3 up-and-coming drivers of customer satisfaction
Keep your employees happy. The customer is always right.
You’ve heard these phrases before. They’re among the “golden rules” of customer satisfaction. Organizations that live by these words will always stay in the good graces of their customers, or so they say.
But times, they are a-changin’.
While these golden rules still hold true today, the means by which companies achieve them have evolved alongside customer expectations. If you hope to remain on your customers’ good side, you need to keep up with the times.
So, what are these up-and-coming customer satisfaction drivers? Let’s take a look.
- Embrace the power of mobile
Successful companies – at least from a customer satisfaction standpoint – make it easier for customers to engage with them. The latest and greatest mechanism for giving customers what they want is mobile.
Consumers rely on their mobile phones in nearly every aspect of their lives. That’s why the ACSI has begun measuring mobile app satisfaction.
Although outliers exist, organizations with higher mobile app scores oftentimes have higher customer satisfaction scores as well. This is no coincidence. Customers want instant gratification, they want innovation, and they want customization.
Mobile apps offer all this, and in doing so, make it that much easier for customers to connect to organizations and brands.
- Look beyond the price
Customers love when companies lower their prices. This almost always has a positive effect on overall customer satisfaction. But don’t get things twisted; this is not a long-term solution.
You can only shrink your prices for so long. Eventually your profit margins will be too small to sustain this practice. Besides, there are other factors that matter outside of price – and these might be more beneficial to your bottom line.
For example, when we used a Customer Segment Value (CSV) model in our inaugural Wireless Service and Cellular Telephone report, we gained more insight into how customer satisfaction may impact revenue for wireless carriers.
In analyzing how much customers spend on their wireless bills per month alongside customer satisfaction and customer retention data, we learned that while the majority of customers fall in the “lower spend” segments, these individuals don’t contribute as much to a carrier’s overall revenue. If wireless providers want to increase revenue potential, they need to improve the customer satisfaction of those in the “higher spend” segments.
Lower prices get customers’ attention, but can only hold it for so long. ACSI data show quality plays a more important role in customer satisfaction. And if you’re only focusing on price, you’re likely missing out on other revenue-generating opportunities.
- The ‘need for speed’
“I feel the need … the need for speed.” Tom Cruise’s character in “Top Gun” may as well be speaking for today’s consumer.
According to a study, 73% of shoppers surveyed favor retail self-service technologies over conversing with store workers. They also prefer retailers that use mobile technology in their stores, with 76% of respondents favoring the availability of self-service mobile tools or employees equipped with mobile devices.
Insurance and investment services that have enhanced their digital experience are also seeing upticks in customer satisfaction. Nationwide rolled out a new blockchain framework for its mobile app and earned a positive response from consumers.
The app lets customers start and process their claims from their mobile devices and offers real-time policy verification, eliminating the need for hard-copy verification. This app received high ACSI marks in 2018 and helped Nationwide improve overall customer satisfaction by 5%.
With mobile tools and different forms of automation, customers can enjoy a quick, easy, and (generally) painless brand experience. This is what consumers want. The organizations that recognize this will see better results.
You can’t afford to rest on your laurels
Companies used to have an informational advantage over their customers. No more.
Consumers have a plethora of information at their fingertips and no longer have to take an organization’s word for things. They can research companies and make educated decisions.
In fact, 76% of customers feel it’s much easier to “take their business elsewhere – switching from brand to brand to find an experience that matches their expectations.”
Companies can no longer make assumptions about their customers. They have to do the work, make the effort, listen to their consumers, and adapt to their ever-evolving needs to increase their chances of maintaining customer satisfaction. Those that don’t, well, best of luck to you.