How do you identify areas for improving client satisfaction?

It is important to understand this optimization of clients satisfaction since there is a complicated and ultimately negative relationship between clients satisfaction and market share. That is, while high and improving satisfaction in smaller companies drives market-share growth, maintaining high satisfaction once the market share is larger becomes more difficult.This is because with a larger market share typically comes a more heterogeneous customer base and more diverse customer behaviors, which makes delivering high satisfaction more difficult. Hence it's a strategic Asset.

Talk to customers - this is a simple one. Hold focus groups and talk direct. Ask for suggestions on social. Hotjar is amazing to monitor any frustrations with UX and for mini questionnaires.

In Stock brokerage industry in Pakistan (still a proprietary business instead of corporate), there was no concept of client satisfaction, however the then market leader in terms of client base and big heart to take a leap of faith to innovate started focusing on customer support and developed a fully functional customer support unit (first of its kind in the industry in 2004), equipped with IVR etc. This customer support / inbound outbound call center actually helped customers identify what they could and should expect from their service provider (stock broker), this helped the overall industry where we educated the masses on what they can resolve through customer support and where else to look for resolution of their problems realistically

Giving Feedback - Sometimes the client just has an idea but doesn't know how to get it done. Always talk to clients and share your feedback so you know how things are done and give clients areas of improvement this way client trust you more and has a thought that the one he is working with understands his vision.

Meeting people, talking to them still holds the key, no matter through simple survey over social media or through personalized email, more often than not the feedback brings about new ideas in resolution of long standing problems, also you may test a solution of sorts from the real customers through their responses during discussion

Metrics are life savers, data always provides you a very clear picture (a sizeable data of course), over a period of time the trend suggests you how to mold your systems and processes and fine tune them up to customer expectations

Once you engage with customers, speak with them through different channels, get their opinion on your processes and services, also you have the data to analyze your strengths and weaknesses. This gets you in a great position to plan, initiate and implement improvements, a well informed decision is always better instead of just following what others are doing

A continuous well placed process has to be there to stay engaged with clients for their feedback about every new process / solution you provide to them. Customer always have something to say and they need someone to hear them out, if you hear them they will remain loyal to you

Analyse customer’s journey and identify which part of the process can be optimised. Go above and beyond to offer the best customer support prior and after the deal is done.