Customer satisfaction crucial for maintaining long-term profit growth

SMU Assistant Professor of Marketing (Practice) Marcus Lee said it is an undeniable fact that customer satisfaction is crucial for long-term profit growth. He added that in order to understand customers, companies must first encourage employees to accept customer feedback, especially negative feedback. Companies should also build a corporate culture that welcomes feedback and focuses on dealing with customer feedback comprehensively. This way, the knowledge that the frontline service staff has will be transformed into organisational knowledge that can transform both customer and employee experience. Meanwhile, the suppression of complaints will prevent management from obtaining important business intelligence. Assistant Prof Lee also pointed out that data from the Customer Satisfaction Index of Singapore also clearly indicates that there is a marked difference in the satisfaction and loyalty levels of those whose complaints were handled well, and those whose complaints were ignored. He added that customers who are satisfied with the services of a company will bring repeat business, which will generate long-term, sustainable profit growth for the company.

Source
Lianhe Zaobao