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Successful and clever business owners always chase customer satisfaction instead of profits. They know satisfaction of customer needs leads to profits.
Customer satisfaction is an important objective for all businesses. Customer satisfaction is a combination of two different English words – customer and satisfaction.
A customer is someone who comes to you for desired products and services to serve his needs. She expects a solution to treat his problems from using your products and services.
Say for example, you are a detergent retailer in your locality. People who live around you come to your store for detergents to wash their dirty clothes. Their need is washing dirty clothes and you help them fulfill it with detergent products.
You have launched a store for your customers. And, they are the people who give your business to make a profit.
The word ‘Satisfaction’ refers to your ability to offer a product or service that meets expectations of your customers. There are three types of customers from the perspective of satisfaction – satisfied, unsatisfied, and delightful customers.
A satisfied customer is someone whose expectations you have matched with your value preposition. An unsatisfied customer is a person whose expectations you were not able to meet with your value preposition. And, a delightful customer is someone who you have provided extra benefits than his expectation.
An unsatisfied customer is a big loss to your business. While as a customer who finds your products or services worthy is a huge success. Business owners who think profits are in their control are mistaken.
The situation is different. It is not you but your customers who control your profits. Your business needs buyers to survive and it is the buyer’s purchase actions that lead you to earn a profit.
So, if you are able to serve needs of your customers, they will make you able to earn profits. Always chase customer needs, and when you do that, you will be chased by profits.