It’s no secret that a positive customer experience nets a satisfied customer whilea negative customer experience breeds dissatisfaction and often affects retention rates. The struggle to perfect the customer experience is draining—not only to the consumer but also to a company’s bottom line.To measure and manage this all PRC recommends Customer Satisfaction Survey.
CUSTOMER SATISFACTION SURVEY:
Many business peoplebelieve in Pareto’s principle, which states that 80% of your business comes from 20% of your customers.With changing shopping dynamics and deals,the brand loyal consumer is quickly becoming an endangered consumer species.Hence companies have increased their investments in retaining customers. But is it worth to retain all customers? Are all customers providing profits only?
Customer Satisfaction SurveyMeasure customer satisfaction, determine key drivers, determines the impact of each driver to prioritize actionable and examine the relationship among various service elements and overall satisfaction. It’s the only tool that allows you to find out what your clients are genuinely feeling, and how they see your business both now and in the future.
PRC uses a method which predicts both delighted as well as profitable customer. The customer Satisfactionsurveyalso provides context and best practices through industry-wide benchmarks.
- This programme offers a holistic understanding of company-end customer relationship
- Provides feedback on customer experiences on the entire gamut of customer touchpoints
- Helps benchmark against competition
- Identifies drivers of loyalty, including loyalty strategies for different customer segments
- Helps in ongoing monitoring and understanding the impact of any corrective action
Customer Relationship Assessment: Forevaluating service delivery in terms of processes, merchandise, price perceptions, billing, hygiene, display, navigation, share of spends etc. as well as intention to visit again and Net Promoter Score.
CHANNEL SATISFACTIN SURVEY
Customer Satisfaction Surveys are usually referred to as the Consumer Satisfaction Surveys. But what is your customer is a Business?
The last few years have seen an appreciable increase in the attention paid to the discipline of customer experience –However, much of this focus has been in b2c markets. Unfortunately, the same cannot yet be claimed consistently for business-to-business firms: B2B customer experience performance still lags other markets and can often struggle for attention against myriad other corporate priorities.
In case of B2B services / products the Customer Satisfaction Survey is more aptly referred as Channel Partner Satisfaction Survey. Channel PartnerSatisfaction SurveyMeasure Channel Partner satisfaction, determine key drivers, determines the impact of each driver to prioritize actionable and examine the relationship among various service elements and overall satisfaction.
The Channel Partner Satisfaction surveyalso provides context and best practices through industry-wide benchmarks.
- The study helps identify what drivers loyalty for these individual segments of stakeholders and helps assess their satisfaction level.
- Helps organizations in enhancing their relationship with these segments of stakeholders, by identifying critical to quality areas of satisfaction and dissatisfaction.
- Helps benchmark against competition
- Identifies drivers of loyalty, including loyalty strategies for differentsegmentsHelps in ongoing monitoring and understanding the impact of any corrective action
LOST CUSTOMER ANALYSIS (LCA) SURVEY
Churn / Lost Customeris one of the key challenges facing many industries. How can organizations control it? Perhaps by managing the reasons causing the customerloss, but to manage this it is to be measured first.
Lost Customer Analysis (LCA) research is the process of gathering, analyzingand interpreting the root causes as to why acustomerceased using a company’s product/ service. To find the trends in these losses along with individual dissatisfaction areas, LCA is carried out. These trends can be used to improve a company’s overall understanding of its target customer and competitive positioning in the market place, while at the same time identifying product, service, and performance gaps and issues.
Most startup and expansion-stage companies consider lost customersa lost cause. This costs them very dearly as the lost customers can spread negative word of mouth and derail he companies marketing initiatives to win new customers also. Lost Customer Analysisprovide a unique customer perspective that is facilitated by thecustomer who are no longer using the company’s products / services andare usually forthcoming about the issues they had. LCA is great for troubleshooting customer churn issues and also bigger strategic issues like competitive positioning, targeting, service or product performance, and product feature issues.
Lost Customer Analysisre search will fuel company’sstrategy team with the information and data it needs to properly focus and re-fine your company’s business model and strategies. In addition to a regularly scheduled lost customer research initiative, it is also important to use the following triggers to indicate that it might be time to launch another round of lost customer research:
- When customer churn rate increase.
- Your company experiences a sharp decline in its Net Promoter Score/Satisfaction Index.
- Your company loses several long-term accounts that fit into your company’s current target customer profile.
VOICE OF CUSTOMER (VOC) SHARE
In the age of social media, one viral review can burn down an entire brand. This puts the onus on businesses to delivergreat experiences.As it stands Most of businesses will compete mainly on customer experience.
However, the social media provide great opportunity for creating positive branding as well.
- Companies with focus oncustomer experiencegrowsignificantrevenues over competitors.
- Voice of customer programs result ingreater client retention
To make informed, effective changes, you must listen to your customers at all possible platforms where they share their opinion e.g stores / online media etc.Further, companiesmust make efforts to understand theconversations their customers are having about theirproducts, brands and services.
Enter Voice of Customer analytics.
According to SixSigma, Voice of Customer is “the customer’s voice, expectations, preferences, comments, of a product or service in discussion. It is the statement made by the customer on a particular product or service.”
Therefore, a Voice of Customer analytics programis a structured system offeedback collection,data analysis, andaction planning.
The main goal of VoC analytics is to understand how people perceive and interact with brands, products, and services.Voice of Customer solutions help you gather that feedback and turn it into useful data and insights at scale. Data-driven Voice of Customer (VoC) analytics programs are proven to increase customer lifecycle value and lower customer churn.
PRC Team can help its clients to:
1. Outline thebusiness valueof good customer experiences
2. Demonstrate how toprocess customer feedback and reviewsusing text analytics and natural language processing
3. Explain how to use these insights toimprove experiences and revenue
4. Show the value of building amulti-channelVoice of Customer analytics program