Managing Customer Expectations

In highly competitive markets customer satisfaction has become a differentiating factor for companies. A satisfied customer can not only result in a higher loyalty but will also improve the lifetime value per customer. A happy customer can generate positive word of mouth/reviews and bring in new customers which are crucial for any business. Companies need to manage customer expectations in order to keep them satisfied for long term.

Every company wants its customers to be satisfied but not everyone is successful in doing so. The first step in this direction can be to know what your customers want and derive value from, to give them a best suited value proposition. Another important aspect in managing expectations is to educate your customers about what your company can and cannot do at the beginning of the buying process. Having set rules help tremendously in making customers content and gives an opportunity for companies to under promise over deliver.

Random gestures or free services/discounts may help in getting customers happy the first time but this act may set the bar high for the next visit. If the company does not deliver on the promise of the experience the customer had before, chances are they will be dissatisfied. Hence it is good to have special offers on special occasions than a random discount.

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