Importance of Measuring Customer Satisfaction

Video Transcript

"I'm Joe Dunlop. I'm a consultant and an adjunct Professor at Stevens Henegars College in the business section. Today we want to talk about the importance of measuring customer satisfaction. In a business the most expensive item there is is obtaining new customers. You can spend a lot of time out marketing your product, out selling your product to new individuals but if you are not able to maintain those customers that expense is actually going to be more draining on your business than anything else. It is estimated that it costs $10 to $1 to buy a new customer as to maintain an existing customer. Measuring the satisfaction will help you to understand what the customers are liking about your company and what is missing in your company. Those companies that do subscribe to putting the customers first, making sure that they have the excellent customer service will find that their customers will stay with them and that becomes a very important thing. Remember it is more expensive to buy a new customer than to keep an old one."