CUSTOMER SATISFACTION. How To Satisfy Customers - The Prime Concern of Your Business and the Critical Component of Its Profitability

Customer Satisfaction

The Prime Concern of Your Business and the Critical Component of Its Profitability

By: Vadim Kotelnikov

Founder, Ten3 Business e-Coach – Inspiration and Innovation unlimited!

See the Big Picture first

Creating Customer Value: 9 Questions

Customer Care

"Satisfying the customer is a race without finish."

– Vernon Zelmer

Customer Success 360

8 Best Practices of Successful Companies

Measure performance by customer satisfaction... More

Creating Customer Value

10 Lessons from Konosuke Matsushita

Company’s vision must be driven by the aspirations of its customers... More

10 Rules for Building a Successful Business

By: Sam Walton, Founder of Wal-Mart

Exceed your customer's expectations. If you do, they'll come back over and over. Give them what they want — and a little more. Let them know you appreciate them. Make good on all your mistakes, and don't make excuses — apologize. Stand behind everything you do. The two most important words I ever wrote were on that first Wal-Mart sign: "Satisfaction Guaranteed." They're still up there, and they have made all the difference... More

CUSTOMER SATISFACTION: Delivering Superior Value to Win and Retain Customers, Win Customers' Loyalty

Customer Satisfaction: Main Benefits¹

Customers stay with the company longer
Customers deepen their relationship with company
Customers demonstrate less price sensitivity
Customers recommend company's products or services to others

Importance of Customer Satisfaction: Statistics¹

It costs between five and six times more to attract a new customer than to keep an existing one.
Companies can boost profits anywhere from 25 to 125% by retaining merely 5% more existing customers.
Only one out of 25 dissatisfied customers will express dissatisfaction.
Happy customers tell 4 to 5 others of their positive experience. Dissatisfied customers tell 9 to 12 how bad it was.
Two-thirds of customers do not feel valued by those serving them.

New Product Development (NPD)

Shift To New Approaches: 7 Reasons

It's about customer wants, not heeds. Technological revolution provides customers with real power in the market. Today, the question of the utmost importance for brands is how to satisfy people who have an almost endless choice reinforced by instant access to global market... More

Customer Loyalty

The Things that Customers Want

Customers will usually come back if:

You make it easy for customers to do business with you... More

Creating Competitive Disruption

7 Strategies

Find new ways to improve customer satisfaction... More

Leveraging Service-Profit Chain To Achieve Customer Satisfaction and Loyalty

8 Attributes of Corporate Success

Continued contact with customers... More

Traditional Strategy versus Strategic Innovation
Traditional approaches	Strategic Innovation approach
Are technology-driven (seek consumer satisfaction)	Is consumer-inspired (seeks consumer delight)
>>> More

The GE Leadership Effectiveness Survey (LES)

Listens to customer and assigns the highest priority to customer satisfaction, including internal customers... More

NLP Technology of Achievement

3 Rules for Dealing with Rude and Unfair Clients

Just because they are being negative, you don't have to be rude or defensive – concentrate on the problem, not the person... More

Customer Satisfaction – a Critical Component of Profitability

Exceptional customer service results in greater customer retention, which in turn results in higher profitability.

Customer loyalty is a major contributor to sustainable profit growth. To achieve success, you must make superior service second nature of your organization. A seamless integration of all components in the service-profit chain – employee satisfaction, value creation, customer satisfaction, customer loyalty, and profit and growth – links all the critical dynamics of top customer service.

Yin-Yang of Customer Value Creation

Sadly, mature companies often forget or forsake the thing that made them successful in the first place: a customer-centric business model.

They lose focus on the customer and start focusing on the bottom line and quarterly results. They look for ways to cut costs or increase revenues, often at the expense of the customer.

They forget that satisfying customer needs and continuous value innovation is the only path to sustainable growth. This creates opportunities for new, smaller companies to emulate and improve upon what made their bigger competitors successful in the first place and steal their customers.

Customer Expectations

Customer is defined as anyone who receives that which is produced by the individual or organization that has value. Customer expectations are continuously increasing. Brand loyalty is a thing of the past. Customers seek out products and producers that are best able to satisfy their requirements. A product does not need to be rated highest by customers on all dimensions, only on those they think are important.

Measuring Customer Satisfaction

To execute a successful client satisfaction survey, build one that your customers have the time and inclination to respond to, and that delves into the types of information that will truly help enhance your performance. By carefully constructing a brief, yet strong, survey, you can discover what your customers believe your strengths and weaknesses are and what makes your customers loyal to your company... More

Kaizen Mindset

Customer-driven strategy for improvement – any management activity should eventually lead to increased customer satisfaction... More

Implementing Kaizen: 7 Conditions

Case in Point Canon Production System (CPS)

The Canon Production System (CPS) is about:

Environmentally-conscious manufacturing and logistics
Quality-oriented methods
Lower costs
Shorter deadlines
... All aim for maximum customer satisfaction... More

3 Strategies of Market Leaders

Customers for Life

By: Brian Tracy

The purpose of a business is to create and keep a customer. If a business successfully creates and keeps customers in a cost-effective way, it will make a profit while continuing to survive and thrive. If, for any reason, a business fails to attract or sustain a sufficient number of customers, it will experience losses. Too many losses will lead to the demise of the enterprise.

According to Dun and Bradstreet, the single, most important reason for the failure of businesses in America is lack of sales. And, of course, this refers to resales as well as initial sales. So your company’s job is to create and keep a customer, and your job is exactly the same. Remember, no matter what your official title is, you are a salesperson for yourself and your company... More

Synergistic Selling: 3 Pillars

Process-managed Enterprise

A process-managed enterprise supports, empowers and energizes employees, encourages their initiative, enables and allows its people to perform process work. "Process work is work that is focused on the customer, work that is directed toward achieving results rather than being an end in itself, work that follows a disciplined and repeatable design. Process work is work that delivers the high-level of performance that customers now demand."⁶... More

Case in Point Benefits of Business Process Management

The payoffs of process mastery can be breathtaking. Costs melt away, quality goes through the roof, and time spans shrink to a fraction of what they were. In 1999 Hammer and Company⁶ surveyed dozens of companies that had adopted the process approach to work and business.

In order fulfilment, cycle times had typically decreased by 60% to 90%
"Perfect orders" (those delivered on time, with no mistakes) had increased by 25%

These improvements in process performance paid off in the critical enterprise currencies of customer satisfaction, customer retention, and corporate profits.... More