In today’s increasingly competitive marketplace, simple customer satisfaction is not enough. Why? Here’s the all important answer: satisfied customers don’t necessarily give you a bigger share of wallet.
It’s Time for a Higher Standard
Avoid the satisfaction trap by raising the bar with an aggressive standard for a customer’s overall experience with your organization. It’s called Customer Delight. And there is a clear cut way to define it.
When a customer gives your company a 9 or 10 on a 10 point satisfaction scale – Top 2 Box – you know you have a delighted customer who has a high opinion not just of a particular product or channel, but of the entire organization.
Why is it so important? Research I conducted while at a major financial institution indicated that a Delighted Customer was three times more likely to purchase more products and four times more likely to make a favorable recommendation as customers who gave you a satisfied score of 6, 7, or 8. So if you increase Customer Delight, you will significantly improve your prospects for long term growth.
Better Business Results is the Ultimate Goal
Everyone is always looking at ways to analyze and evaluate the bottom line impact of increased customer satisfaction. But at a gut level, it simply makes sense. If you’re truly delighted with a company’s products, services, and customer service, you’re probably going to give them more business – right?
Certainly, that’s the way it works for me. If I’m really happy with a customer’s product or service and if I feel they have treated me in an exceptional way, I keep coming back for more. In fact, I often stop looking at competitive offerings and minor price differences.
When I’m merely satisfied with a company’s performance, however, I’m ready to jump ship whenever there is a better offer.
Increasing Customer Delight Should be a Top Goal
Bottom line? Delighted customers become outstanding prospects for cross-selling – which sets the stage for revenue growth.
Delighted customers also generate favorable word of mouth advertising, which helps attract new customers without adding a cent to the advertising budget.
Customer delight is important to your future – merely satisfying customers is ultimately a “going out of business” strategy.
Read “A High-powered Organic Growth Strategy Pays Off for One of the Largest Banks in the Nation” to see the results.