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| Video Blog | Customer Satisfaction

July 16th, 2024 Comments off

Satisfaction alone won’t drive your business forward—loyalty will.

Companies have been measuring customer satisfaction since the 1750s, and by the 1980s, it became a standard practice.

Here’s the thing: measuring customer satisfaction isn’t an end in itself. It’s a means to achieving customer loyalty.

As the old saying goes, “Satisfaction is worthless, loyalty is priceless.”

→ At MSW Research, we’ve found that satisfaction and loyalty share a significant relationship—a 1 to 3.3 ratio in explaining market share movements.

The focus on building loyalty is vital because acquiring new customers is 5 to 20 times more expensive than retaining existing ones.

Therefore, investing in customer satisfaction to foster loyalty isn’t just good practice—it’s smart business. 🎯

 

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