I was addressing a business fraternity at a university recently, and I was asked, “What is the purpose of the business?” I shared that my old answer to that question would have been, “To make a profit. Otherwise, why be in business?” But what I have learned is that profits are simply the result of the purpose.
I shared that in the simplest terms, the purpose of the business is to create and cost-effectively keep a customer. Because without customers, there is no business.
A critical measurement of success in any business is customer satisfaction. Every system, process, and activity must be aimed at satisfying customers in a manner that beats the competition.
All successful businesses rely on repeat business, which is only possible with high levels of customer satisfaction. Studies have proven that satisfied customers come back. Happy customers refer and recommend others.
This may be an excellent time to assess your customer satisfaction meter.
• In what way can you improve customer service? Are you asking them?
• How can you attract more high-quality customers?
• What kind of experience are customers receiving?