Definition:
Customer loyalty market surveys help organizations gather customer information and use it more effectively to improve customer satisfaction and customer loyalty driving to a company's bottom line.
Goal:
These types of surveys usually have the goal of providing the executives of a company with insights into how satisfied their customers and are with their product or service.
How they Work:
These surveys are typically done in the following manner. Questions are created to understand customer happiness. Typically the set of questions are small (5 to 6) targeted to how likely the customer will buy additional products or how likely they will suggest your product to their colleagues. The surveys are done via the phone and email to get the best results.
Example of Use:
Bob the owner of Inks, Inc. wants to know if his customers ever consider taking their business elsewhere and if so, why. As a result he hires a company to perform a customer loyalty market survey. Bob sits down with the company and they help him create a short questionnaire containing questions designed to help Bob understand whether or not his company has a loyalty problem with his customer base. Once the survey data is captured, Bob is sent a report that summarizes the results of the survey. The results of the surveys give Bob insight into where his company needs to improve to keep his existing customers
Similar Terms:
Quality Monitoring - these are independent third party surveys, which are fast becoming the standard for how to measure, analyze and improve customer satisfaction, while getting insight into the expectations and perceptions of customers and prospects. Click on Quality Monitoring to get additional information.
Customer Satisfaction Firms - Customer satisfaction firms specialize in providing a full range of consumer and business programs to address a broad range of customer behaviors, attitudes, preferences and the use of products and services.
Customer Loyalty - Customer loyalty is a way to understand, who your valuable customers are, how likely they are to buy again or tell their colleagues about your company, or how likely your customers are to leave.
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