How to Improve Customer Satisfaction to Increase Revenue
There was a study out a few years ago that said 80% of millionaires are self-made. That is, they didn’t inherit their millions, and they didn’t win the lottery. They literally started out wanting to be a millionaire—like everybody else—and found a way to earn their millions.
Ten percent of self-made millionaires are people who work for self-made millionaires. They join a company like Apple when it’s small and grow financially and professionally with the company. Only about 8-9% of millionaires are professionals like doctors, lawyers, architects, engineers, athletes, entertainers and such. Inheritors represent about another 1 percent. These are ballpark figures.
For a vast majority of millionaires, the one skill they had in common that made them millionaires was simple: the ability to sell something at a higher price than it costs them to produce.
Creating Customers in a Cost-Efficient Way
For you, the purpose of a millionaire-making enterprise is to create customers in a cost-efficient way. Your job is to innovate what you’re selling and market it. Those are the only two things that create customers: to find newer, better, faster, cheaper ways to help people achieve their goals or get what they want, and to let as many people know about it as possible.
The measure of the success of a business is customer satisfaction. If your customers are pleased, you’ll know because you’ll still be in business. When you realize, “It’s not about me, it’s about the customer,” you become focused on that, not “How can I rip them off, how can I get the money and run, how can I get them to buy once and never buy again.”
Once you have learned how to build a successful business by improving customer satisfaction, you can use the same principles to build business after business after business. That’s how millionaires stay millionaires.
Learn Valuable Business Skills Like Customer Satisfaction
Yet, here’s another sobering fact: a vast majority of businesses go broke in the first three to five years. Businesses started by people with no experience go broke more often than not. Businesses started by people with experience succeed 90% of the time or more.
People starting out don’t know how to sell. They don’t know how to satisfy customers. They don’t know how to create and keep customers.
The good news is, all business skills are learnable. When you realize that there are certain things successful people do over and over again—and if you can learn what they are and do them yourself over and over again—you’ll eventually get the same result.
People will say, “Well, I’m not very good at selling.” Get over it! You may not be very good at it, but it’s a learnable skill.
So what is the highest paid work in our society, for most people? It’s not doctoring, or lawyering, ball playing, or singing. It’s thinking.
Think, “What can I sell that I’m passionate about but also adds value to other people’s lives in some kind of way, and how can I do this profitably?”
The customer may not always be right, but never let them know that. You want raving fans. You want supporters. You want critics who care. You want to see those people again and again by learning to improve customer satisfaction at your business. Like any relationship, it’s not only about you and what you get out of it. It’s about building and sustaining rapport while your profits soar to millionaire heights.
How have you tried to improve customer satisfaction at your business to bring in new customers and turn them into return customers? Share with us your experiences in the comments.