Revenue & Client Satisfaction Correlation - Fenero - ContactCenterWorld.com Blog
Small companies understand which client needs are most important to them.
There is a direct correlation between client or customer satisfaction and increased revenue. The impact of client satisfaction may increase revenue in some industries by as much as $1 billion annually according to experts at Forrester Research. This correlation also exists in smaller companies but on a smaller scale. However, the relevance is no less important. The key is determining which elements are most important for client satisfaction, quantifying that data and incorporating them into your business strategies.
Identifying Customer Satisfaction Elements
All clients, whether businesses or individuals, have certain attributes that are most important to them when making a buying decision. Those who purchase products may choose a small company for its quality, selection, style or parts availability. Business service clients may base their buying decisions on a company’s professionalism, unique industry niche or perceived capabilities. Identify the elements that appear to be most important for your clients’ satisfaction, as these are likely the ones that motivate them to spend more money. List all these elements on a sheet of paper. Make an assessment as to whether you are meeting each of the client satisfaction attributes to the best of your ability.
The best way to validate the importance of client attributes and their impact on revenue is through marketing research. Surveys — whether by phone, in-person or online — help you quantify the importance of certain client satisfaction variables. That is, you don’t just surmise their importance as a revenue contributor. You specifically ask clients what attributes are most important to them. Then you collect data from hundreds of individuals, the results of which are highly projectable across your entire client base. Incorporate your list of key client attributes into your survey questionnaire. Ask customers to rate their importance on a scale of 1 to 5, with 5 being the highest and 1 the lowest. The attributes that are most important to clients will be reflected in the data.
Implementing Customer-Satisfaction Strategies
The best way to use client-satisfaction elements and increase revenue is by developing business strategies around them. Also, start treating customer service satisfaction as goals as you would any any other financial results. Provide clients with what they need the most — such as new product sizes, styles or services — to meet their needs. Give them a reason to purchase more products. Add an additional service for a business client, such as a free consultation fee. Structure your advertising around those attributes most important to clients. This strategy can help you attract new clients with similar needs, which is another way to build revenue.
Consider implementing a loyalty program for your clients to build revenue. Loyalty programs typically reward customers according to the frequency of their visits and purchase volumes. The rewards become greater as a customer spends more money, which increases revenue. For example, a small beautician may reward a free haircut to clients with seven consecutive visits. The reward may increase in value to a free perm after three months. Use a loyalty program that best meets the needs of your own clients.
By Rick Suttle
Photo credit www.myplanmap.com
Since 2000, SCC Services Group has been successfully providing services to the Automotive, Banking, Financial Services, Travel, Telecommunication and Retail Call Center organizations. This depth of experience is complemented by our commitment to service excellence, a healthy corporate culture, and a highly skilled team. If you are interested in learning more about SCC Services Group consulting or business services offerings and how we can assist your organization improve its overall performance please send an email to: email@example.com
Publish Date: March 17, 2015 5:00 AM
|All Suppliers||Get Listed|
(VIEW OUR PAGE)
Аутсорсинговый контакт-центр ConceptCall| КонцептКолл специализируется на исходящем и входящем телемаркетинге: мы предоставляем услуги по осуществлению холодных звонков и продажи по телефону, проводим...
|PREMIUMFuture Gen International Pte Ltd|
(VIEW OUR PAGE)
Outsourcing provider of English Call Centre services, Audio Transcriptions, Big Data ETL (Extract, Transform, Load) , Big Data Visualization, Big Data Predictive Model Generation
(VIEW OUR PAGE)
CTI Software is the creator of custom application called Davos, which complements the telephone client solutions with intelligent features such as automated call attendant, call recording and archivin...
View more from Fenero
Recent Blog Posts:
|De-Stress Your Call Center: How to Manage In a Stressful Environment||October 31, 2016 5:00 AM|
|Ten Simple Strategies for Customer Satisfaction and Loyalty||August 15, 2016 5:00 AM|
|Business Continuity and Disaster Recovery in Customer Service||August 1, 2016 5:00 AM|
|Press Release: Fenero Announces WebPhone Launch, Enabling Real-Time Contact Center Connections In The Cloud||July 19, 2016 5:00 AM|
|Getting Your Team in the Zone||July 12, 2016 5:00 AM|
|Customer Experience Statistics||July 5, 2016 5:00 AM|
|Hiring the Right Talent||December 5, 2015 5:00 AM|
|Fenero Awarded 2015 Communications Solutions Product of the Year Award||August 24, 2015 5:00 AM|
|Customer Service Statistics||May 9, 2015 5:00 AM|
|Customer Service Tips to Handle Complaints and Keep Customers Happy||April 3, 2015 5:00 AM|