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Capturing customer satisfaction

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Market research 04 12
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Table of Contents

Benefits of designing surveys centred around gauging customer mindset.

Market competition has been increasing with every entering company bringing its own innovative thinking into the market. Designing high quality products , offering pocket friendly prices , enhancing ease and convenience and other practices adopted by companies are a way of getting on a stronger competitive footing by improving upon the overall customer experience. Customers stick with brands that are willing to go the extra mile to make sure that the customer’s needs are met. 

Companies , in this sense, need to know if what they are doing is right. Are their customers happy with what they are getting? Are customer needs being accurately met ? What are the areas of current downfalls and how can they be worked upon?

CUSTOMER SATISFACTION SURVEYS1
Improve Customer Retention

Customers enter into a relationship with a brand or a company with certain expectations with regards to quality of service. The degree to which an organization is successful in meeting these expectations decides their ultimate level of satisfaction.

Customer satisfaction surveys are a way of finding out the company’s performance in terms of keeping their customers happy. By asking multiple questions that assess how the customer’s journey has been, companies can highlight areas of positive customer impact along with areas of default that need to be improved.

Even if a customer has been delivering good satisfaction, customer satisfaction surveys serves as a checking mechanism to make sure that it stays that way while the company can continue to focus on growth and expansion without fearing to lose out on current customer segments.

How does assessing customer satisfaction serve well for companies?

Analysing customer satisfaction is a way of observing customer journeys from the point of being just customers to becoming brand advocates as the brand continues to fill gaps to enhance customer experience. The following benefits make a good case for companies to adopt customer satisfaction research :

Induces a feeling of being valued among customers:

CUSTOMER SATISFACTION SURVEYS2

In her book , the Power of trust , Harvard professor Sandra J. Sucher highlighted Motive as a key element in building trust saying that people are interested in knowing whose interests the companies serve beyond their own balance sheet . Conducting customer satisfaction surveys is a way of portraying that the company values what the customer has to say and is willing to incorporate changes to improve customer satisfaction based on the suggestion and feedback provided by their customers.

It makes the customer feel that the company prioritizes the needs and interest of their customers which, by itself , has a positive impact on customer satisfaction. Knowing that the company is interested in listening to their point of view makes customers emanate genuine responses which makes the data gathered actionable.

User Experience

Understanding variability in choices:

CUSTOMER SATISFACTION SURVEYS3 1

It is a popular saying that one size does not fit all. Customer satisfaction surveys shed light upon how the same products and services result in different satisfaction levels . While a majority of your customers might appreciate the offers and convenience that comes with engaging with your company, others may find it not up to the mark as opposed to your competitors.

All these differences assist in a deeper understanding of your customer base and can serve as an important input to segmentation. Further , understanding these variations can direct the company to come up with solutions to customer problems in order to prevent defection.

Improve Customer Retention

Customer retention :

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Prolonged dissatisfaction among customers is a major reason for customers switching between companies. An article published by Harvard Business Review mentions that by reducing customer defection to as little as 5 points , from say 10-15% per year , can double profits. The same article also highlighted too much focus on profits by giving less attention to value creation as one of the major reasons behind businesses failing to keep customers.

There is an urgent need companies to keep a tab on current satisfaction levels to evaluate the relative value that their services hold for the customers. Failing to obtain and follow up on such data can make the customer lose interest in the company and look for alternatives that serve them better. 

Vehicles of information:

Customer satisfaction surveys impart information about the company and its offerings . Customers become aware of many products and aspects of the company which were unknown to them prior to these surveys. This provides an opportunity to the company for increasing awareness among customers.

It satisfies dual purposes : collecting feedback about customer satisfaction based on their interaction with the company and exposing them to information about the company which results in increased familiarity. Moreover , this information also refreshes customer memories with respect to products and services that may have been forgotten or which the customer may no longer be purchasing.

User Experience

Assessing market acceptance :

Customer satisfaction surveys can be altered to cover a customer’s entire journey with the company or to seek product or service related reviews. In line with this, companies can analyse market acceptance of newly launched products and the impact they have had on the overall customer experience. Accordingly , the company can formulate strategies to alter product aspects to make it more desirable or withdraw the product altogether to ensure that they don’t act as a road block to pleasant customer experiences.

Comprehensive measurement techniques:

 There is more than just one way of getting a hold over how your customers feel about your company. Customer satisfaction surveys can be done using :

  • likelihood of promotion
  • perceived value 
  • meeting of expectations
  • product ratings 
  • customer effort 
  • competitive analysis 
  • customer service studies 
  • recall and recognition research 
  • brand image perception

This allows a company to break down its research into sub heads that provide a narrow look at causes that lead to the customer’s responses. The company is able to identify and work upon pain points by formulating action plans that target specific sections as identified by the survey respondents . 

Regular surveys that seek out customer satisfaction can help establish comparison between how the customers feel before and after implementation of corrective measures. 

The presence of survey software platforms such as Voxco has enabled brands to carry out their market research without much trouble and cost. The presence of multiple pre-designed tools allow companies to design their ideal surveys without putting in the extra effort to look through multiple platforms while trying to look for options that suit them best. In addition , with features such as real time monitoring , customized designing , multi-channel distribution and advanced analytics , companies are offered a holistic omni-channel experience that lead to a nuanced market research and provide room for the companies to focus on other important areas of performance and functioning.

Have a survey idea to be put in the works?

Visit Voxco online survey tools to know more about the online survey features , book a demo or try out a sample survey 

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Great Research
Fast Insights
Best-in-class ROI

Voxco’s platform helps you gather omnichannel feedback, measure sentiment, uncover insights and act on them.

Join 500 + global clients across 40+ countries