Market Research for Customer Defection Analysis
Market Research for Customer Defection Analysis
The importance of customer satisfaction
The pressure to improve customer satisfaction is as high as ever, if not higher. In a recent study by Ventana Research, 79% of companies rated improving customer satisfaction as the No. 1 priority for their contact center. As competition gets fiercer, customers are becoming harder to win, and keeping them happy — so they stay with a company and spend more money — is crucial to ongoing business performance. The challenge is to find a way to measure true customer satisfaction, which is less dependent on subjective assessment and is more repeatable and consistent.
Assessing customer satisfaction
Customer surveying presents some common challenges. Selecting the best media for a customer survey is not easy. Costs are hard to assess as the required number of responses and the level of automation will affect survey costs. The response rate is another perennial challenge, as different market verticals achieve different response levels from customers. To solve some of these problems, outsourcing to a third-party survey specialist is a good option, even if this is done on a trial basis.
Call quality monitoring is the most common method of assessing customer satisfaction. The same study by Ventana Research showed that 60% of global companies use this method, but it does have two