BUILDING CUSTOMERS SATISFACTION
THROUGH QUALITY, SERVICE, & VALUE
THROUGH QUALITY, SERVICE, & VALUE
Costumer satisfaction is the essence of marketing. No organization can succeed without costumer satisfaction or satisfying its costumers. A ‘costumer’ is a buyer of a product. The word ‘Client’ is used interchangeably with customer in service industries, such as banking, insurance, legal services, etc. Client is also called account, ‘Cliental’ means a group of clients. A customer seeks to satisfy his / her needs and wants through buying goods and services and try the quality, features, benefits, and pre and post sale services. ‘Value’ is a customer’s estimate or expectation of a product’s overall capacity to satisfy his / her needs and wants.
A customer is a consumer. A ‘consumer’ is the end–user or final user of a product. For instance a person buys food from a restaurant, buys clothes, and comes back home to eat the food and wear the clothes. The person is termed as a consumer. A ‘customer’ may be a business customer as well. Business customers include industrialists, traders, agriculturists, government organizations, non-government organization (either private institutes or non-profit organizations), and professionals (like MBAs, doctors, engineers, accountants, bankers, teachers, etc) who buy goods and services to consume. Traders are the customers of industries and marketing companies who buy most goods and services for resale.
Today customers have wide array of products and brand choices, attractive features, packing, prices, promotional offers like discounts, bonuses, etc. A customer will buy the product that he perceives the best in value and may re-buy it, if satisfied.
CUSTOMER COMPLAINT & SUGGESTION SYSTEM:
Many companies including hotels, restaurants, cellular companies, fuel stations, etc have adopted a system to measure customer satisfaction. When a customer gets in the organization he / she is requested to fill a farm describing any complaints or suggestions about the product (s) or organization.
CUSTOMER SATISFACTION SURVEYS:
Many small, medium, and large scale companies conduct customer interviews or get filled questionnaires to learn about customers’ satisfaction regarding their products and organization(s).
RESEARCH ABOUT SATISFIED AND DISSATISFIED CUSTOMERS:
A famous study uncovers that the satisfied customers and 95% customers whose complaint is instantly handled and resolved tells at least five other customers or potential customers about the satisfaction and the treatment received. Adversely, a dissatisfied customer tells at least ten customers about the dissatisfaction, that’s why he is called a bad-mouth customer.
ANALYSIS OF LOST CUSTOMERS:
IBM is the perfect example of such analysis, whenever a customer quits from IBM, they conduct a customer exit survey. They ask in detail about the reasons to quit or switch to competitor. Is the product costly, relatively low in quality, performance, attributes, packing, etc? Then, IBM strives to bring back the customer and incorporate changes in the products, services, and systems.
THE COST OF LOST CUSTOMERS:
It is essential to know the cost of lost customers and apply measures to avoid such losses. Suppose a company has 100 customers and a turnover of Rs10 million per month. If 5 customers contributing 10% in total sales are lost, that means sales revenue of Rs1 million per month and 12 million annually is lost.
RETAINING CUSTOMERS V/S BUILDING NEW CUSTOMERS:
Companies should give priorities to retain existing customers, turn them to loyal customers, take references from them and then try to build new customers.
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