"(I Can't Get No) Satisfaction", a 1965 song by the Rolling Stones, is credited by Mick Jagger for having popularized the Rolling Stones and giving them their first number one. The song is as controversial as the concept of Satisfaction.
Changing Customer Behavior
Customers are always 'reaching out' for a seamless customer experience'. Internet access is growing faster, and most products and devices are coming with an online service component, expanding the customer experience. Customers now have more information about competitive products and service offerings, and feature sets are becoming quickly commoditized. Add to that the low cost of 'switching' for many products such as (Credit Cards), and customers feel little pain in changing providers.
Changing Business Issues
On the 'receiving end', the new consumer is probably “more accessible”, because of the proliferation and dominance of the “mobile” access channel. Enterprises thus have a greater chance of reaching the actual consumer. However with increased access comes a greater chance of “irritability”, as consumers get pounded by sales agents and service representatives.
The Business leaders are fast learning that what lie at stake for their business to grow is MORE Satisfaction, Loyalty and Retention. Businesses (especially in segments such as Banking, Insurance and Telecom) whose very existence depends on the number of customers they own, are realizing that the cost of acquiring customers makes the first year in the life of the customer the lowest in terms of profitability. Today the story is NOT just about acquisition but RETENTION.
What leads to retention? It is the satisfaction of the customer towards the products or services he has received.
What is Customer satisfaction? To many, it is a business term which is used to capture the idea of measuring how satisfied an organization’s customers are with it. Any organization or enterprise has customers who use its services or products. In return for their patronage, customers expect to get their money’s worth. This is extremely important as in this age of intense competition there would be multiple choices available for the customer for any given product or service.
Though customer satisfaction is an abstract idea, varying from an individual to individual, quite often it can be related to the cost of a product or service against its cost as opposed to competitive products or services for similar services. Organizations are interested in customer satisfaction because they need to retain existing customers and expand their customer base. Customer Consumer behavior and changing business issues are directly linked to customer satisfaction.
Every satisfied customer adds to the stability of a company. Companies can ignore unsatisfied customers at their own expense.
Changing Customer Behavior
Customers are always 'reaching out' for a seamless customer experience'. Internet access is growing faster, and most products and devices are coming with an online service component, expanding the customer experience. Customers now have more information about competitive products and service offerings, and feature sets are becoming quickly commoditized. Add to that the low cost of 'switching' for many products such as (Credit Cards), and customers feel little pain in changing providers.
Changing Business Issues
On the 'receiving end', the new consumer is probably “more accessible”, because of the proliferation and dominance of the “mobile” access channel. Enterprises thus have a greater chance of reaching the actual consumer. However with increased access comes a greater chance of “irritability”, as consumers get pounded by sales agents and service representatives.
The Business leaders are fast learning that what lie at stake for their business to grow is MORE Satisfaction, Loyalty and Retention. Businesses (especially in segments such as Banking, Insurance and Telecom) whose very existence depends on the number of customers they own, are realizing that the cost of acquiring customers makes the first year in the life of the customer the lowest in terms of profitability. Today the story is NOT just about acquisition but RETENTION.
What leads to retention? It is the satisfaction of the customer towards the products or services he has received.
What is Customer satisfaction? To many, it is a business term which is used to capture the idea of measuring how satisfied an organization’s customers are with it. Any organization or enterprise has customers who use its services or products. In return for their patronage, customers expect to get their money’s worth. This is extremely important as in this age of intense competition there would be multiple choices available for the customer for any given product or service.
Though customer satisfaction is an abstract idea, varying from an individual to individual, quite often it can be related to the cost of a product or service against its cost as opposed to competitive products or services for similar services. Organizations are interested in customer satisfaction because they need to retain existing customers and expand their customer base. Customer Consumer behavior and changing business issues are directly linked to customer satisfaction.
Every satisfied customer adds to the stability of a company. Companies can ignore unsatisfied customers at their own expense.
2 comments:
Very nice...
Another article that I came across on this topic
http://www.adamssixsigma.com/Newsletters/customers_results.htm
The articles seem to be inline with current scenarios and the information or data listed are pretty accurate and reflects the effort taken to write something which is in line with the truth.
Regards
Vinay Gurikar
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