In today’s increasingly dynamic market, companies launch new products and service on a daily basis daily. However, given the falling switching costs, what really matters over the mid-to-long-term are not just the benefits offered, but also the satisfaction and loyalty that customers get when dealing with those companies.
Many technology professional that I know use customer satisfaction and loyalty similarly, yet they are in fact quite different:
- Customer satisfaction is about trying to please existing clients.
- Customer loyalty is about trying to develop devoted clients.
- Customer satisfaction deals with assuring a successful transaction.
- Customer loyalty depends on developing an enduring customer relationship.
- Satisfied customers leave a completed business deal as happy customers.
- Loyal customers keep coming back time and time again, as more than satisfied customers.
Many companies strive to create customer satisfaction; some succeed, while others fail.
However, the more valuable yet challenging goal is to develop a loyal and enduring customer following.