Business
Benefits of Customer Satisfaction To Your Small Business
Customer satisfaction is among the best ways through which a business can quickly establish itself. This is because a satisfied customer is the best thing that can happen to your business. The person not only returns to buy more but also recommends your business to others.
As a matter of fact, the probability of selling your products or services to existing customers is between 60% to 70%. But selling to a new customer is only between 5% to 20%.
Moreover, 80% of your future business profits are expected to come from only 20% of your current customers.
Dive in and see what customer satisfaction can do for your small business.
1. Stand Out In Your Industry
Competition is stiff in most industries and the market is oversaturated because many new companies are created every day. However, customer satisfaction is the key to standing out from others. It is a top strategy that helps you to impress and keep your current customers as well as attract new ones.
In fact, according to research, customers can spend 140% more on your products or services after having positive experiences with your business. More so, 70% of Americans are said to have spent more money on doing business with companies providing great services. It is no surprise that when it comes to technology, Apple is a favouriteamong consumers. Moreover, there are examples in all industries, take online gaming. A reputable company like VegasSlotsOnline stands out among many other casino review sites. It provides information on the best casinos for playing online slots and has over 1000 unbiased casino reviews. In addition, it has over 10,000 slot games you can play for free that are rare to find at many other review sites.
2. Wins Repeat Customers
Satisfied customers are a goldmine to your business because they buy more and more. Existing customers are already in the buying stage of your business’s sales funnel. And you only have to upsell to them more of your products/services.
On top of that, happy customers always share positive experiences. They recommend it to their friends, families, and colleagues, which boosts your customer base.
Best of all, the referred new customers quickly pass through your sales funnel to the buying stage. This is because the trust has already been built by the referee.
3. Boosts Business Revenue
Customer satisfaction boosts your business revenue because existing customers are known to buy more than new ones. Trust has already been established. So, you can easily sell to them more of your products and services than to new ones you need to first impress.
In fact, according to Bain and Company, businesses that provide better customer experience generate between 4% to 8% more profits than their competitors.
Well, satisfied customers always have your business first on their minds every time they need to buy something.
4. Increases Your Brand Popularity
When you examine the market, the most popular brands are always those where customers are happy with the products. This is a dream of all business owners but to achieve it, you need to ensure that your products/services meet and exceed customer expectations. We here atThe Tidehave marketing tricks tomake loyal customers.
You can easily achieve this by examining the loopholes in your competitor’s products and services. For example, you can look for issues customers have with the products of your competitor and ensure these errors are not made in your company.
In addition, you need to embrace customer feedback at all times. You have to consider the challenges customers have with your products/services and take the necessary action to improve.
5. It’s Cost-Effective
Customer satisfaction is cost-effective. You save a lot on your marketing campaigns as costs to convince your current customers to buy more are low.
As long as customers are satisfied with your products/services, they will always come back. Best of all, satisfied customers also market your business with word of mouth. When they spread the good news about your products/services, new customers may be attracted to your business.
And according to research by American Express,customers tell an average of 11 people about the good experiences they have with a company that impresses them.
The Board stated this in a statement released by its Corporate Communications Directorate to newsmen, recently, during the inauguration of 140 trainees for the Train 7 Project.
The trainees had undergone the Nigerian Content Human Capacity Development (NC-HCD) programme it organised in partnership with the Nigeria Liquefied Natural Gas (NLNG) Limited in Port Harcourt, the Rivers State capital.
The Tide gathered that the training programme was an intensive three-month Advanced NC-HCD Programme for the US$5 billion NLNG Train 7 Project on Bonny Island, Rivers State.
The trainees, The Tide further learnt are graduates in different academic disciplines who have completed a 12-month Basic Training Programme in diverse oil-and-gas-industry-related skill sets and are now set for an on-the-job phase which includes active hands-on participation in operational areas such as Turn Around Maintenance (TAM), Commissioning, and Desktop Programmes.
The Corporate Communications Directorate of the NCDMB told The Tide that in November 2024, a set of 331 trainees under Batch A of the NLNG T7 HCD Training Programme began capacity development in facility management, engineering, Information and Communication Technology (ICT), Health Safety and Environment (HSE), Quality Assurance and Quality Control, as well as welding and fabrication.
According to the Board, additional 77 trainees under Batch B of the same Training Programme began capacity development in data analytics and supply chain management among several other fields relevant to the operations of the oil and gas industry.
While addressing the trainees and trainers who were drawn from the Oil and Gas Trainers Association of Nigeria (OGTAN), Management Personnel of the NCDMB and NLNG, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the Advanced NC-HCD training is more than a milestone.
“The NC-HCD training programme is an expression of the collective commitment of the Board and the NLNG to nurturing world-class Nigerian professionals who will shape the future of our oil and gas industry.
