When looking to grow your company and become profitable, you may find yourself turning into a data detective – tracking down metrics, looking for clues that point to how you should proceed. To solve this riddle, it’s common to utilize customer surveys, asking a wide range of questions in the hopes of finding a golden data point that can solve all your problems. Developing the questionnaire and digging through the survey results can be time consuming and may not contain the one answer that truly matters: “How likely is it that you would recommend our company to a friend or colleague?” This helps measure what truly matters: customer loyalty.
By recommending a friend, they’re putting their reputation on the line and customers will only do this if they’re loyal. You want your company to expand, and a main factor to solving this problem is by understanding the loyalty of your customers through short surveys that target one, specific issue. So stop with the annoying 10 page surveys that accomplish nothing. The most effective solution to this is by focusing on a simple issue instead of making it too broad. It’s said that surveys that take longer than just a couple of minutes will never prosper in any growth or improvements to your company; they just tire people out. Remember, all you need to know is:
A. Are your customers loyal?
B. What can we do to make you more loyal?
What’s Customer Loyalty Worth?
As the research bears out, loyalty is not measured by the price of your services offered and is never measured by focusing solely on customer retention rates. Having a full line up of passively satisfied customers and detracting customers will never result in your company growing and being profitable. And how does all of this result in more profits for your company and growth? It’s called customer loyalty and it’s measured by their willingness to promote your company. When a customer recommends your services to a colleague or friend, they are putting their reputation on the line. Customers will only do this when they are very loyal. Loyal customers make your company more profitable because they have a tendency to not only purchase more of your services over time, but they also bring in more new customers for free! Your company’s cost to acquire those new customers is $0.
Time to Make the Surveys
Every company strives to be successful, and for a company to achieve that it needs to have purpose and maintain its pursuit of profit. You want your company to thrive, and to do this your customers (and/or clients) must radiate purpose. Bring in the right people who share the same value of achieving this success and growth that you want your company to attain. Finding these customers is easy when you ask the right questions that target the response needed for that growth. If your customers are willing to promote your company and put themselves out on the line for you, then you are well on your way to success! Stop with the long questionnaires and narrow it down so you find the right people that make your company boom.