STUDENTS' CORNER - 72
The essence of consumers’ satisfaction is your customer gets your products regularly without fail at fair prices without compromising quality with periodic upgradation of the product according to the changing market dynamics.
The company must continually try to find out how the consumers feel about the products. To keep itself updated with regard to the level of satisfaction the consumers feel about the products, companies generally ask for feedback rating satisfaction on the 1-10 scale. If the rating happens to be 9 or so, it is clear that the consumer will not leave the company and moreover, it is likely he will recommend your product to others as well. Rating 7 is safe but if it goes down rating 6 or 5, it is a signal that the consumer is not satisfied with your product and is quite likely to exit at the earliest.
The successful business strategy focuses on consumer satisfaction which in a way differentiates companies. The sustainability of a business concern is directly linked to consumer satisfaction and a company that tends to give inadequate attention to consumers satisfaction will face set back in its business volume. It is a well-known fact that acquiring a new customer is rather costly compared with retention of a customer.
Consumer satisfaction shields the company from possible bad name and report on the product by word of mouth.
Consumer satisfaction, after all, helps generate more profits for the company compared with the company that is tagged on with less of consumer satisfaction.
In fact, analysts point out that customer loyalty is more significant than customer, consumer satisfaction. All innovative initiatives can be undertaken to build consumer loyalty. It is suggested that the company must be able to spot out some consumers who are different, distinct from the rest and they must be treated with some special kind of attention like greeting them on their b’days or even their wedding days, so on.
A loyal customer for all intents and purposes is a real asset to the company and he must not be lost. One sure way to lose him is using automated machines or emails to contact him. Automated emails will do more harm than good to the company. The customer knows that the email does not recognize him for his worth nor does it accord any particular attention to him. He is considered one among the crowd. Therefore, automated contacts will not bring any benefit to the company but on the other hand they will negatively influence the customers who will not hesitate to leave the company at the least temptation from another rival.
All these arguments go to prove that a company cannot afford to lose a loyal customer. Business promotion and retention of loyal customers are synonymous.