Approach to Learning about Social Web for Marketing Professionals
If internet has affected the lives of millions of people across the world and brought them together through social media networks, the same technology and tools have reinvented the marketing and media campaign strategies for the marketing companies too. No big time business can ignore the social web today. By virtue of the fact that […]
Social Networks – A Key Element of the Social Web
Any Company marketing its products and services cannot afford to ignore or keep away from the Social Networks and Social Web. The fact that people on the social networks are talking and sharing information about products and services makes it imperative for Companies to participate. Social Networks are great platforms for individuals to participate and […]
Effective Corporate Governance Has to be Practiced at all Levels of the Organization
Some Recent Scandals Involving Corporate Governance The recent months have seen a spate of scandals involving corporates pertaining to corporate governance. From the Indian IT (Information Technology) bellwether, Infosys, to the hottest startup and Unicorn (startups that are valued at more than a Billion Dollars) and the TATA group to name a few, the corporate […]
Routes to Strategic Growth: Organic or Inorganic Growth
Organic Growth Organic growth in management parlance refers to the growth of a company that occurs naturally. In other words, if a company grows through increased revenues and increased profitability on its own without resorting to mergers and acquisitions, then it is known to grow organically. For instance, companies like Infosys are known to shun […]
Understanding Social Web from Marketing Viewpoint
If you sit back and look at the kind of traffic that is going through the Internet, you might be surprised. At any given point of time millions of people are exchanging messages, chatting and conversing with one another. We might very well assume that the percentage of people using the various social network channels […]
Business always starts and closes with customers and hence the customers must be treated as the King of the market. All the business enhancements, profit, status, image etc of the organization depends on customers. Hence it is important for all the organizations to meet all the customers’ expectations and identify that they are satisfied customer.
Customer satisfaction is the measure of how the needs and responses are collaborated and delivered to excel customer expectation. It can only be attained if the customer has an overall good relationship with the supplier. In today’s competitive business marketplace, customer satisfaction is an important performance exponent and basic differentiator of business strategies. Hence, the more is customer satisfaction; more is the business and the bonding with customer.
Customer satisfaction is a part of customer’s experience that exposes a supplier’s behavior on customer’s expectation. It also depends on how efficiently it is managed and how promptly services are provided. This satisfaction could be related to various business aspects like marketing, product manufacturing, engineering, quality of products and services, responses customer’s problems and queries, completion of project, post delivery services, complaint management etc.
Customer satisfaction is the overall essence of the impression about the supplier by the customers. This impression which a customer makes regarding supplier is the sum total of all the process he goes through, right from communicating supplier before doing any marketing to post delivery options and services and managing queries or complaints post delivery. During this process the customer comes across working environment of various departments and the type of strategies involved in the organization. This helps the customer to make strong opinion about the supplier which finally results in satisfaction or dissatisfaction.
Customer’s perception on supplier helps the customer choose among the supplier on basis of money value and how well the delivered products suit all the requirements. The supplier’s services never diminishes after the delivery as customer seeks high values post marketing services which could help them use and customize the delivered product more efficiently. If he is satisfied with the post marketing services then there are good chances for supplier to retain the customers to enhance repeated purchases and make good business profits.
It is necessarily required for an organization to interact and communicate with customers on a regular basis to increase customer satisfaction. In these interactions and communications it is required to learn and determine all individual customer needs and respond accordingly. Even if the products are identical in competing markets, satisfaction provides high retention rates. For example, shoppers and retailers are engaged with frequent shopping and credit cards to gain customer satisfaction, many high end retailers also provide membership cards and discount benefits on those cards so that the customer remain loyal to them.
Higher the satisfaction level, higher is the sentimental attachment of customers with the specific brand of product and also with the supplier. This helps in making a strong and healthy customer-supplier bonding. This bonding forces the customer to be tied up with that particular supplier and chances of defection very less. Hence customer satisfaction is very important panorama that every supplier should focus on to establish a renounced position in the global market and enhance business and profit.
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Customer Retention – A Strategic Process to Retain Existing Customers
February 12, 2025
