How investment firms use client satisfaction surveys

Key quotes:

• "Did you know 80 percent of companies believe they offer superior customer satisfaction, but only 8 percent of customers would rate the customer service they receive as superior? Brush up on the types of customer satisfaction metrics and learn how your business can improve your customer service, build relationships, and decrease churn rate."
• "So what are customer satisfaction metrics, and how do they differ from other data points your company may be measuring? Customer experience metrics can show you where your company is doing it right and where you are not providing the level of service your customers have come to expect."
• "Measuring customer satisfaction helps determine the level of happiness a customer feels about your company, your products, or your service."
• "To give an example, consider an average CSAT of 6 after customers were asked to rank their satisfaction with a recent interaction with your customer service reps via chat."
• "Net Promoter Score is measured through a customer satisfaction survey that asks your customers how likely they are to recommend your company to others, usually on a scale of 0–10 where 0 is unlikely and 10 is highly likely."

Key quotes:

• "Customer satisfaction is very important to be paid a great attention to."
• "Hence, it is important to hold customer satisfaction surveys from time to time and understand whether the customers give you positive, negative or neutral feedback."
• "After this the company decides how to improve products or communication to fill-up the shortcomings."
• "Customer satisfaction surveys are for measuring how products and services supplied by a company meet, exceed or fall short of customer expectation."
• "Gaining new customers or keeping up the business with existing customers is not as easy as you may imagine."
• "When it comes to growing sales, many companies are so focused on gaining new clients and customers that they fail to effectively address the need to retain those they already have."

Key quotes:

• "The Net Promoter Score is a widely-used survey question that companies use to measure customer satisfaction, loyalty, and growth."
• "The NPS question — “How likely is it that you would recommend [company X] to a friend or colleague?” — was the 1st- or 2nd- most predictive question in 11 of Reichheld’s 14 case studies, showing “the strongest statistical correlation with repeat purchases or referrals.” Reichheld chose a 0-to-10 scale, where 10 meant “extremely likely” to recommend and 0 meant “not at all likely.” He claimed that this scale was I disagree with all of these."
• "The phrasing of the NPS question, the measurement scale it uses, and method of calculation all go against the basic principles of survey sciences."
• "An NPS-like question asking about actualized behavior would look more like, “In the last 6 weeks, have you referred [company X] to a friend or colleague?” Reichheld promotes the NPS question as the most accurate one in predicting revenue growth rate."

Key quotes:

• "In fact, a quick read of the customer satisfaction survey results can help you find out issues that are of immediate concern and measure customer satisfaction."
• "For example- If all your customers are satisfied in a particular area, but there is one instance where the majority have shown their disapproval explicitly, it is a pattern that you need to identify and take immediate action to thwart any more damages, which is why customer satisfaction surveys are important as they help you unearth business problems."
• "Here are some customer satisfaction survey questions that you need to ask and discuss internally before you send out the surveys: Once you have discovered the patterns as well as the minor changes that need to be done for better business prospects, the next step is to plan on addressing these issues."
• "The objective of a customer satisfaction survey is gauging how satisfied your customers are and if there is even a single point that needs to be made better, the onus is on the business to work on it."

Transcript: What is client experience briefly the client experience and journey are the experiences that your clients go through when interacting with your business and brand this includes everything from discovery to research to inquiring to purchasing to client support and delivery of services and importantly client experience looks at these in the perspective of the client not the business why is client experience so important according to market research conducted by Genesis improving customer retention improving customer satisfaction and increasing the potential to cross-sell or upsell are the top three reasons to proactively manage and invest in customer experience addressing each of these reasons can positively impact bottom-line revenue here are five good reasons why your business can't afford to ignore client experience firstly you need a way to differentiate you can't compete on price or product any more with price products and services and expertise levels almost identical law firms are increasingly turning to the client experience as a way of positively differentiating themselves customer experience isn't the next anything it's the here and now it's the current battlefield is the battlefield of yesterday customer experience drives revenue and loyalty customer experience is not about marketing and it isn't... See more →

Transcript: This is the InfoQuest box forbusiness to business customer satisfaction surveys, containing a deck of up to 60 questionsand statements chosen by you. Using this method the average worldwideresponse rate from hard to reach decision-makers is just over seventy percent - a seventypercent response rate! The box will bring you the honest opinions of your key accounts, clients, business partners, dealers and distributors in whicheverlanguages you need. The box has been used in thousands ofsurveys in 102 countries on behalf of medium and large-size companies around the world. The typical return on investment forthis simple procedure is embarrassingly high. Did you see that? 12 cards in one minute. A sixty questionsurvey is completed in just five minutes. And don't forget the open questions onthe supplemental information form InfoQuest - the most cost-effective dynamic and actionable business tobusiness customer satisfaction survey available... See more →

Key quotes:

• "Ask such questions in your customer satisfaction survey that spill out the kind of data you require in order to improve your product and services."
• "Conducting customer satisfaction surveys help to understand the common customer obstacles, likes, and dislikes."
• "Get to know the customer sentiments of your product/ service with customer satisfaction surveys and focus on what you can improve."
• "70% of buying experiences are based on how the customer feels they are being treated — McKinsey Good customer service differentiates your brand from the rest."
• "It does not matter how flawless your product is, if you don’t offer exceptional or at least a decent customer service experience, you will lose out on customers and negative word of mouth will spread."
• "Send out customer satisfaction surveys and understand, in actuality, how satisfied are your customers with your customer service."