GROUP-4

building customer satisfaction

building customer satisfaction

No business can run without building customer satisfaction and loyalty. Satisfaction will be determined by the value of the difference between what the customer receives and what they pay to receive

Companies can achieve Customer Satisfaction by.

• Incorporating good business practices• Creating and delivering value• Customer relation management

Importance of building customer satisfaction

Customer-oriented management Comparison with the competitors Comparison over time Profit from specific insights Loyalty Reduced costs Leads and referrals Ideas for new development

Tools for building strong customer satisfaction/ relationships

Strategies for improving customer relations and building customer loyalty range from simply opening up communications channels in implementing elaborate point system that reward loyalty. Enhanced customer communications approaches include.

Providing customer feedback forms Asking about customer needs in general when customers call with problems Training call centre staff to handle disputes uniformly and constructively Responding directly to customer feedbackDemonstrating how the company listens to its customers Encouraging the service culture throughout the organization

Tools for building strong customer satisfaction/ relationships

Companies also encourage a wide variety of tactics to directly encourage customer loyalty through promotions or special treatment.

Creating a point system that offers rewards once a customer accumulates a certain number of points Offering discounts on free- product couponsRunning contests in which customers may win prizes by entering a drawing Offering lifetime guarantees.

MEASURING CUSTOMER SATISFACTION

Measuring Customer satisfaction

Customer satisfaction Review And Evaluation or measurement of customer satisfaction Is Essential to maintain.

Customer satisfaction measurement is done Using customer survey method.

It may be in oral form or return form. 3 possible methods of administering the survey Interview administered Machine administered self administered

Reasons for customers satisfaction measurement

Business related Customer related

Supplier related competitors related

Performance related

Methods to measure Cost Satisfaction Comment cards Focus groups Visiting to the customers Mass communication Questioners Toll free number lines Report cards Customer satisfaction index

Essential Of customer satisfaction measurement Measures should be Accurate Measures should be sensitive Measures provide a competitive contact Measures should be Regular Measures should be Easy to

communicate and understand

CUSTOMER RELATIONSHIP MANAGEMENT

DEFINITION

It is a business strategy designed to optimise profitability , revenue and customer satisfaction.

It is a multifaceted process , mediated by a set of information technologies that focuses on creating two way exchanges with customers so that firms have an intimate knowledge of their needs , wants and buying patterns.

CHARACTERISTICS OF CRM

1. SHARE OF CUSTOMER2. LIFETIME VALUE OF THE CUSTOMER3. CUSTOMER EQUITY4. GREATER FOCUS ON HIGH VALUE CUSTOMERS

OBJECTIVES OF CRM

1. To provide updated information2. To customise strategies3. To anticipate problems4. To prompt follow-up5. To establish problem solving mechanism6. To assess customer interests7. To integrate functional system

TYPES OF CRM

1. OPERATIONAL CRM2. ANALYTICAL CRM3. COLLABORATIVE CRM

PROCESS OF CRM

Acquisition Enquiry, interaction,exchange, coordination, adoption Customer Interaction Management (CIM) Online routes, offline routes, outsourcing Customer Retention Attrition Increase in no. of complaints Decrease in : frequency of contacts, enquiries, vol of biz, no. of active buyers, flow of communication Defection

Benefits of CRM Increased sales revenues & reduced cost of sales Increased customer satisfaction Increased customer retention & loyalty Evaluation of customer profitability Excellent customer service Customer knowledge Customisation Opportunity to cross-sell & up-sell

LIMITATIONS OF CRM

Requires top management support Confusion in attributes Problem in implementation Building relationships Not functionally organised Customer dissatisfaction Front line staff

MARKETING RESEARCH

DEFINITION Marketing research is the function

which links the consumer, customer, and public to the market through information used to identify and define marketing opportunities and problems, generate, refine, ad evaluate marketing actions; monitor marketing performance, an improve understanding of market as a process.

-AMA

Marketing research is the

systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

PHILIP KOTLER

CHARACTERISTICS

Functions of marketing management Integrated effort Systems approach Inter-disciplinary process Imperfect science Indispensable for the new product

information Market orientation

OBJECTIVES

Discovering the new market Capturing the greater market share Analysing tastes and preferences of

customers Anticipating the future sales volume Reducing the cost of market

Improving the quality of product Helping in formulation of suitable

price policy Facing cut throat competition Making liaison with ultimate

consumers Studying the external environment

IMPORTANCE OF MARKETING RESEARCH

Decision making tool Management planning Problem solving Control technique Large scale production Complex market Pattern of consumption

Market complex Suitable marketing operations pricing Marketing strategy Distribution Sales promotion

MARKETING RESEARCH PROCESS

Identifying and defining research problem

Extensive literature survey

Formulation of hypotheses

Preparing the research design

Determining sample design

Collecting the data

Execution of the project

Analysis of data

Testing of hypothesis

Generalization and interpretation

Preparation of the report or thesis