Customer satisfaction
Customer satisfaction is a measure of how products and services supplied by a company meet or surpass customer expectations. It is seen as a key performance indicator within business and is part of the four perspectives of a Balanced scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.
Importance[edit | edit source]
Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. It is a crucial aspect of business operations as it directly impacts the Customer retention rate and the overall profitability of a company. High levels of customer satisfaction can lead to increased Customer loyalty, positive word-of-mouth, and repeat business.
Measurement[edit | edit source]
Customer satisfaction is typically measured using surveys and feedback forms. Common methods include:
- Net Promoter Score (NPS)
- Customer Satisfaction Score (CSAT)
- Customer Effort Score (CES)
These metrics help businesses understand the level of satisfaction among their customers and identify areas for improvement.
Factors Influencing Customer Satisfaction[edit | edit source]
Several factors can influence customer satisfaction, including:
Strategies to Improve Customer Satisfaction[edit | edit source]
Businesses can employ various strategies to enhance customer satisfaction, such as:
- Providing high-quality products and services
- Offering excellent customer service
- Implementing customer feedback into product and service improvements
- Ensuring competitive pricing
- Creating a positive customer experience
Related Concepts[edit | edit source]
- Customer experience
- Customer loyalty
- Customer retention
- Customer feedback
- Service quality
- Product quality
See Also[edit | edit source]
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