How satisfied are your customers? Do you really know how they feel about you and your product or service?
There was an interesting story on CFO.com the other day that spoke to the way technology blends with customer satisfaction surveys. GE Capital uses something they call the “Net Promoter Score:”
“NPS was developed by Fred Reichheld, founder of the customer-loyalty practice at consultancy Bain & Co. and author of the book The Ultimate Question. Although theologians and philosophers may beg to differ, the "ultimate question" turns out to be (with apologies to Sally Field): "Do you like me? Do you really like me?" Reichheld’s influence on customer-centrism goes back a decade, when he co-authored (with Thomas Teal) a book titled The Loyalty Effect, which postulated that 10 percent of a company’s customers create 50 percent of its profits. Keeping customers satisfied, happy, and loyal suddenly became the essential sentiment of every company’s mission statement.”
Known as “Enterprise Feedback Management,” the article talks about how Internet technologies spawned EFM and its efficiency in understanding how the customer (or client) feels about you.
Can’t we just pick up the phone and ask the question? In a huge business with millions of customers, this probably isn’t going to happen without using technology to help the effort. However, I think a small business can do a whole lot of good by asking questions that might reflect customer satisfaction.
As to the nay-sayer who wants to remind me that customers will not be honest with their answers except to an institutionalized survey company … if you really knew your customers and they trust you – then it’s a no-brainer. Ask them how they feel!