Q: Does customer satisfaction matter to all organizations?
A: Yes, satisfaction does matter — for companies in pharmaceutical, telecommunications, travel & transportation, and many other industries.
Easy to understand, right? Satisfaction should be a priority for every organization. Got it. Well, not so fast my friends. Here is the rub — not all customer experience strategies for assessing satisfaction are created equal. (More on that in a moment.)
In my role as VP of East Coast Sales at ForeSee, I have the pleasure — nay, privilege — of partnering with some of the smartest people who work for some of the most forward-thinking organizations in the world. We call those aforementioned folks our clients, the most precious asset ForeSee has — and, it is our passion to take care of each and every one of them.
One way we do that is through executive presentations, which I’m also fortunate enough to facilitate within my role. In every executive presentation I deliver, I like to answer the question “Why is customer satisfaction so important?”. Here are some recent findings, specific to various industries:
For one of our pharma clients, highly satisfied customers are:
- 81% more likely to maintain a relationship
- 235% more likely to recommend this client (Can anyone spell NPS?)
- 93% more likely to make a purchase in another channel (This data was gleaned from a Desktop Measure – Think about the Digital Attribution aspect to the customer journey.)
- 75% more likely to use the digital experience as the primary source of information (Cost deflection strategies can be a key contributor to profitability.)
Looking at one of our telco clients, highly satisfied customers are:
- 188% more likely to purchase products from this company’s website in the future (Your customer may not make the purchase via the initial visit, but satisfy them and they’ll come back to buy.)
- 50% more likely to make a purchase in another channel (See above – Digital Attribution.)
- 147% more likely to recommend this client (Again, NPS increases.)
- 147% more likely to return to this site in the future (That’s better than having them call the contact center, huh?)
And finally, observing one of our travel and transportation clients, highly satisfied customers are:
- 114% more likely to make a purchase from this client in the future
- 113% more likely to return to this client’s website
- 118% more likely to use the website as the primary source of information
- 119% more likely to recommend
As I said previously, customer satisfaction does matter. But it can be difficult. You can’t rely on idioms and common sense, you’ll need to adopt a method for measuring that satisfaction. And to measure it the right way, you need a methodology rooted in rigor and science.
What does this mean? Simply put, satisfaction measured the right way should include a CX strategy that is:
Credible — Does your method have a body of evidence, backed by third-party peer review to substantiate that it works?
Reliable – Does it have years of externally validated data?
Accurate – Does it take the shotgun approach? Or, the rifle approach?
Precise – Can it detect what impact the smallest of changes it will have on your customers’ experiences?
Predictive – Can it predict the impact that a rise in satisfaction will have on desirable future behaviors?
Actionable – Can it allow you to action CX data to know where you should make improvements for the greatest ROI?
If you can’t firmly answer yes to each question above, why have a CX strategy to monitor satisfaction at all?