A bird in hand is better than two in the bushes. Amidst the economic slowdown, it's good to remind ourselves of the importance of looking after the wellbeing of existing customers. Analysis to determine how happy they are is therefore important. With online survey platforms increasingly accessible and affordable, conducting customer satisfaction research is easy. Most, if not all survey platforms, list questionnaire templates you can use with some modifications. They include customer satisfaction research. How you may wonder, does customer satisfaction research impact the business and brand? Let's examine the reasons here.

1. Up the ante on quality and customer experience through research

In a competitive business environment, staying ahead can be shortlived. It's become less difficult to close the gap. The playing field can be levelled pretty fast. Furthermore, customers are continuously seeking alternatives. Insights from customer satisfaction research will challenge you to explore new ideas and innovation to serve customers better.

2. Seeds of innovation

As a corollary of the above, insights gained can be seeds of innovation. Successful businesses and marketers know customers are walking repositories of ideas. Perhaps now, more than ever, they are exposed to more ideas and innovation from around the world and across different categories, thanks to IoT. You should tap into them. Insights from customer satisfaction research are useful for this purpose.

3. Boost customer retention

After marketing personalisation, we reckon customer participation is the next wave in marketing. It's already happening. Each time customers posts reviews of your business or brand as well as share their thoughts, they are participating in the future of it. Acknowledging it, or formalising it in the form of customer satisfaction surveys, endears them to your brand and business. This can help boost customer retention significantly.

4. Nurture brand advocates

Happy customers are the frontline of your brand advocacy strategy. They can serve as the catalyst for new customer acquisition activities. A Wharton Business School research has shown new customers acquired by referrals cost less and has a lifetime value of 16% (1). Do you have happy customers? Connect with us to find out. (1) https://faculty.wharton.upenn.edu/wp-content/uploads/2013/05/Schmitt_Skiera_VandenBulte_2013_Referrral_Programs_2.pdf