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Satisfaction & Loyalty
Satisfaction & Loyalty
Why Is Satisfying Your Customers Important?
Satisfying customers is the only way to stay competitive in today's
marketplace. Customers have an expectation of service and product performance
that must be met. The balancing act between what customers want and what your
company can provide must be optimized in order to maximize your firm's
long-term profits. This occurs in two ways:
- With precise information, companies can focus on issues that truly drive
customer satisfaction. A directed focus often leads to cost reductions because
companies can emphasize improvement in areas of customer concern and
de-emphasize focus in other areas.
- Focusing on motivators of customer satisfaction leads to more loyal customers,
who tend to be the most profitable customers (i.e., repeat business is usually
the most profitable). An inclusive customer satisfaction and loyalty program
can, therefore, be considered a source of future profits
The goal of Decision Analyst's Customer Satisfaction & Loyalty
research is to help companies maximize long-term profitability through reaping
the "lifetime value" of its customers.
Types Of Customer Satisfaction Research
Motivation
Research
Helpful in determining strengths and weaknesses of corporate
satisfaction and loyalty programs, motivation research is usually an
introductory step in developing an integrated customer satisfaction and loyalty
system.
Our experts conduct in-depth motivational research interviews with both
employees and customers to develop insight into the performance of your current
satisfaction program. Recommendations to improve customer satisfaction and
loyalty are made based on this motivational research.
Tracking Studies
Studies repeated at specified intervals give organizations a history of
information about customer or employee satisfaction, revealing trends in both
satisfaction and loyalty. Tracking studies are especially useful in determining
and monitoring key variables that influence satisfaction and loyalty-which in
turn, influence company profitability.
Tracking studies may be conducted using any of the following methods:
-
Telephone
-
Mail
-
Internet
-
Interactive Voice Response Systems
Transaction Monitoring
These studies provide insight into customer satisfaction at different
points of customer contact. For example, customers who call a customer care
center would complete a satisfaction survey soon after their call-center
experience. Other customers who purchase a product in a retail operation would
receive a questionnaire requesting information on that experience.
Transaction monitoring focuses on increasing customer satisfaction at
particular stages or in specific places. Such a microexamination of customer
behavior allows companies to improve profitability through streamlining
processes and improved customer loyalty.
Transaction monitoring may be conducted using any of the following methods:
-
Telephone
-
Mail
-
Internet
-
Interactive Voice Response Systems
Exception Systems
The exception-system approach allows for the identification of
problems that may occur in an organization by encouraging customers to give
input when they feel dissatisfied. The goal, therefore, is to identify areas of
weakness that should be addressed to improve customer satisfaction. Exception
systems may use any of the following methods:
-
Internet
-
Interactive Voice Response Systems
-
Comment Cards
Customer Value Analysis
This analysis gives customer satisfaction and loyalty programs an
added level of information about customers. A typical customer value analysis
classifies customers based on how much they spend and how much value they add
to your company. Specifically, the analysis allows a directed set of actions to
be developed to increase satisfaction and loyalty of the most profitable and
valuable customers.
Marketing Consulting
Decision Analyst consultants provide insight into all variables that influence
customer satisfaction and loyalty, such as product design, strategic
positioning, brand strength and brand equity, product quality, competitive
activity, customer service, and advertising. Through a careful examination of
these variables and the interactions among them, our consultants develop a
satisfaction strategy that will maximize long-term profitability.
Employee satisfaction measurement is a crucial first step in most corporate
satisfaction and loyalty programs. Employees are the contact points between the
corporate brand and customers. Dissatisfied employees often lead to
dissatisfied customers. Employee satisfaction can help maximize long-term
profitability in four ways:
-
Happy employees tend to do higher quality work.
-
Happy employees tend to be more productive.
-
Happy employees are more likely to stay with your company.
-
Happy employees tend to create happy customers.
Employee Perception Research
Studying employees' perceptions offers insight into their knowledge of customer
satisfaction. If employees incorrectly believe customers are satisfied, it is
unlikely that changes will be made in product or service levels to attempt to
satisfy customers.
Likewise, if employees incorrectly believe customers are dissatisfied, changes
in products or services that could adversely affect customer satisfaction could
be implemented. Employee perception studies are, therefore, a crucial component
of satisfaction programs that are geared to maximize long-term corporate
profitability.
Additional Resources from Decision Analyst
If you would like more information on Customer Satisfaction &
Loyalty Research, please contact
Jerry
Thomas
by email or call
1.800.ANALYSIS (262.5974).
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