Business

Benefits of Customer Satisfaction To Your Small Business

Published

4 years ago

July 11, 2022

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.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

3 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

3 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.