Customer satisfaction plays an essential role within almost every business because it promotes loyalty to existing customers and attracts potential ones from the testimony of those who are satisfied with the service or product they get from your company. According to a study, testimonials generate 62% revenue 92% buys a product after reviewing a good testimonial.
To fully appreciate the importance of customer satisfaction for your company, we listed 3 reasons how it can help you reach business success.
- Retaining Customers
As mentioned above, positive testimonials from satisfied customers can bring in more revenue through converting potential to actual customers. But more importantly, it creates loyalty by retaining existing ones. Note that the cost to get new customers is 6-7x more costly than retention. It puts into perspective how vital customer satisfaction is because instead of spending huge money on acquiring new customers, improving your existing processes and systems to cost only a fraction of your company’s resources. This will go a long way in saving costs and growing your business revenue.
Customers with a CSAT rate of 7 or more are considered satisfied and are likely to engage with your business again. But anything 6 or below means they are unhappy with you and are a huge attrition risk.
- Increase Sales Revenue
Companies focussing on customer satisfaction eventually take in on healthy sales revenue. Not losing old customers is key to a steady revenue from repeat business. It is important to note that customer satisfaction and increased revenue are correlated. If a satisfied customer stays loyal to your brand, buys often, and makes recommendations to family, friends and colleagues, it means a steady sale and potential increase as well. Knowing areas that are impacting customer satisfaction negatively and need improvement through surveys will also give you an overview on how to make more people satisfied with your business and will help improve customer satisfaction and reduce customer churn.
- Support Pillar
Lastly, satisfied customers are more likely to stay by in times of crisis; they care for the brand and want to see it thrive. If they have loyalty and trust in the brand they will keep on supporting your business even in crises like this pandemic and can be your utmost support pillar to keep your business stay afloat. Their loyalty can also boost your brand reputation and popularity. Famous brands have dedicated teams and initiatives for improving customer satisfaction, which helps them achieve high sales figures.
Now that we know how vital customer satisfaction is for your business success regardless of the movement in the market, one more important thing to consider is build great, high-performing customer support teams. They are those who are making customer satisfaction possible because they directly take care of your customers and make them feel heard. Aberdeen Group states that consistent service quality across multiple channels retain 89% of their customers, whereas companies that do not provide a consistent quality are only able to retain 33%. So, outsourcing this team can help you grow your business by making your customers happy and satisfied.
How to achieve this?
Through having the right outsourcing partner. Look for these five traits for a great CX BPO:
- A+ Recruitment Process
The right partner not only has access to a world-class talent pool but they also ensure they can build a great customer service team for your company in just 30-45 days alongside training your team with customer service platform proficiencies like Zendesk, Freshdesk, Medallia among others
- Information Security
A great customer service BPO has an established information security system that makes sure your data and your customers’ data are kept secure, avoiding any type of breach and other security concerns. They should be ISO 27001 and 9001 certified and GDPR, HIPAA, and DPA2012-compliant.
- Future-thinking in providing end-to-end solutions
A future-thinking BPO partner also prioritizes creativity, and valuing your partnership as an essential tool for designing and productizing services.
- Established strategic analysis
This is because it’s the BPO partner’s job to be experienced with the advanced automating tools and the techniques of strategic analysis and help your company reach greater heights.
- Net Promoter Score of >60
Net promoter score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which customer service BPO is best to partner with because this score shows loyalty trends and growth revenue outputs. In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy, and this results in customer loyalty and retention, making a high NPS a critical trait a customer service BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.
When you’re expanding your business, team up with a solutions partner that makes your process, their process. The right outsourcing partner ensure:
- Operational excellence
- Having a great CX team
- High customer satisfaction rate
- Operational cost savings of up to 70%
- Information and data security
- Sense of security and peace of mind
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.
Infinit-O Key Benefits:
We can build you a great, high-performing CX team:
- Social Media Managers
- Online Community Managers
- Customer Care Representatives (Omni-channel)
- Chat / Email Support Representatives
- Technical Support Representatives
- Market Research Analysts
Start small. Exceed expectations. Think infinitely. Think Infinit-O.