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Win Loss Analysis and Customer Satisfaction Research
What is Customer Satisfaction Analysis?
A critical aspect of maintaining an edge in a competitive market environment is to hold on to the customers you already have. Veteran business leaders know that it is easier and more cost-efficient to keep an existing customer than to find a new one. The challenge is to know which of your customers are loyal and which ones are at risk of departure. Anova believes that the best way to find out whether customers are happy is to ask them to provide unbiased feedback through an independent third party. It sounds simple, but a surprising number of companies do not employ objective Customer Satisfaction Analysis programs.
Customer Satisfaction Analysis is a specialized area of market research that concentrates on providing companies with in-depth customer feedback on product and service delivery. The process entails surveying customers on a regular basis to collect unfiltered and unbiased feedback on everything from pricing and product/service features to the quality and consistency of client service a company is delivering. Customer Satisfaction Analysis programs enable companies to track trends against internal customer servicing benchmarks and establish the behaviors and actions that must be present to ensure high levels of customer loyalty.
As the business adage goes, you can’t manage what you don’t measure. Companies that conduct Customer Satisfaction Analysis studies gather quantitative data on their service delivery and suite of products and services, enabling them to identify strengths and areas for improvement. By setting a baseline and tracking trends with an annual Customer Satisfaction survey, companies can strive for continuous improvement and measure the effectiveness of actions taken since the previous survey period. They can also conduct regression analysis to identify the key drivers of customer satisfaction, which can help to prioritize and rationalize the level of investment in various customer service initiatives.
In addition, Customer Satisfaction analysis also provides rich “Voice of the Customer” feedback, which frequently contains competitive intelligence and best practices employed by other providers. When received directly from a customer in words reflecting their individual situation, both positive and negative feedback can be quite revealing. Receiving negative feedback from a customer can be a rough experience, particularly when this feedback comes as a surprise to the client service team. However, customer satisfaction analysis is not designed to be a “witch hunt” for the service team, but rather an opportunity to make continuous improvements and provide superior service to all customers. Customer satisfaction feedback is a key coaching tool for client service staff members; after all, who is in a better position to comment on service levels than the customers themselves? Many data-driven organizations that conduct regular Customer Satisfaction surveys tie a portion of service team compensation to the survey results.
Perhaps most importantly, Customer Satisfaction Analysis is a tool that can be used to identify customers who are at risk of departing for a competitor, as well as providing enough customer-specific insights to determine what kind of turnaround strategy should be implemented. A key feature of Anova’s Customer Satisfaction Analysis is to not only identify “at risk” relationships (based on a proprietary composite loyalty metric), but also to conduct in-depth telephone interviews with dissatisfied customers to probe on the source of the dissatisfaction and what steps can be taken to reverse it. On the flip side, survey results can also be used to identify a company’s most loyal customers, and those who are willing to advocate for the company in a testimonial or as a reference in future sales situations and RFP processes.
In the end, when it is integrated into a company’s entire sales and customer service process, and consistently deployed with a focus on spurring continuous improvement, a Customer Satisfaction Analysis program can provide a company with a significant and ongoing competitive advantage.