Customer satisfaction is so important because without a high degree of it, profits can be lower and harder to generate. Statistics have shown that a business with high customer satisfaction is likely to generate up to 18 times more revenue than a company with a very low customer satisfaction rate.
A satisfied customer is likely to send more business back to the company, while an unsatisfied customer may be more apt to prevent the business from soaring. Negative reviews from customers can have more of an impact on a business than owners may think. While the customer may not always be right, they need to be satisfied to the best of every company's ability.
When it comes to advertisement, word of mouth can be the best kind. Companies spend a lot of money on advertisement and good customer satisfaction guarantees free advertisement. When a customer is satisfied with a product or service, she is likely to spread the word and help increase the company's profits.
There are several methods of to help customer satisfaction. Owners should offer all customers the opportunity to fill out a survey and closely evaluate what is being said. In addition, owners should respond to all customer complaints and handle them in a timely fashion.