Customer value is easy to define for an individual customer, but on a grander scale it can be harder to pin down. For an individual, it is simply the value the customer places on your product or service. Since this can obviously vary from person to person, a little help may be necessary to determine how to cause customers as a whole to place more value on what you offer. One of the most effective ways to do this is customer satisfaction surveys. These surveys have to look a little deeper than your basic yes/no questions; a professionally designed customer satisfaction survey can give you information about your business, your competitors, and what you can do to inch ahead of them.
Straight to the source
Many factors help customers determine the value they place on your product or service; everything from branding, to your competition, to prices, to the product itself. You want to increase your customer value, but without knowing what specifically is drawing and repelling customers, that may be difficult. The fastest and easiest way to find out is to conduct customer satisfaction surveys. They can be open-ended or multiple choice, qualitative or quantitative, conducted on the phone, online, or by mail, but when conducted properly, they will give you your single most valuable resource for improvement: information.
Ask the right questions
Customer satisfaction surveys can be an information goldmine, but that is only helpful if you are gaining actionable information. A professionally designed customer satisfaction survey can help you look at the value of your brand image, determine what can give you the edge over your competition, and paint a clear picture of what needs improvement to increase sales and profits. Knowing what makes your customers choose you over your competition — or the other way around — lets you know what you’re doing right and what you need to improve upon.
Consider Every Angle
A lot goes into determining customer value. Not every competitor offers the exact same product or service that you do, so ‘value’ may be more than a quantitative number. A familiar brand, a customer’s history with a company, or personal preference can all have an effect on the value they place on a product. For example, one customer may be willing to pay more for a healthier meal, while another customer wants the cheapest option, regardless of the health benefits. Customer satisfaction surveys can help feel out these little nuances, and can help you determine what your niche market should be, which can in turn help drive profits once you begin marketing to the right demographic.
Knowledge is power
It’s a cliche for a reason — with the right knowledge, you can make business decisions with confidence. Customer satisfaction surveys put together by a professional can help you get the information you need to improve your business, thanks to statistically valid responses from your customers. Learning about your customer value can help you improve your customer loyalty, which can be a huge factor in increasing profits.