Business Oriented

The secret is not just making clients and customers happy, but keeping them coming back for more. Some small business owners even operate by the 80/20 rule, which says that successful companies get 80 percent of their business from 20 percent of their customers. Those small business owners know that loyal customers will not only buy more from them overall, they will also choose them overcompetitors every time.

No matter how many new customers you hope to draw to your business, never take the ones you already have for granted. Always give them a reason to keep coming back.

Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number ofcustomers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals."[1] In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.[1]
It is seen as a key performance indicator withinbusiness and is often part of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.[2]
Within organizations, customer satisfaction ratings can have powerful effects. They focus employees on the importance of fulfilling customers’ expectations.Furthermore, when these ratings dip, they warn of problems that can affect sales and profitability. These metrics quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-mouth marketing, which is both free and highly effective.[1]
Therefore, it is essential for businesses to effectively manage customer satisfaction. To be able do this, firms need reliable andrepresentative measures of satisfaction.
In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying. For this reason, aluxury resort, for example, might receive a lower satisfaction rating than a budget motel—even though its facilities and service would be deemed superior in “absolute” terms.[1]
The importance of customer satisfaction diminishes when a firm has increased bargaining power. For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry that is an oligopoly, where only a fewsuppliers of a certain product or service exist. As such, many cell phone plan contracts have a lot of fine print with provisions that they would never get away if there were, say, a hundred cell phone plan providers, because customer satisfaction would be way too low, and customers would easily have the option of leaving for a better contract offer.



10 Business Secrets Every BusinessPerson Must Know


So you’re into business and entrepreneurship? That’s great because in this world, we need to have business leaders and entrepreneurs who can make people lives better through their products, solutions and services. However, doing business is not an easy thing to do. There are more businessmen who fail than those who succeed. That is why before you enter into business or continueyour entrepreneurship, you’ve got to learn and understand the following ten business secrets every business person must know.

1. You need to become self-oriented to succeed in business
We’ve heard it… most marketing experts say that we need to become customer-oriented to optimize our business. Managers also say that we need to become people-oriented to influence and motivate our workers. Yes,...