What Are They Really Saying?
That’s the burning question. What your clients say about your company ultimately teaches you how to better serve them. At NIH Research & Consulting (NIHR), we excel at finding those answers for you with customized Customer Satisfaction Campaigns.
The Power of Customer Satisfaction Campaigns
At NIHR, we help our clients uncover critical information to improve and maintain their client relationships. During this process, client loyalty grows, retention increases, and ultimately, profits increase.
“Understanding our clients’ perspective and their needs is critical to the success of our own business. Our partnership with NIH Research has proven to be paramount in providing this insight.” – Kermit S. Randa, CEO, Software, Kaufman Hall
We conduct your campaign as a 3rd party acting on behalf of your organization. These arm’s length campaigns provide extremely candid information to help you understand your value and improve relations where needed. Clients are astonished to learn that their customer contacts are more forthcoming when speaking to a third party not directly affiliated with them. Your customers are more direct when we act as a partition. They are more likely to be frank when they know they are not speaking directly to their provider or vendor. It’s really quite eye opening.
“While 80% of companies believe they deliver ‘super experiences,’ only 8% of customers agree.” Source: Forbes
This stat highlights a major opportunity for your company to maintain market share. And we find this true time and time again on our campaigns.
Acquiring New Clients vs. Client Retention: Choosing the Path of Least Resistance
It is not uncommon for businesses to focus their marketing dollars heavily on lead generation. In fact, many of our clients at NIHR initially want to focus 100% of their budget on new customer acquisition, however, when we complete our strategic analysis, we find that there is a need to start with a Customer Satisfaction Campaign.
“70% of companies say it’s cheaper to retain a customer than acquire one, while others have suggested that the cost of acquiring a new customer can be as much as 7X more expensive. The costs associated with repeat business are, generally, significantly lower.” Source: Wheelhouse Advisors
Oftentimes we are approached to conduct lead generation prospecting into a current client base. We always advise our clients to open those conversations with Customer Satisfaction questions. There is nothing a customer likes less than being urged to buy more when they are not happy with their current solution. While a customer might not be prime for an upsell opportunity, our client is grateful they have the opportunity to improve their existing business model.
Increasing Customer Lifetime Value (CLV) Is Key!
There are three key strategies your business can use to increase Customer Lifetime Value (CLV). You can’t do any of these if your client is not happy.
- Increase Sales Per Transaction: Motivate your clients to spend more money on each sale whenever applicable.
- Increase Sales Over Time: Increasing quantity of transactions increases CLV.
- Reduce Overhead: Reduce your cost of doing business.
Nurturing Key Relationships
How do you increase CLV? First we need to identify if there’s a problem and then we can help you fix it. This could be an unhappy client who is ready to switch, this could be a client who is unaware of your new service or product, this could be a client who is not even using your product due to some other issue. We also factor in your customer’s changing business needs. Things will likely change. New ideas may develop. Goals may shift. Customer Satisfaction Surveys allow us to help you to keep your finger on the pulse of your client needs. With these tools, we’re able to discover how your client relationships are evolving over time, determine if there’s a need for any adjustments to your business model to best meet client needs and retain continued loyalty. And then we can move on to helping you increase CLV.
You Don’t Know What You Don’t Know
If you aren’t aware of any existing complications with your services, you cannot optimize your business, acquisition budget or your marketing campaign. At NIHR, we ensure you have all the necessary data. In addition to Customer Satisfaction Campaigns, we also conduct Win/Loss Studies to help you discover the unique reasons the prospect or client made their decision to select or not select your product. This information provides highly useful information to further develop your best practices in the case of a win, and to identify and correct problematic issues in the case of a loss.
NIHR: Leading the Way In Customer Satisfaction
Founded in 1992, NIHR addresses the demand for professional, specialized and focused market research and lead generation for the healthcare and healthcare information systems industries. We are your partner in strategic sales, research, and marketing campaigns. Get started and contact us today for a free consultation.