Customer
satisfaction is a term which is widely used in marketing. It determines how a
particular product or service supplied by a company meets the customer’s
satisfaction. It is essential for every marketer as it provides them a data
through which they can manage and improve their business. Customer satisfaction
reduces customer churn and increases customer lifetime value. It involves customer’s perception of the
value to be delivered and the value you actually deliver. If both of them
match, a customer is said to be satisfied with your business.
There are
5 P’s of customer satisfaction namely: -
1. Product
2. Process
3. Policy
4. People
5. Proactivity
●
PRODUCT
A product is an item
or service that is offered for sale. It is the first thing over which a
customer judges you and your capability. A product should be communicable,
should have a name and should be adaptable. Customer satisfaction depends
heavily on the quality of your product.
 |
| Product |
For example:- You went to a restaurant which
has an excellent ambience and provides a variety of services. The food looks
nice when served but the moment you eat it, you realize that it's horrible.
Would you ever like to visit that restaurant again? Majority would say no.
Therefore product
should be presentable as well as of a good quality only then it would be able
to satisfy the customer.
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●
PROCESS
Process
is a series of steps that are taken to satisfy the customers. A number of steps
may be taken by a brand to satisfy its customers and generate more sales.
 |
| Process |
It is
important for a company to understand the process flows so that they can
explain HOW OF ACTIONS to the customers and satisfy them.
●
PEOPLE
People
are the employees of the organization. They are the ones who make customer
satisfaction a reality. They should be embedded with knowledge regarding the
customers, how to address them and solve their queries. An organization with a
large number of employees may always not be successful but an organization with
dedicated employees will always be successful.
 |
| People |
For example: - the reason behind rapid growth of
Samsung was not only because of the latest smartphones they were making but
also because of dedication of employees towards customer service.
●
POLICY
Policy is
a principle of action that is proposed by a particular organization or company.
Every organization has its own policies; some may be very rigid while some may
be flexible. Policies should always be in favour of customers in order to
retain them for lifetime.
 |
| Policy |
The
employees should be well aware of the policies of the company so that they can
answer the HOW of customers.
● PRO ACTIVITY
Pro activity
refers to making and adopting changes in your business in order to ensure and
maintain customer satisfaction.
 |
| Pro Activity |
It can
include everything from product development according to the need of the
customer to employees going out of the way to satisfy the consumer and grow
their business.
Though
customer satisfaction cannot be guaranteed, following all the above listed
factors can help maintain it.
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