Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses.
In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.
Here are the top six reasons why customer satisfaction is so important:
It’s a leading indicator of consumer repurchase intentions and loyalty
It’s a point of differentiation
It reduces customer churn
It increases customer lifetime value
It reduces negative word of mouth
It’s cheaper to retain customers than acquire new ones