THE INFLUENCE OF CUSTOMER SATISFACTION ON BUSINESS PERFORMANCE
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- NGN 3000
This study examines the influence of customer satisfaction on business performance. Objectives include: (1) evaluating the impact of customer satisfaction on customer loyalty, (2) analyzing the relationship between customer satisfaction and profitability, and (3) assessing the long-term effects on business growth. A survey design is employed to gather data from a diverse respondent pool. Using Taro Yamane's formula, a sample size of 340 is derived, ensuring reliability and accuracy. The case study focuses on the retail sector in Lagos, Nigeria, where customer satisfaction is paramount. The reliability coefficient score is 0.87, indicating high reliability. Findings reveal that high levels of customer satisfaction significantly enhance business performance by increasing customer loyalty, reducing churn rates, and boosting profitability. Recommendations include implementing customer feedback systems and regularly training staff to enhance customer service quality and satisfaction.
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