Good times don’t last forever. The world economy is a cycle. There are ups and downs. Growth is a crucial driver of every business success story. Expansion in every direction and vertical is something that every startup CEO dreams about. When the economy is in an uptrend, it looks like growth will never stop, customer acquisitions will never stop, and revenue growth will never stop. But like after every sunny day comes a cold night. After every summer comes the winter in the same way after every economic uptrend comes to a downtrend.
The majority of businesses suffer because of this downturn. Their profits dwindle and revenue growth gets choked. But it’s a fact that some companies ride this wave with ease and ride in such a great way that they comprehensively defeat their competitors. In this blog, let’s uncover one of the secrets of such superstar companies that let them easily ride the recession wave with ease. It’s a very straightforward term, customer satisfaction.
Customer satisfaction doesn’t sound as exciting as customer acquisition. That’s because rapid customer acquisition means rapid growth and growth is something that most startups believe in and invest in. But when the bells of recession start ringing, cheap loans and easy funds become extinct, and then the growth engine grinds to a halt. Then it’s all about how adaptable the business is to become used to this new normal. Now consistent profits become a bigger priority than growing revenue. Customer retention becomes a bigger priority than customer acquisition. Here is where customer satisfaction plays a critical role. Greater levels of customer satisfaction in the company lead to a greater percentage of customer retention month over month.
So it all boils down to one important thing which is customer satisfaction. Customer success and support teams are directly responsible to make sure every customer feels satisfied. Everything from how quickly agents answer a customer query to the way how the agent talks and react. Things like the responder’s tone, speech, and etiquette matter a lot. At present, CSAT and NPS surveys are the only medium that companies use to measure customer satisfaction levels. But with only a 9-30% response rate to such surveys, it’s clear that tracking the real percentage of customer satisfaction cannot be achieved using CSAT and NPS surveys alone.
Here is when recent development in artificial intelligence comes to the rescue. Conversational intelligence can extract crucial insights from the conversations and can analyze them to determine customer satisfaction levels, greater outperforming the coverage rate of CSAT and NPS surveys. Based on the quality of the agent’s replies and the tone of the customer’s query, conversational intelligence can show real-time customer satisfaction trends. SaaS-based conversational intelligence company convosense.ai is providing such solutions under their iCSAT feature. iCSAT stands for intelligent CSAT. It’s better than the normal CSAT in a way that it is an automated process of predicting customer satisfaction levels, unlike the normal CSAT where it’s human-dependent.
Conversational intelligence uses sentiment analysis to unlock the quality of text conversations. Based on its findings, metrics like text quality, user tone, intentions, priority, etc can be easily calculated automatically without any manual intervention. The quality of agents who are responsible for customer support and care is measured. Hence customer experience improves effectively. All these features clubbed under a single solution can be really helpful in finding and sustaining high customer satisfaction levels and hence maintaining good customer retention across the whole platform. This ultimately can help companies ride the recession wave with ease.
List of CRM integrations available from Convosense.ai
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