Customer satisfaction and retention

by eFactor Digital Web Developer

Customers are the lifeline of many businesses and keeping them satisfied is understandably top priority. At Pure Money Making our team of market research professionals have extensive experience of conducting research into customer satisfaction and customer relationship marketing.

Customer Satisfaction
The need to satisfy customer for success in any commercial enterprises is very obvious. The income of all commercial enterprises is derived from the payments received for the products and services to its external customers.
Customer Retention
Customer retention is the measure of how well the customer STAYS and STAYS ENGAGED with the organization OR with specific products and services. It is a major contributing factor in the net growth rate of businesses.

Let's first look at retention in relationship marketing. One MasterCard customer makes thousands of dollars of purchases and pays the minimum balance on time each month while another rarely uses the card, but calls ever year to avoid paying the membership fee and at least once a month to demand a lower interest rate. Are both customers of equal value to MasterCard? With limited time and resources, which customer would you tell MasterCard to drop and which to keep

What about satisfaction? The global norm score for customer satisfaction for any marketer is about 74%, a "C" grade.

Customer Satisfaction and Retention (CSR) - which is more important?
There are examples of satisfied customer, but still attriting. On the other hand, a business can have dissatisfied customer, but they still can be retained. But which one is more preferable?

The reality is that in B2B, user satisfaction does not equal customer retention. Remember, most customers who leave a company leave satisfied and what you can do about it?

As a small business owner, you should always keep a balance between customer satisfaction and retention.

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