Definition of Customer Satisfaction
A measure of how well a product or service meets or exceeds customer expectations.
Explanation of Customer Satisfaction
Customer Satisfaction refers to the degree to which a customer’s expectations and needs are met by a product, service, or experience. It is a key indicator of a business’s performance and a critical factor in building customer loyalty and retention. Measuring customer satisfaction involves collecting feedback through surveys, reviews, and direct interactions. High customer satisfaction leads to positive word-of-mouth, repeat business, and increased customer lifetime value (CLV). Businesses can enhance customer satisfaction by delivering high-quality products and services, providing excellent customer support, and continuously improving based on feedback. Monitoring and analyzing customer satisfaction helps identify areas for improvement and informs strategies to enhance the overall customer experience. By prioritizing customer satisfaction, businesses can build strong relationships, foster loyalty, and drive growth. Ensuring that customer needs and expectations are consistently met or exceeded is essential for long-term success and competitiveness.