“The Board has remained steadfast in its conviction that Human Capital Development is a critical investment in the sustainability and competitiveness of Nigeria’s oil and gas value chain”, the NCDMB boss said.
He said the situation has resulted in widened knowledge gaps and operational challenges.
As a globally regulated sector, he said it was important that stakeholders put measures in place to attract the talents required to move the industry forward.
Keyamo, therefore, called on stakeholders in the industry to be deliberate in identifying, encouraging, nurturing and harvesting young talents to ensure a sustainable supply of manpower to the aviation sector.
Director of Public Affairs and Consumer Protection of the FAAN, Mrs Obiageli Orah, in a release made available to aviation correspondents, noted that the Minister deemed it necessary to attract the right quality of human resources required to move the sector forward.
“As a globally regulated sector, it is important that stakeholders put measures in place to continually attract the right quality and quantity of human resources required to move the industry forward.
“It is important to note that organising training programmes are avenues through which we can breed, nurture, and harvest such human resources.
“One of the critical challenges facing the industry is the ageing and retiring workforce, leading to widened knowledge gaps and operational issues.
“Training programmes, I believe, is among other things designed to make aviation appealing to the younger generation, while encouraging them to develop interest in taking up a career in the industry”, the statement stated.
Meanwhile, some aviation stakeholders have expressed concerns of countless young Nigerians who seek to make their mark in aviation, tourism, and the wider transport ecosystem but often face steep barriers to entry.
According to them, lack of access, limited mentorship, financial constraints, skill mismatches, and systemic gaps, among others, have posed some constraints to them.
The Tide gathered that by the appointment, Ogbe becomes Nigeria’s representative on the Board of the 18-member continental body, which has its headquarters at Brazzaville, Republic of the Congo.
Ogbe was picked for this role by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who doubles as the Chairman of the NCDMB Governing Council.
The notice of the Executive Secretary’s appointment was conveyed in a congratulatory letter signed by the Director of Support Services, APPO, Mrs. Philomena Ikoko, on behalf of the Secretary-General of the organisation, Dr. Omar Farouk Ibrahim.
She applauded the NCDMB boss on the confidence reposed in him by the Minister, expressing her belief that he would make immense contributions to the development of the African oil and gas industry.
Mrs Ikoko stated that Ogbe was joining the Executive Board of APPO at a challenging time for the oil and gas industry, especially in Africa.
“Your appointment is a major call to duty for Nigeria and the continent. The secretariat will give you the support you will need to make a success of your assignment”, she said.
According to a statement by the Directorate of Corporate Communications and Zonal Coordination, the NCDMB played key roles in catalysing the operations of APPO and the development of local content in Africa.
The statement added that the board was providing institutional support and mentorship to several oil producing countries in their formulation of local content policies.
“The NCDMB initiated the African Local Content Roundtable (ALCR) and hosted the inaugural edition in Yenagoa, Bayelsa state, in June 2021, and the event was attended by key officials of APPO and other oil industry players.
“The idea for the Africa Energy Bank (AEB) was mooted by NCDMB’s officials at the event, as one of the strategies that would accelerate the growth of the African oil and gas industry and deepen local content.
“The Board also collaborated with APPO to host subsequent editions of the African Local Content Roundtable (ALCR), including the 2023 edition held at Abuja.
“The Africa Energy Bank, which APPO is setting up at Abuja, is aimed at pooling financial resources needed to fund big-ticket oil and gas projects across the continent, and bridge funding challenges currently impeding the development of the sector”, the NCDMB’S said.
Meanwhile, the APPO Secretary-General has said the Africa Energy Bank seeks to fund oil and gas projects across economies in Africa and help to plug critical financing gaps that exist through the continent’s over reliance on financiers from the West.
He added that each APPO member country is expected to raise $83 million with an objective of raising $5 billion capital for the establishment of the Bank.
The Tide learnt that recently Nigeria, Angola and Ghana have contributed their share capital for the African Energy Bank, which represents 44 percent of the trio’s contributions to the minimum capital that is required from oil producing countries in the continent.
It would be recalled that at the Nigerian Oil and Gas Opportunity Fair (NOGOF) held recently, the NCDMB’s Scribe confirmed that the agency was part of key institutions that pooled resources for the formation of the Africa Energy Bank.
Ogbe announced that the Bank will open for business before the end of the 2nd quarter of this year, 2025, expressing hope that it will create more funding availability for local oil and gas projects and companies.
Similarly, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, had stated at the Offshore Technology Conference that Afrexim Bank has already raised $19billion for the take-off of the Africa Energy Bank.
According to him, $14 billion out of the funds represents the bank’s financial exposure on African oil and gas projects, with the additional $5 billion as take-off capital.
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