Why is product satisfaction so important?

This article explains why measuring product satisfaction is important for any organization that wants to take things to the next level.

 

Most business owners and heads of organization firmly believe that product satisfaction is definitely something to aim for. There are some researchers, however, who are convinced that satisfied stakeholders are not necessarily loyal stakeholders. Hence, they argue that measuring product satisfaction is a waste of time and that it’s stakeholders loyalty that should be tracked instead. Do you, too, find yourself wondering if product satisfaction really matters? This article lists three reasons why product satisfaction is crucially important for any organization.

 

What is product satisfaction
Trusted by companies of all sizes
  • T-Mobile
  • BBDO
  • iAmerica
  • Accor hotels

First, let’s talk numbers

Next to the many reasons why product satisfaction is important, the numbers actually speak for themselves already. So we figured we’d go over them first. For example, did you know that:

  • 70 percent of senior marketing managers are convinced product satisfaction is a crucial metric for businesses to manage and monitor their progress?
  • In an organization with high customer satisfaction such as Zappos, 70 to 75 percent of all purchases are made by returning customers. Moreover, again in the case of Zappos, returning customers tend to order more than twice the amount they ordered as new customers.

The importance of product satisfaction

Need more convincing? No problem! There are plenty of reasons why product satisfaction is important:

1. Stakeholders cost more to gain than to retain

Attracting new people is more expensive than keeping the ones you already have. It’s only logical: a friendly smile doesn’t cost your organization a dime. Launching an ad campaign to acquire new visitors, however, does.

2. A satisfied visitor is likely to become a loyal stakeholder

Sure, your organization may outperform the competition in more than one way. But if you really want your stakeholders to stick with you, you can’t ignore product satisfaction. If people are not satisfied with the overall way you handle things, they will simply move on.

  • Did you know? Rather than pushing customer service to make a sale and then hang up the phone as quickly as possible, Zappos encourages them to establish an emotional connection with the customers they talk to. It doesn’t even matter if they sell something or not. Zappos is even known to help potential customers purchase products from rival companies if they don’t have the items in stock themselves.

3. Measuring success and measuring product satisfaction go hand in hand

Reaching all your goals and meeting all your deadlines is great. But what if your target audience actually prefers a different approach? Unless you measure product satisfaction, you can never be sure if you’re as successful as you think you are. Curious to see how satisfied your stakeholders really are? Start measuring product satisfaction today! Creating an online survey with Survey Anyplace is fast and easy.

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