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Topic: Customer satisfaction, Customer loyalty and Customer retention.
Madam Ayesha Ghias.
Presented by: Syed Ali Kamran Abidi. Mirza Ali Raza. M. Jafar Tayar Syed Hussain Zain ul Abideen. 50 90 48 85
Customer satisfaction: The customer feels satisfied when the characteristics, features, and attributes of the product match with the needs and wants of the customer. Measuring the importance of customer satisfaction: To measure the importance of customer satisfaction is through surveys and other programs as Questionnaire, Surveys and Lucky draws. A comprehensive satisfaction survey analysis will include a method for helping management establish priorities. Asking for importance ratings on every attribute of quality measured in a survey usually results in doubling the length of a questionnaire, adding to cost. Now there is much concern with the interest and importance of the customers. A more startling finding is that the inclusion of importance information does not always improve the ability to explain satisfaction. In other words, adding up the ratings in a survey can be just as predictive of satisfaction as weighting the ratings by importance. Our analysis suggests that a more sophisticated, non linear approach to combining satisfaction measures and importance can result in a model with greater ability to explain to explain satisfaction. Such information has other uses also, for example segmenting customers on the bases of there needs. Customer satisfaction is indeed a strong correlate of retention and loyalty. Increasing competition is forcing business to pay more attention to satisfy your customers. Examples: 1. Tang - Send three wrappers and get a remote car. (Lucky Draw) 2. Supreme Tea. (Lucky Draw) 3. National Iodized Salt. (Survey)
Phrases that make you customer happy:
There are certain “Magic words” customers want to hear from you and your staff. Make sure all your employees understand the importance of there key phrases: • • • • “How can I help” (so the customers can explain in detail about there need. It is a positive note as you are “helping” your customer and not “selling”.) “I can solve the problem”(customers are looking to buy the solutions. They like direct answers in understandable language.) “I will take responsibility” (Tell your customers that you realize that its your responsibility to ensure satisfactory outcome of transaction.) “The job will be complete” (Assure your customer that there will be no delay and change in the order.) Dealing with unsatisfied customers: Customers will never come right out and tell that they are unsatisfied. Consider customer complains: 1. Must encourage customers and make their frustrations out. 2. Take responsibility for the problem. 3. Immediately take action about the situation. 4. Share your views politely. Serving customers thorough loyalty programs: Many companies are using loyalty programs to create and retain there loyal customers. Value your customers: One of the purposes of a loyalty program is to establish a relationship with the customers. Companies must listen to their customers and resolve their problems to enhance relationship.
Make loyalty program part of you long term business strategy:
The first step is to analyze your customers database and target key customers for the customers. When customers are targeted be sure that the benefits and features must match customer needs. You must offer something useful and valuable. Examples: 1. Lasani Foods. ( Packages as loyalty programs) 2. Lux (Special edition package) 3. Prince Biscuits (Give three packs to shopkeeper and get one free)
A New Paradigm For Measuring Customer Loyalty: Customer loyalty is a hot topic in the field of business. There has been a considerable amount of academic and professional market research on customer loyalty and its relatedness to business performance. Loyalty is directly connected to company profit, company growth, the stability of company infrastructure, the costs of serving customers, and employee satisfaction. Errors in Measuring Loyalty: • • • • • Customers continuing with the same level of purchase overtime. Customers Retention Overtime. Customers spending the same percentage of their budget overtime. Recommending the company to others. Strong attitudes towards the company.
Examining Customer Loyalty: Customer loyalty is the extent to which your customers continue with key loyalty behavior when competitors offer more attractive prices, products and services. The first step is by the examining the number of their customers that change their behavior as a result of the competitive change.
By understanding these issues revolving around the loyalty of your customers, you can determine strategies and tactics to improve loyalty. Ten Reasons to Improve Customer Loyalty: 1. Loyal customers will spend more with you. Profit margins will increase. 2. Loyal customers tend understand, appreciate value, and less likely to price shop. 3. Loyal customers mean repeat, long term business. 4. Loyal customers serve as fantastic market force, providing the best to them. 5. Loyal customers stick with you in difficult time. 6. Loyal customers can deliver a blow to your customers and your competitor will not get the business. 7. Loyal customers are your cheerleaders and will bet for you. 8. Loyal customers tend to tell what they like and dislike. 9. Customer loyalty will also boost up the employees. 10. The company must see the key ingredient for customer loyalty. Customer loyalty is one of those elusive qualities that every company strives to achieve. While many companies have repeat customers, every few attain the goal of having customers that rave about their products and services. A loyal customer is extremely satisfied with the company product and services, feels that the company is exploring and meeting his needs, becomes an advocate for the company recommending the company to friends and family. Most important they stay with the company over many years.
Customer Retention: The comprehensive survey of the determinants of loyalty and retention we suggest certain customers: • • • • Past behavior. Attitudes about purchasing. Perceptions about the loss or gain of switching brands. Demographics.
Segmentation: This information also helps in segmenting your customers. Segmentation is conducted with a combination of methods with similar characteristics. Many companies experience a low rate of customer retention. In order to identify the ways to satisfy your customers, they must consider their competitors, behavior and attitudes.
Some Products and there Manufactures:
Products: 1. Safeguard. 2. Lux. 3. Dettol. 4. Lifebuoy. 5. Capri. 6. Imperial Leather. i) Soaps Manufacturer: P & G. Unilever. Recket Benkisier. Unilever. Zulfiqar Industries. PZ cussons International.
ii) Shampoos: 1. Head & Shoulders. 2. Pantene. 3. Herbal Essences. 4. Lifebuoy. 5. Sunsilk. 6. Samsol. 7. Bio Amla. iii) Detergents: 1. Surfexcel. 2. Arial. 3. Brite. 4. Bonus. iv) Tooth Pastes: 1. Medicam. 2. Closeup. 3. Colgate. 4. Sparkle. 5. English. v) Cigarettes: 1. Gold Leaf. 2. Capston. 3. Embassy. vi) Creams: 1. Fair and Lovely. 2. Ponds. 3. Care. Unilever. Unilever. Coslab Pvt. Ltd. Lexan Tobacco Ltd. Lexan Tobacco Ltd. Lexan Tobacco Ltd. Medicam industries. Unilever. Colgate Palmolive. Colgate Palmolive. English laboratories. Unilever. P & G. Colgate Palmolive Pakistan. Colgate Palmolive Pakistan. P & G. P & G. P & G. Unilever. Unilever. Samsol International. Forwell cosmetics.
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