In the current competitive and fast-paced industry, a single negative customer experience can have a long-lasting effect on your company. A startling 61 percent of customers would go to a rival business following just one unfavorable experience, according to the Zendesk Customer Experience Trends Report 2022. This figure emphasizes how crucial it is for companies of all sizes to put their customers’ needs first.
Keeping our consumers happy should be our priority, regardless of the size of the business—whether it’s a tiny neighborhood bakery or a behemoth like Amazon. In this article, we’ll look at the importance of the Customer Satisfaction Principle and how it could be applied in the real estate industry.
A. Customer Satisfaction – Explained!
1. What does it mean by Customer Satisfaction?
Customer satisfaction is the degree of pleasure or happiness a customer feels about a product, service, or their whole interaction with a business. A firm that effectively meets the needs of its customers, delivers value, and creates great experience is likely to have high customer satisfaction, which may lead to customer loyalty, repeat business, and favorable word-of-mouth referrals.
2. Why is Customer Satisfaction Important?
Numerous factors make customer happiness crucial, including:
- Customer Retention: Happy clients are more inclined to stick with a firm and develop into devoted patrons. Repeat business and a greater client lifetime value result from this.
- Word-of-Mouth Advertising: Pleased clients are inclined to tell their friends, relatives, and coworkers about a business. Positive word-of-mouth has the power to dramatically grow a business’s clientele and reputation.
- Higher Income: Contented clients are more inclined to update their goods and services, make more purchases, and recommend new clients.
- Competitive Advantage: In the cutthroat market of today, offering superior customer service may set a business apart from its rivals.
B. Customer Satisfaction Principles – 7 Things You Must Know!
What are the major Customer Satisfaction Principles?
1. Customers Care More For Details
Consumers focus on the little things while interacting with a business, such as the caliber of the goods or services, the store’s appearance, and the staff’s attentiveness. Their level of pleasure and loyalty to the company can be greatly impacted by these facts.
Example: A real estate business that pays close attention to property details, such as accurate listings, high-quality images, and timely contact with clients, constantly earns excellent comments. This level of care increases client satisfaction and encourages repeat business.
2. Perception Is The Only Reality
Regardless of the truth, customers’ perceptions of their interactions with a firm determine their level of pleasure. To guarantee total pleasure, organizations must comprehend and control client views.
Example: Despite good property options and customer service, a real estate firm’s overall satisfaction may be harmed by clients’ impressions of unprofessional behaviour during property viewings or negotiations. Maintaining favourable ratings and repeat business requires managing and enhancing these perceptions.
3. Personalization & Recognition is Key
Consumers value being treated like unique individuals and receiving individualized experiences. Companies may greatly increase customer satisfaction by trying to learn about their preferences and offering customized solutions or recommendations.
Example: A real estate agent who takes the time to learn a client’s interests and then offers personalised property recommendations and tailored advise, produces a positive and one-of-a-kind experience. This personalised approach not only boosts the chances of a successful real estate transaction, but it also develops long-term consumer happiness.
4. Listening and Reflecting
Improving customer happiness requires paying close attention to the opinions, worries, and ideas of the consumer. It is evident that the company values customer feedback and is dedicated to delivering an improved experience when it considers this input and implements the required adjustments or enhancements.
Example: A real estate firm aggressively solicits client feedback through surveys and talks, and then uses the feedback to improve the entire customer experience. The brokerage increases client trust, contentment, and loyalty by displaying a commitment to listening and adopting adjustments.
5. Taking Charge of Needs, Wants & Problems
For customers to be satisfied, needs, wants, and issues must be proactively identified and addressed. Businesses may surpass client expectations and create a great experience by anticipating and meeting their requirements.
Example: A property management business that anticipates tenant demands, fixes concerns quickly, and provides a flawless living experience surpasses consumer expectations. The organisation builds a great reputation and increases customer satisfaction by anticipating and addressing client needs.
6. Efficiency in Problem-Solving
Consumers appreciate companies that address their concerns and difficulties quickly and effectively. In addition to resolving the particular problem, promptly attending to customer concerns, and offering efficient solutions present the company as dependable and customer focused.
Example: A real estate development business that responds quickly to construction-related problems, manages difficulties effectively, and communicates openly with clients promotes itself as a dependable problem solution. This dedication to addressing issues as soon as possible helps to enhanced customer satisfaction and trust in the organisation.
7. Explicit Expression of Satisfaction or Dissatisfaction
Consumers value the chance to voice their happiness or discontent with a good or service. Fostering and enabling avenues for feedback, such as online reviews or customer surveys, enables companies to measure consumer happiness and implement the required changes.
Example: Through post-transaction surveys, an online real estate platform invites customers to grade their property search experience and submit feedback. This not only collects useful information, but also allows clients to voice their happiness or discontent, promoting continual development and effective customer satisfaction management.
Following consistent small steps into the customer satisfaction can lead to great results. Yet, one should pay attention that some happy or unhappy customers could make you lose money, do you still want them?
Mohamad Rabih Itani is currently Partner – Sales & Marketing Projects at Knight Frank Saudi Arabia. His diverse engagement in Saudi Arabia and various countries enabled him to gain in-depth knowledge of the local, regional, and global real-estate industry. He has successfully planned and launched master-planned communities in KSA as well and established several companies across select countries. He regularly publishes articles about the real estate industry. Mohamad has a Master’s of Global Smart City Management – University of Barcelona and a MSc. Business Management from the Lebanese American University.