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Benefits of Customer Satisfaction To Your Small Business

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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.

 

 

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Don Advocates Diversity for Economic Growth

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A university Don, Professor Anthony U. Nnodim, has called on companies to diversify in other to be economically relevant to society.
Prof Nnodim, who made the call, Thursday, at the first National Conference of the Association for Encouraging Qualitative Functional Education in Nigeria, in collaboration with Captain Elechi Amadi Polytechnic Women Association, Port Harcourt, said any company that does not diversify will easily ‘die’.
According to him, the phrase, “diversify of die”, amounts to a warning to corporate organisations of the danger of staying the same place for too long.
He said it is “a reminder that to avoid stagnation, companies must innovate. In today’s global environment, diversity is the bedrock of innovation.
“Diverse and inclusive team is the engine room within which innovations develop through the combination of desperate ideas and desciplines in ways that look weird in the first instance, but culminate into emergence of real innovation”, he said.
Nnodim, who made the call in his Keynote address tittled, “Innovation and Diversification: Issues and Prospects in a Global Environment “, said diversification has numerous prospects.
One of the key prospects, he said, is that diversification improves critical thinking and problem-solving skills.
This, he explained, “would provoke critical thinking that provides alternative approaches to finding solutions to identified problems”.
Other prospects, he continued, include enhanced employees growth and development, unification of diversified strength, and encouragement of innovations.
In her Keynote address, Prof. Margaret E. Akpomi harped on the need for Nigeria to emulate what she called “the Australian Model of Education” christened “Technical And Functional Education (TAFE).
“What it (TAFE) does is that they first of all identify the needs of the society, and then they build-in the needs of the society into the curriculum, and it is with that they bring up their citizens to fill in various manpower positions in the society. We can borrow a leaf from here”, she said.
In her welcome address, the President, Captain Elechi Amadi Polytechnic Women Association (CEAPOWA), Dr. Victoria O. Sam-Kalagbo, explained that the conference, with the theme, “Innovation and Diversities: Issues and Prospects in a Global Environment “, is in line with the CEAPOWA’s objective of contributing to societal growth.
“The aims and objectives of CEAPOWA are, among others, to organize conferences, workshops, seminars and symposia aimed at impacting positively on Members of the association, the entire polytechnic community, and society at large.
“This conference provides a rare platform for scholars in various disciplines to examine and prescribe practical innovative and diversified strategies, approaches, and mechanisms to contain the multifarious global threats and challenges in education, economy, politics, business, technology, Entrepreneurship, etc.”, She said.
By: Sogbeba Dokubo
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NECA Wants Forex Allocation Prioritisation To Manufacturers 

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The Nigeria Employers Consultative Association (NECA) has urged the Federal Government to give priority of allocation of available forex to manufacturing and other productive sectors of the economy as forex scarcity persists.
Director-General, NECA, Mr Wale Oyerinde, while speaking on the state of the economy in Lagos, called for a holistic and multi-pronged approach towards resolving the challenges faced by the nation.
He urged the Federal Government, as a matter of urgency, to  encourage the development of modular refineries as a precursor to total subsidy removal.
Oyerinde said, “In the medium term, the Federal Government should, as a matter of urgency, fix the four national refineries and encourage the development of modular ones as a precursor to total removal of fuel subsidy.
“With over N5tn budgeted for subsidy payment in 2022, an amount larger than the budget for education and agriculture, this is unrealistic and unsustainable.
“Economic interventions aimed at improving living standards (to stimulate consumption) and enterprise sustainability (to promote job creation) should be implemented.
“While forex scarcity persists, allocation of the available forex to manufacturing and other productive sectors of the economy should be given priority.”
According to him, this was better time for the government to deepen its engagement with the Organised Private Sector, adding that the government’s efforts to salvage the economy was commendable.
He said “the nation is currently faced with multiple challenges, with dire combination of spiraling inflation, rising energy cost (aviation fuel, diesel, etc.), scarcity of forex, dwindling value of the naira, an almost comatose aviation sector, stuttering education system, rising debt, depleting foreign reserve and rising fuel subsidy expenses among others, which threatens to lay bare the country’s economy.
“There is no better time for government to reappraise current economic policies and deepen its engagement with the Organized Private Sector. While Government’s effort to salvage the economy is commendable, there is, however, need for a More holistic approach to resuscitate the stuttering economy”, he said.

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Agency Puts Nigeria’s Gas Flaring Losses At N891bn

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The Nigerian Oil Spill Monitor, a sub of the Oil Spill Detection and Response Agency (NOSDRA), has put the losses in gas flaring in Nigerian at N891 billion.
The oil spill agency in a release on Sunday said Nigeria lost N891 billion to gas flaring in 18 months.
It revealed that the country lost a total of N707 billion in 2021 and N184 billion in the first half of 2022, totaling N891 billion.
According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet (SCF) of gas in the first half of 2022, leading to a loss of $441.2million (about N183.54 bn) in the six-month period.
On the other hand, in 2021, about 23,862.271 barrels of oil (3,770,238.864 litres/119 tanker trucks) were spilled.
Brent International was sold for an average of $71 per barrel in 2021, bringing total revenue loss in that year to $1.7million
The estimation put the equivalent of the volume of gas flared in the first half of 2022 to carbon dioxide, CO2 emission of 6.7 million tonnes in the oil producing areas, which was 4.56 per cent higher than the 120.5 billion SCF of gas flared in the second half of 2021, and capable of generating 12,600 gigawatts hours of electricity.
Also, the quantity of gas flared in the first six months of 2021 was capable of generating 14,000 gigawatt-hour of electricity, and an equivalent of 7.4 million tonnes of CO2 emission.
Giving a breakdown of the gas flared in the country in the first six months of 2022, the agency disclosed that while companies operating in the offshore oilfields flared 62.2 billion SCF of gas, companies operating onshore flared 63.9 billion SCF of gas, valued at $223.6 million.
In 2021, there were around 382 publicly available oil spill records. Out of the 382 occurrences, a total of 33 of these oil spill sites were not visited by a joint investigation team, and 122 of these had no estimated quantity of oil spilled provided by the companies involved.
Two major oil spills were recorded in 2021, with over 250 barrels spilled into inland waters, or over 2,500 barrels spilled on land, swamp, shoreline and open sea, the report said.

By: Corlins Walter

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