It’s Time to Reevaluate Customer Satisfaction
In early 2022, CINC conducted a survey of community managers, management company executives, and board members throughout the country, with the goal of determining the State of the Community Association Management Industry.The feedback and responses indicated several common interests amongst community association management company executives, including increasing customer satisfaction.
Customer satisfaction is the core piece of a successful business. In CINC’s 2022 State of the Industry Survey, increasing customer satisfaction ranked as one of the top three goals management companies had for the coming year. But the secret sauce to creating, fostering, and ensuring customer satisfaction seems to be a mystery, as many management companies appear to be approaching customer satisfaction all wrong.
Retention Does Not Indicate Satisfaction
In the survey, it appeared that very few companies were tracking customer satisfaction, and of those that were, most were only using retention rate to do so. But retention rate doesn’t really indicate satisfaction–just a lack of drive to leave. It also doesn’t give management companies any opportunity to mitigate client loss. When using retention to measure satisfaction, there are only two positions a client can occupy: client or loss. So by the time it becomes clear that a client is unhappy (they leave), it’s too late to turn that bad experience around and encourage the retention being measured.
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Turn Customer Satisfaction on its Head
It’s time to rethink the customer experience. The best way to achieve increased customer satisfaction is to completely reevaluate what satisfaction even means. Customers SHOULD be satisfied–that’s the bare minimum, not the end goal. Creating consistent satisfaction and elevating customers into company evangelists is the real goal to be met. Check out our latest guide about customer retention, customer satisfaction, and company stickiness.
For more information on how to reevaluate customer satisfaction, take a look at our full customer service white paper.