Why You Lose Customers

Customer satisfaction is important for any business. There can be a big difference between your perceptions of your customers' satisfaction with your products and services and what they really think about your company. Here are 3 reasons why customer satisfaction matters and what you can do to improve your customers' experiences.

1. Customer Retention
Companies with high customer satisfaction scores have extremely high customer retention rates. Simply put, if your customers are happy, why would they look for another option? Do you know your retention rate and your customer satisfaction score?

2. Referrals
Happy customers are complimentary about your products and services when they talk to colleagues and friends. Similarly, customers with bad experiences will tell others about those, too. When asked how likely they are to try a new company when referred by a friend or colleague, over 80% say they would. The lesson is simple—make sure your customers are happy. If you receive a negative score, call them and make it right. It's usually much more difficult to find a new customer than to fix a problem with a current customer.

3. Purchase Frequency
When customers are loyal, they purchase more often from you … and less often from your competitors. It can take years, though, to build the kind of loyalty where your customers depend on you for all of their needs. And one misstep can erase all that goodwill that you’ve built up. Constantly monitoring your customer satisfaction identifies problems before they start affecting your customer base.

What's Your Customer Satisfaction Score?
Most customers will contact you only when they are extremely upset, or they will just take their business elsewhere. The only way to find out what you are doing wrong—and right—consistently is to monitor your customer satisfaction scores through surveys. Random samplings of recent customer interactions is an easy way to keep your finger on the pulse of your business.

Winsby has developed a customer satisfaction survey process that provides reliable, consistent feedback. You'll submit invoices for purchases for the past 30 days, and Winsby will call customers to ask a series of targeted questions about their purchase. The results are available in real time through an online password protected portal. Negative scores are emailed to your team within an hour, so you can follow up to ask about details and try to fix the problem.

You'll have a customer satisfaction score, the Winsby Referral Score, which indicates how well your company is doing, compared to others in your industry. You'll know exactly how your company rates.