Customers switching companies cost organizations a total of $1.6 trillion annually. But why do customers switch?
Because companies are not able to match customer expectations – a problem that can be easily resolved by conducting regular customer feedback surveys. The top reasons why customer satisfaction matter are pointed as below:
If customers are happy with the interactions with the brand, it will lead to continuous repurchase cycle leading to improved profits over the long run.
A ‘totally satisfied customer’ contributes 2.6 times more revenue than a ‘somewhat satisfied customer’. Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue than a ‘somewhat dissatisfied customer’. Satisfied customer leads to improve Customer lifetime value for any brand.
It costs six to seven times more to acquire new customers than it does to retain existing customers. Therefore, it is profitable to ensure your current customers are satisfied.
Voxco has been used by customer-centric companies like Sephora, Yves Rocher, Mayo Clinic, American Health Association, Decathlon and many more to align customer expectations with customer service & offerings by intensive customer feedback collection.