“If I gather market sensing information with the concept of customer satisfaction, then I understand the market’s perception of my product, but I am not sure how to gather such information.”
The motto “the customer is always right” was popularized by highly successful retailers like Marshall Field in the early twentieth century. They advocated that customer complaints should be treated seriously even if they can sometimes be dishonest, unrealistic, and/or greedy. This concept did not seem to have too many benefits for the business owners, so why? What did these men really get out of it?
Customer satisfaction is one of the three groups for gathering evidence to determine your sense of the market. Market sensing helps to discover your competitors within the market, the market forces and behavior, and the market’s perception of you. Customer satisfaction is largely the latter. It measures how products or services supplied by a company, meet or surpass a customer’s expectation.
The point is to gather honest information from your customers about their feelings on your product. Some of the customer satisfaction techniques include the following:
Marshall Fields and company understood that the customer is always worth listening to, and therefore always right, because knowing the customer’s expectations provided them with a metric that they can use to manage and improve their businesses. Customer satisfaction is a point of differentiation in the market, it provides indicators for customer intentions, it increases customer lifetime value, and reduces negative word of mouth.