend their demands and solve all kinds of requests in the digital environment, especially via mobile. This is necessary for service hiring as well as for billing, claims, support and more.

In addition to the agility needed in solving problems, brands must also customize their communication. Thus, the approaches and relationships will be more assertive and targeted to each client, considering the behavior presented across his relationship with the brand.

WHAT IS THE IMPACT OF CUSTOMER SATISFACTION?

With this profile in mind, your business can easier meet the needs of the new consumer. As a result, this strategy will improve the customer experience and even impact your business results.

This happens because customer satisfaction and ROI are two aspects which are closely related. Researches proves how much the first factor impacts the second one.

According to the Institute of Customer Service, by each 10 percent growth in customer satisfaction, there is a 12 percent increase in brand liability. In addition, a loyal customer is worth 10 times more than when the same customer made his first purchase.

These data show that customer satisfaction is related to the company’s results. But what about the direct impact on ROI?

The impact of customer service on ROI

A survey done by the University of Michigan has shown that when customer satisfaction declines by 1%, ROI drops by about 5%. By the other hand, if there is a 1% increase, the improvement in ROI will be of 2%.

Therefore, by meeting customer expectations for the sales, service, and relationship process, the company is more likely to increase return on investment. It is even possible to retain this customer, which will generate an increased revenue.

By contrast, if the customer experience is negative, there may be a significant loss in business return. Especially if problems in processes are not quickly identified and corrected.

How to increase ROI with a high customer satisfaction

Therefore, by focusing on customer satisfaction, you will be able to consolidate your business, improve results and will have also a more predictable revenue. To achieve these goals and increase customer care quality, it is important to employ some strategies.

The key ones include understanding the customer profile and customizing communication, as we said previously. In addition to these, there are important aspects, such as:

• Mapping the buying journey: with this, the company will direct the consumer’s steps. Thus, he will not reach a stage without being prepared for it, which avoids generating doubts and dissatisfaction;

• Having a high-qualify staff: It is critical to qualify your entire sales, support, and billing staff for customer service. After all, all contacts with consumers are made by human attendants. And it is these professionals who can promote a good experience. Therefore, the team must be qualified to perform their function;

• Using Data Intelligence: Because customers produce a wealth of information, it is critical to use it in your strategy. It helps guiding the customers through their purchasing process, personalizing service and unifying the different communication channels;

• Improving Relationship: By knowing more about relationship marketing, you can develop a great customer experience. This can help you to get brand advocates who will recommend your products or services to others.

• Adopting an omnichannel platform: Unifying communication across a platform is one of the most valuable strategies in customer service and satisfaction, what will impact on return on investment. So, check out more information about this solution below.

WHAT IS THE IMPORTANCE OF AN OMNICHANNEL PLATFORM?

Implementing an omnichannel platform is among the key-solutions for increasing customer satisfaction. It enables you to use data intelligence in order to map customer journey, increasing contact customization and the relationship strategy assertiveness.

OlosChannel is a complete software that enables you to get these results, once it has functionalities from IVR to digital agents in order to maximize the results. 

Due to the tool’s customization, you can attend your company’s communication demands and provide an innovative experience to your customers. Among its functions, we highlight the service, billing and sales services in a single software.

In addition to all of this, OlosChannel unifies all service channels and allows consumers to be contacted when and how they prefer to solve their demands.

With a platform specialized in customer engagement, you have a complete solution that really brings concrete results to your business. Learn more about the solution by clicking here or contact us!

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