Infiniti’s Customer Satisfaction Engagement Helped a Financial Services Provider to Increase Customer Lifetime Value and Decrease Churn Rate by 20%
Importance of Measuring Customer Satisfaction for Businesses
Understanding the importance of customer satisfaction is a key element of customer experience management – a practice that benefits organizations that focus on meeting customers’ needs and to hear and act on the “voice of the customer”. By analyzing the importance of customer satisfaction and continuously measuring customer satisfaction, businesses are able to highlight aspects of their products, services, or operational processes that are leaving their customers less than satisfied.
Knowing the importance of customer satisfaction, depending on the industry, helps to raise a flag when the business dips or spikes compared to the benchmark. Furthermore, measuring customer satisfaction is a powerful method for humanizing your brand and showing that your business is customer-centric in an age when the consumer holds the true power in the business landscape.
Financial Services Industry Analysis
The financial services industry plays a pivotal role in the way the world economy functions. The industry comprises of companies who specialize in activities such as insurance, lending, investing, and securities trading and issuance. Over the past couple of years, the financial services industry has witnessed positive changes, driven by the developing global economy and rising consumer confidence. But, as the financial services sector progresses, competition and demands of the customers have also increased. Thus, with growing competition in the financial services industry, companies have been forced to offer better services and perks to keep their customers engaged. Furthermore, the key to influence customers’ decision lies in the company’s ability to offer better services than their counterparts.
About the Client
The client is a leading financial service provider, rendering financial services and products including wealth management, asset allocation, and financial planning to private corporations and individuals. The company was founded in 2003 and is based in Birmingham, Michigan.
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