Customers are the assets of any working organization. The marketers always estimate the customer’s demands and preferences when they introduce a new product in the market. The marketing experts keep in mind what is currently in trend and what are the products that the customers need the most and accordingly produce the stock. The clients feel happy and satisfied when they get the required services from commercial shops and outlets.
The whole process starts with the awareness of a new product or a service. When any new product is launched into the market, the customers get information on that product, in this way they develop market awareness about certain products. This is the first stage.
The second stage starts when the customers actually use the service or product. The customers evaluate the qualities of a product and form their opinions about it.
Thirdly, the customers if satisfied and happy from the vendor’s services and products refer others to seek the services from the same commercial outlet.
So, there are three stages of how a client assesses the services of the marketers which are:
3. Using the commodities and services actually
Now we will put a glance on how happy clients can become a weapon for marketing success –
Happy clients serve as business promoters – This is a realistic approach because if the clients feel happy and contented with the products of the organization, they will spread the facts about the benefits of the products to other folks and friends and this will help in burgeoning the goodwill of the organization. Therefore, happy clients can serve as product promoters or business promoters.
Increased sales and profits – It is vivid that if the image and reputation of a company will be good, the company will tend to generate more profits and sales in the market.
Competitive advantage – The business is at a competitive advantage if it has maintained healthy relationships with its clients. The businesses can become more stable if the client retention ratio burgeons.
More business opportunities – When the image of any company is enhanced, not only customers approach you more, but also big business houses and corporations offer you productive business opportunities. Sometimes a business grew on a large scale covering up the international boundaries too.
Customer loyalty – The customers always tell about the stellar hospitality services of a commercial organization to others when they are satisfied and happy from the services of any organization. The customers start relying on those organizations and build trust in them. For example, when any scholar takes essay help online to write a quality essay, if he gets the desired results, he will build trust in that website and will always seek writing help from that platform.
Drop-in employee turnover ratio –
When customers are happy, organizations tend to generate more revenue and profits. The employees also tend to trust the organizations more when they generate good profits. This helps in reducing the employee turnover ratio of an organization.
Happy shareholders –The shareholders who invested a great number of funds into the business, they also feel happy when the organization get successful at large scale. Because more profits the company will generate, more profits will be generated for the shareholders too. The shareholders will be motivated to invest more into the business and the business will get higher returns on investments along with the greater revenues.
Reduced costs – If the companies will get good customer feedback from the marketing of a product, then there will be no need to incur extra costs on products. The extra costs can be related to product designing, its promotion and advertising expenses, staff training costs etc. The companies will not have to spend huge funds on these aspects if their product gets a good response in the market.
Brand buzz – The platoon of happy clients and investors will create a brand buzz everywhere by talking about the services and products of your organization.
Now let’s see what can be the consequences of bad customer service –
1.Customers leave and also new customers stay away
2. Less reputation
3. Extension in employee turnover rate
4. Profits shrink
5. Leads don’t convert
6. No market Share
7. Low motivation and morale
8. Increased corporate costs
9. Change in management
So, it can be evaluated from these disadvantages that how the customer’s feedback can affect the image and reputation of the company and how it can become a boon for the company too if customers and highly satisfied with the products and services of the organization.
So, every startup or every commercial outlet must make the customers a priority while formulating any product for them. If the corporates and big companies will keep in mind the customer’s demands and needs in mind while producing a new product or offering any service to the people, the organization will generate more revenue and profits likely. As one should never forget that “A customer has always been the king of the market and he will always be”