CSAT on a Budget for SMEs: Cost-Effective Strategies to Gather Feedbacks

For small and medium-sized enterprises (SMEs), maintaining high customer satisfaction is crucial for growth and success. However, budget constraints can make it challenging to implement comprehensive customer satisfaction (CSAT) programs. In this article, we explore practical and cost-effective strategies for leveraging CSAT on a budget for SMEs. From utilizing free tools to adopting simple yet effective feedback methods, we’ll provide actionable insights to help SMEs enhance their customer satisfaction without breaking the bank.

CSAT Definition and Formula guide

A customer satisfaction score, also known as CSAT score, is a CX metric and key performance indicator (KPI) that measures the level of satisfaction consumers have with a purchase or interaction.

Support teams have the ability to determine their company’s CSAT score by conducting customer surveys using a Likert scale. The Likert scale is a widely used survey rating system that enables users to provide numerical ratings to express their experiences. The number indicates the degree of agreement or disagreement with a question or statement.

When surveying customer satisfaction, a common approach is to ask a straightforward question such as: “On a scale of 1 to 10, how satisfied are you with [product/service/experience]?”

Next, you have the option to use a 5- or 10-point scale to allow customers to indicate their satisfaction levels. Typically, the responses are as follows:

• Very dissatisfied

• Dissatisfied

• Neutral

• Satisfied

• Very satisfied

Or

• Very unlikely

• Unlikely

• Neutral

• Likely

• Very likely

Businesses may consider implementing a comment box to collect further context from respondents.

If your surveys utilize numeric ratings, it is possible to calculate an average by considering all the scores obtained. In this scenario, the CSAT formula involves calculating the sum of all the scores and then dividing that sum by the total number of respondents.

Consider this scenario: suppose your CSAT survey receives feedback from 20 individuals, and the total sum of their scores amounts to 80. Consequently, the average customer satisfaction score can be calculated as 4. However, it is important to note that this calculation offers an average value for reference purposes and does not indicate the percentage of the CSAT score.

There are multiple approaches to converting this average into a percentage, taking into account either the highest or lowest possible score. However, it is important to mention that these alternative formulas may yield varying outcomes for the CSAT score. In order to prevent any potential misunderstandings, we would like to emphasize the widely recognized CSAT calculation formula instead.

One straightforward method for calculating CSAT involves dividing the number of “Very Satisfied/Satisfied” responses by the total number of respondents, and then multiplying the result by 100. Continuing from the previous example, if there were 20 respondents and 10 of them responded as “Very Satisfied/Satisfied,” the resulting CSAT score would be 50% (0.5 multiplied by 100).

Read more: What is a Good CSAT Score & How to Calculate it

What Benefits come with Taking the CSAT?

By measuring CSAT surveys, companies can unlock a range of benefits.

• Effective customer communication and engagement: Effective customer communication and engagement are crucial for businesses to foster satisfaction and establish proactive outreach programs. An initiative of this nature would have the objective of retaining dissatisfied customers, establishing relationships with neutral customers, and maximizing the value derived from satisfied customers.

• Contact Center Troubleshooting: When it comes to troubleshooting contact centers, one effective approach is to conduct customer surveys after each interaction. By analyzing the variations in CSAT across different contact reasons, channels, and agents, potential issues can be identified and resolved in a targeted manner.

• Real-Time Intervention: By monitoring customer satisfaction scores in the CRM, agents have the opportunity to address any concerns and improve the customer’s experience during their next call. This allows agents to address any misconceptions and prevent negative feedback.

• KPI Correlation: Understanding the correlation between key performance indicators (KPIs) is crucial for contact centers. By analyzing how changes in metrics like wait time, agent engagement, and customer effort affect customer satisfaction (CSAT), contact centers can gain valuable insights into customer preferences. Quality scores are a prime illustration. If there is a correlation, the scorecard demonstrates a strong alignment with customer preferences. If there is no such criteria, it may be necessary to make some adjustments.

Find out more: Use CSAT to Reduce Churn Rate: Reacting vs. Proacting with CSAT

CSAT on a Budget for SMEs tips

Focus on Personalization

Customization is crucial in ensuring that customers feel valued and appreciated in CSAT on a budget for SMEs. Small and medium-sized enterprises have the opportunity to adopt straightforward yet impactful personalization strategies that can greatly improve customer experience.

Implementing personalization techniques such as using customers’ names in emails and interactions, recalling their previous purchases, and recommending suitable products or services can have a substantial impact.

Use customer relationship management (CRM) software to effectively manage customer information and preferences. CRM software is often available at affordable prices for small and medium-sized enterprises (SMEs).

Through the customization of your communications and offerings, you have the opportunity to cultivate more robust and enduring relationships with your valued customers.

Make the Collaboration Process Smooth

Effective collaboration among team members and with customers is crucial for delivering a smooth and seamless experience in your strategies for CSAT on a budget for SMEs. Small and medium-sized enterprises have the option to utilize cost-effective collaboration tools like Slack, Trello, or Asana to facilitate effective communication and coordination among team members. These tools are designed to enhance communication, facilitate project management, and monitor progress.

To enhance customer interactions, it is worth considering the implementation of live chat features on your website or utilizing social media platforms to offer immediate support. Facilitating efficient collaboration within your team can result in quicker response times and improved overall service quality.

Prioritize Customer Service

Providing excellent customer service is crucial for high CSAT on a budget for SMEs.

Ensure that your team is equipped with the necessary skills to effectively address customer inquiries and complaints with professionalism and empathy.

Even with limited funds, prioritizing customer service training can yield significant returns over time. Highlighting the significance of active listening, problem-solving, and maintaining a positive attitude. In addition, it would be beneficial to include a thorough FAQ section on your website. This will assist customers in locating answers to their inquiries promptly.

Delivering exceptional customer service has the power to transform unfavorable encounters into favorable ones, cultivating unwavering customer loyalty.

Gather and Act on Feedback Promptly

Collecting and acting on customer feedback is essential for ensuring ongoing improvement of CSAT on a budget for SMEs. Consider utilizing cost-effective survey tools such as SurveyMonkey or Google Forms to collect valuable feedback from your customer base.

It is important to invite individuals to express their thoughts and recommendations regarding your offerings. After gathering feedback, it is essential to conduct an analysis to pinpoint recurring issues and potential areas that can be enhanced.

Responding promptly to feedback demonstrates a strong commitment to customer satisfaction and a genuine desire to improve their overall experience. Implementing this proactive approach can greatly enhance your CSAT scores.

In conclusion, improving customer satisfaction doesn’t have to be expensive. By adopting CSAT on a budget for SMEs strategies, SMEs can effectively gather valuable feedback and enhance customer experiences. Utilizing free tools, focusing on key touchpoints, and implementing simple feedback methods can significantly impact your business. Embrace these cost-effective approaches to CSAT, and watch your SME thrive through improved customer satisfaction and loyalty.