New Research: It’s Not About Satisfaction It’s About Engagement

Businesses that rely heavily on customer satisfaction surveys as a gauge of overall customer happiness, without an evaluation of total customer engagement, run the risk of losing valuable sales opportunities.

The banking industry has a lot to teach us about how not to get stuck in a rut of perceived customer satisfaction.

According to a recent poll, research shows that banks that only consider customer satisfaction — even extreme “top box” satisfaction — are leaving significant cross-selling and up-selling opportunities on the table.”

  • Less than half (45 percent) of customers who are satisfied say they would consider their bank the next time they needed a product or service, however, that consideration skyrockets to 83 percent among customers who are both satisfied — and fully engaged.
  • Customers who are fully engaged and satisfied are also more likely to say they will open new accounts, switch from another bank, increase balances, and add ancillary products than are those customers who are just satisfied.