Question: Which of the following is true of customer satisfaction?
1: It is a state when a company understands the unmet needs of customers and provides practical solutions.✅
2: It is an endeavor to satisfy customers rather than delighting them. ❌
3: A business doesn’t have to be customer-oriented in order to satisfy them. ❌
4: When a company falls victim to excessive competition, it tends to satisfy its customers.❌
5: Customer satisfaction does not elevate company profitability but only focuses on brand loyalty.❌
Final Answer: It is a state when a company understands the unmet needs of customers and provides practical solutions.
Which Of The Following Is True Of Customer Satisfaction?
If you want to know which of the following is true of customer satisfaction? You must grab a good idea of customers’ needs. That’s because customer satisfaction is a measurement that decides how well a company can meet customer expectations. Therefore, it is one of the most significant indicators of customer loyalty and purchase intent. Moreover, customer satisfaction also helps in increasing brand revenue and company growth. So, let’s take a look at the explanation of this answer.
As we have mentioned, it is when a company understands customers’ unmet requirements and provides practical solutions. When starting a new business, a company always conducts rigorous market research to understand the target audience’s needs. Once it understands a few customers’ unmet needs, it gets a viable idea of its company products/services.
In a nutshell, total customer satisfaction is measured based on the relationship between perceived expectation and real-time performance. So, when a business is about to launch a new product, it already generates a wave of excitement in customers. Even the company promotes the product so aggressively through TV ads and social media posts that it already generates a successful buzz.
If customers buy that product and find it up to the mark, they become satisfied with it. But, if they buy the product and see the product does nothing as the advert claimed, they will be dissatisfied. The 80 20 rule reflects the idea that 80% of effects come from 20% of causes. It means, if a company focuses on just one aspect of customer satisfaction, it will bring innumerable benefits to the firm, from increased revenue to elevated brand awareness.
How To Achieve Customer Satisfaction?
The aim of customer relationship management is to produce high customer satisfaction. But, there are a few tips that we can offer you today, which will help you satisfy your customers more than the usual extent. Let’s take a look;
1: Gather Feedback From Customers
With the advancement of technologies, customer needs are changing every day. Therefore, if you want to increase customer satisfaction, you must understand their fluctuating requirements. Consequently, you should get their feedback quarterly or monthly to find out how satisfied they are or what kinds of improvements they are looking for.
2: Transform Customer Feedback Into Actionable Insight
Whatever feedback you collect from the customers, don’t put them in the trash can as soon as the month ends. Instead, study them, and find out what issues are surfacing through customer complaints. Once you have an established brand reputation, you should take customer feedback even more seriously to uphold that reputation.
3: Support Your Customers From Multiple Platforms
Those days are gone when a customer could only interact with a company via phone call and used to stand in the cue for hours to get in touch with a customer service executive. Nowadays, you can interact with your customers through social media platforms, email ids, virtual chatbots, etc. It also lets customers get assistance from you 24/7, which tends to work to their satisfaction.
4: Follow Up With Your Customers
We know the 80 20 rule reflects the idea that one constructive action can bring many potential benefits. Concerning that, we can say you should always get back to a customer to let them know you have worked on their suggestions. It will keep a customer in the business loop and help them understand how much you value their opinion.
5: Keep On Improving Your Products/Services
Customers may be satisfied with your products/services but complain about your staff behavior or careless attitude. But that doesn’t mean you will stop improving your primary source of revenue, right? So, constantly improve your products to have a better chance of satisfying more than your target customer group.
We have tried our best to answer the Which of the following is true of customer satisfaction? question. Now, let’s look at a few other related questions that can help you improve your business dynamics.
1: What Is True Of Customer Value?
Ans: Customer value is the relationship between company profits and company costs. If a product/service is worth to the customer in terms of monetary value, it elevates customer value. A simple formula of CV= B-C can be implied in this context. If the benefits you get from a product are worth more than the money, you spent behind it, its value increases.
2: What Is Probably The Most Important Determinant Of Customer Satisfaction?
Ans: The most important determinant of customer satisfaction is employee job satisfaction. A company employs people to deal with customers, and if those people are not happy with their jobs, they won’t be considerate towards the customers. But, on the other hand, if the employees are satisfied, they will try to help the customers as well, and a profitable customer yields a revenue stream that surpasses all the costs of attracting the customer in the first place.
3: What Are The Types Of Customer Value?
Ans: There are four types of customer value; psychological, monetary, functional, and social. It depends on a customer and his purchase to know which value will be the most important. Delivering the value proposition is also called supply chain management, which means doing everything to ensure the customer gets the product right where it wants.
Do we hope you have got an answer to the which of the following is true of customer satisfaction? question by now. We have tried our best to explain the importance and steps of acquiring customer satisfaction in this article. So just give it a thorough read, and make sure you understand the relationship between a satisfied customer and business profits. For more queries, ping us in the comment box.