Focus on Customer Satisfaction

"The three most important things you need to measure in business are customer satisfaction, employee satisfaction, and cash flow." Jack Welch - Lessons for Success, 1993

There is a simple and logical correlation between customer satisfaction and corporate profitability. Common sense tells us that a company, whose clients are completely happy with the products and services they provide them, is less likely to lose that customer. A study published in the Harvard Business Review found that "companies could improve profits by at least 25% just by reducing customer defections by 5%." (Zero Defections: Quality Comes to Service Harvard Business Review 9/1/1990 by Frederick F. Reichheld). At the same time, according to Frederick Reichheld's 1996 book The Loyalty Effect, the average U.S. company loses half of its customer base every five years. The negative financial implications of rampant customer defections as observed in many industries today are staggering.

SO WHY DO CUSTOMERS LEAVE?

Each company has a unique set of products and services that it provides to potential clients. Understanding what drives consumers to choose a product or service, and why they choose to continue or discontinue their use is vital to a company's ability to maintain profitability in the long run. So, the "million dollar question" is: Why do customers leave? Studies show that customers are usually lost for three primary reasons: bad service, bad products, and competition.

Unfortunately, this information provides answers in only the most general of terms about the problems that may lie beneath...

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