Customer Feedback and UNIT-IV

the Payoff of IDIC

  Concept of Privacy
 Example
 Customer Feedback
 Concept
 Ways to improve customer Feedback
Privacy and  Ways to Collect Customer feedback
 Customer feedback surveys
Customer Feedback  Email and customer contact forms
 Usability tests
 Exploratory customer interviews
 Social media
 On-site activity (via analytics)
 Instant feedback from your website
  Concept
 Concept of configuration
 Concept of modularization
 Illustration 7
 What’s the Benefit of a Customized Product?
How Can  Adding value for the customer, for very little or no additional cost
Customization Be  Customers will pay a premium for customized items 
 Customers are more likely to recommend your business / brand.
Profitable?  Extend acceptable delivery times for customized products
 Return rates tend to be lower for customized products
 Differentiate your products and brand from your competitors
 Product customization can spot trends
 Helps to Build customer loyalty.
 Using Customization sales pull can happen
  Adaptive customization offers a standard, but customizable,
product that is designed so that customers can alter it themselves.
 Cosmetic customization presents a standard product differently to
How Can different customers.
Customization Be  Collaborative customization conducts a dialogue with individual
Profitable? customers to help them articulate their needs, identify the offering
that fulfills those needs, and then make customized products for
them.
 Transparent customization provides each customer with a
customized product or service without necessarily telling her about
the customization itself.
 How Can
Customization Be  Technology Accelerates Mass Customization

Profitable?  Customization of Standardized Products and Services

 Factors Related To Success Mass Customization
 Customer Factors
 Technology
 Organizational Internal Factors
  Product Variety  Modularizing

 Customer Driven  Technology

 Low Cost  Flexibility

 High Volume  Responsiveness

 High Quality  Continuous Improvement

 Customized Goods  Employee Involvement

Common elements  Customer Involvement
 Fast Delivery
of MC  JIT-based pull system
 Reduced Setup and change over
time  TQM
 Reduced cycle time  Cross-functional Team
 Redesign Manufacturing  Learning Organization
Processes
  Concept
 Definition
 Illustration 8
Value Streams  Illustration 9
 Concept of Value Stream Mapping
  Customer Loyalty and Customer Equity
 How to Increase Customer Equity?
Measuring the  1. Show your clients that you appreciate them
Success of  2. Be more convenient than your competitors

Customer-Based 
3.
4.
Be ready to solve problems
Provide customers with unique value propositions
Initiatives  5. Ensure to provide the best quality

 Using Customer Analytics to Build the Success of the Customer-

Strategy Enterprise
  The rate at which a business is able to create value from any given
customer. Simply stated, ROC is the sum of the firm’s current-
period profit from a customer, plus any change in the customer’s
value, divided by the customer’s value at the beginning of the
period:

Return on Customer ROC = Profit from customer in current period +

Change in the customer’s value in period
Customer’s value at beginning of the period

 Illustration 10
Return on Customer
 Using Customer  Fundamentals

Analytics to Build  Various aspects of Customer analytics

the Success of the  Illustration 11

Customer-Strategy  Illustration 12

Enterprise
  By making it possible to send more relevant information and offers,
analytics helps to improve shopper-to-buyer conversion rates.
 Instead of offering one product to many customers, analytics makes it
possible to offer specific and more targeted cross-sell and up-sell
Customer analytics opportunities, which can result in measurably increased sales.
contributes to  By taking steps to keep customers longer, analytics can help increase
customer lifetime value, profitability, and Return on Customer.
better sales
 Companies use analytics to improve operational effectiveness through
productivity and smarter, more relevant (and therefore, usually, faster and less costly)
lower marketing customer service.

costs in many  Analytics can be used to reduce the interaction time and effort, making
information exchange or transactions easier, faster and, therefore, more
different ways likely.
 Analytics improves the customer’s perception of the level of service as a
result of relevant messaging during an interaction.
 Analytics makes improved service levels for best customers possible.7