Better Customer Satisfaction Equals Better Financial Results

“The customer is the foundation of a business and keeps it in existence.” — Peter Drucker

Surveys and ratings in our industry may come and go but none are more powerful than those coming directly from the customer. In the just-released J.D. Power customer satisfaction survey for 2009, it is no coincidence that the top-rated companies also performed better financially than lower-ranked firms.

In addition to current business, customer satisfaction levels also have a significant impact on future and referral business. The report found that among customers with high satisfaction levels:

• 58% said they “definitely will” recommend their lender compared to only 8% of those with low satisfaction
• 60% said they “definitely will” recommend their lender when they refinance compared to only 13% of those with lower satisfaction rates
• They are more likely to use other products and services from their lender

According to the report, the quality of the relationship between the customer and the salesperson was one of the biggest drivers of customer satisfaction. Financial firms that focus on hiring the best sales professionals will go a long way to establish a strong foundation for excellent customer service and better sales results.

Read a press release about the J.D Power survey results.