For a business to grow and flourish, they need customers. Though your business may thrive with single-purchase clients, in order to survive, you will need loyal and satisfied customers. A survey states that, for every complaint, there are 26 more customers facing the same issue who won’t express it. And therefore, it becomes very important to collect feedbacks so that you can rectify the mistakes. And it will not only lead to loss of customers, but it will also harm your brand image if the response goes viral. Luckily, businesses have enough tools available to find out the levels of Customer Satisfaction. This customer satisfaction is the key difference between thriving and surviving.
Importance of Customer Satisfaction
If you are still not sure about investing resources upon getting feedback from your clients, here we have compiled a list of the reasons you might want to go for it.
- Recommendation from satisfied customers: Customer satisfaction boosts brand value and popularity. Their positive word-of-mouth provides the brand credibility that helps you acquire new customers. This saves a lot of money and resources that they would have been spent otherwise on marketing and promotional campaigns.
- Satisfied customers will remain loyal: According to a survey, 93% of customers are likely to make repeat purchases with companies who offer excellent customer service. When your customers are satisfied, their happiness turns into loyalty. The repeated transactions will make up for a significant portion of the company’s revenue.
- Edge over Competitors: Brands with a low value of customer satisfaction are likely to perish in the future. In this competitive world of multiple brands in the same domain, customer satisfaction will set you apart. Businesses can get brand advocates only when they have satisfied customers. Loyal customers will stand by your company in times of crisis.
- Customer satisfaction boosts team morale: Customer satisfaction affects not only your sales but also your team’s performance. The positive feedback cycle leaves everyone in your workforce happy and motivated. At the same time, negative feedbacks will lead to frustration, thereby lowering down the quality of your product.
What is CSAT Score?
CSAT stands for Customer SATisfaction score. It is a metric that measures customer satisfaction related to a recent interaction with the firm. A 100% CSAT score means all your customers are satisfied with the transaction held. It is typically done by doing a survey immediately after an interaction. CSAT is generally transactional about an individual transaction.
How to calculate CSAT Score?
To truly understand client’s perspectives, you need to ask them. Well, that’s easy to know when the transaction is held in person. A positive response is often expressed as a smile or a generous tip. But it’s not an easy task for an online business. In order to get the customers’ level of satisfaction, a survey is rolled out shortly after a transaction.
Getting feedback can be challenging, but calculating the CSAT score is really simple. Just follow this formula-
CSAT Score = (Positive Responses / Total Responses) * 100
More responses will lead to a better estimation of customer satisfaction. You cannot truly understand your whole userbase satisfaction level with a handful of responses. So how should businesses collect these responses? While sending out feedback forms can be an easy solution, it is not practical. Indeed, your customers won’t be bothered to fill the form repetitively. A survey states that 81% of customers abandon a form after beginning to fill it. This will lead to a minimal dataset.
You can think of sending emails as well. But this idea stands even worse. The open rates of emails are and hardly a few will reply to it. One bad experience is enough for your customers to jump off the ship. And many times, businesses fail to intercept what went wrong. This leads to difficulty in sustaining the remaining customers for a longer relationship.
So what can be the most effective solution for collecting responses? meager
Raising the bar with Chatbots
Engaging in two-way communication is the best technique to judge someone’s response. That doesn’t mean that you should start calling your customers to get feedback. Here we are talking about the importance of automated chatbots in collecting feedback. You might be aware of a chatbot’s importance in smoothening the transaction process and improving customer service, but chatbots can also be helpful in collecting customer’s feedback. Here’s how chatbots can be helpful in enhancing your CSAT Score:
- Source of Analytical Data: A chatbot can answer the queries of thousands of visitors simultaneously. And, at the end of the conversation, can ask for quick user feedback. Just a small addition can do wonders for your business. But how is it different from the conventional surveys?
When users are connected from the very beginning, it is highly possible that they will submit the survey. Also the same questionnaire can be asked in the form of images and gifs, which will give it a personal touch. Though it’s not possible to take inputs from 100% of the clients, there has been a significant increase in the dataset with inclusion of chatbots.
Another advantage of using chatbots to collect data is that, they can transfer the collected information in structured row and column format. And then, analytics will become a cakewalk for your software.
- Improving Customer Satisfaction: This is the direct impact of chatbots on your CSAT Score. Chatbots can improve your customer’s satisfaction with the wide range of functionality it offers.
- Quick and accurate response to the queries
- 24*7 availability
- Identifying issues and communicating it with your team
- Personalizing user experience
Customer Satisfaction is not just a buzzword. It is an essential aspect every brand should be working at. It binds the customer to a particular organization. At the same time, it is necessary for businesses to keep a track of the feedbacks received and work upon them. Happy and satisfied customers are the biggest asset for any business. And chatbots are a strong addition to any customer service agency. The high-tech and highly personalized approach is sure to boost your sales and keep your customers happy.