Importance of Measuring Customer Satisfaction for Businesses
Understanding the importance of customer satisfaction is a key element of customer experience management – a practice that benefits organizations that focus on meeting customers’ needs and to hear and act on the “voice of the customer”. By analyzing the importance of customer satisfaction and continuously measuring customer satisfaction, businesses are able to highlight aspects of their products, services, or operational processes that are leaving their customers less than satisfied.
Knowing the importance of customer satisfaction, depending on the industry, helps to raise a flag when the business dips or spikes compared to the benchmark. Furthermore, measuring customer satisfaction is a powerful method for humanizing your brand and showing that your business is customer-centric in an age when the consumer holds the true power in the business landscape.
Financial Services Industry Analysis
The financial services industry plays a pivotal role in the way the world economy functions. The industry comprises of companies who specialize in activities such as insurance, lending, investing, and securities trading and issuance. Over the past couple of years, the financial services industry has witnessed positive changes, driven by the developing global economy and rising consumer confidence. But, as the financial services sector progresses, competition and demands of the customers have also increased. Thus, with growing competition in the financial services industry, companies have been forced to offer better services and perks to keep their customers engaged. Furthermore, the key to influence customers’ decision lies in the company’s ability to offer better services than their counterparts.
About the Client
The client is a leading financial service provider, rendering financial services and products including wealth management, asset allocation, and financial planning to private corporations and individuals.
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Predicaments Faced
With everyone offering nearly the same products and services in the financial services industry, the experience customers have with their companies is what gives one company a competitive advantage over another. Thus, the client realized the importance of customer satisfaction and wanted to take customers’ feedback seriously. By analyzing the importance of customer satisfaction and considering their feedback, the company wanted to make decisions that comply with their customers’ interests. Moreover, by measuring customer satisfaction, the client was on the lookout for new and innovative ways to improve their service offerings. To do so, the financial services provider collaborated with Infiniti Research to leverage a customer satisfaction analysis that would help them gain valuable feedback on issues that are considered important by customers and to thoroughly understand the consumer’s perspectives.
Solutions Delivered
With the help of Infiniti’s customer satisfaction engagement, the financial services provider was able to assess their service levels and identify the factors driving customer loyalty. Measuring customer satisfaction also helped the client to gain insights into financial industry trends. This subsequently helped them make necessary adjustments in their services development approach and marketing strategies. Moreover, the key findings obtained from the engagement was utilized to develop appropriate measures to satisfy the needs of their consumers. It also helped the financial services industry client to blend industry knowledge, data, and innovation into actionable insights to aid their business strategy and service development processes.
Measuring customer satisfaction analysis helped the financial services company to:
- Increase retention rates and decreased churn rate by 20%
- Increase customer lifetime value
- Decrease customer acquisition cost
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