When we think about the viability of a business, one of the most important factors is the customer satisfaction index in relation to the products and services offered. That’s because, without a consumer market, a company simply isn’t able to maintain its operation and make a profit. The question is: how do you accurately measure this index?
Read the rest of the article and find out how to identify how satisfied customers are with the service provided by your company!
Create a plan for data collection
You can evaluate the customer satisfaction rate using various methods, but the research requires the participation of a relevant number of people. After all, if only a small percentage of the company’s consumers participate in the process (such as 30%), the data collected will not be reliable enough to support decision-making.
For this reason, the first tip is for the company to create a data collection strategy that encourages the participation of its customers. For this to become simpler, it is interesting to note that this calculation already occurs at the time of purchase.
The process of purchasing and customer service usually consists of more than one step. The segmentation of the survey opens space for the company to be able to assess the level of customer satisfaction in each of them.
This concept is also important for companies dealing with various products or services, as the satisfaction rate may vary depending on the item or activity in question. By determining the data in a more specific way, the management team is able to base its decisions with more accurate information and stay faithful to the reality of the business.
Implement the Net Promoter Score (NPS) methodology
Net Promoter Score is one of the most efficient tools for measuring customer satisfaction. The reason for that is because from a single question, the method can precisely point out the number of people satisfied with the performance of the company.
NPS questions the customer, on a scale of 0 to 10, what are the chances that they recommend the product or service to their friends. Based on the results, the company can identify both promoter and detractor customers. Once this information is cleared, simply subtract the number of detractors from the total number of promoters and divide the amount determined by the number of responses. The result will be the NPS.
Check out how customers are ranked:
- 0 to 6 — detractors;
- 7 and 8 — passives;
- 9 and 10 — satisfied.
Let’s say that in a survey of 100 customers, 50 gave grades 9 and 10; 10 gave grades 7 and 8; and 40 between 0 and 6. The calculation should be done as follows:
NPS = 50 – 40 / 100
NPS = 10 / 100
NPS = 10%
It is noteworthy that the NPS should be considered as an integer, and not as a percentage value. Once the value is found, the person responsible for the research should check, on the next scale, what the level of excellence of the company is. Understand that:
- Area of excellence – between 75 and 100 points;
- Quality area – between 50 and 74 points;
- Improvement area – between 0 and 49 points;
- Critical area – between – 100 and – 1.
According to the parameters adopted by the process, the company we use as an example would be in the area of improvement, which means that it can improve in many respects to better serve customers.
By failing to determine customer satisfaction and implementing changes to raise this index, the business risks losing them to its competitors. Depending on the intensity, this problem may even derail your operation and, consequently, cause your bankruptcy.