Analyse Customer Feedback and Develop Strategies to Attract and Retain Customers

1. ANALYSE CUSTOMER FEEDBACK AND DEVELOP STRATEGIES
TO ATTRACT AND RETAIN CUSTOMERS
PRAJAKTA TALATHI – GSEP13CMM031
SP Jain and Idea Spice 1

2. Project Objectives
Secondary Research
Primary Research
Recommendations
SP Jain and Idea Spice 2
AGENDA

3. 2
1
3
To suggest strategies to attract
and retain customers
To recommend strategies for
improvement of IdeaSpice
To understand the present Brand Image
of IdeaSpice and identify the gap if any
between its Brand Image and Brand
Identity
SP Jain and Idea Spice 3
PROJECT OBJECTIVES & SCOPE
PROJECT
OBJECTIVES
SCOPE Entrepreneurs or SMEs in Dubai who are looking to reinvent themselves

4. SP Jain and Idea Spice 4
PROJECT APPROACH

5. DED
initiatives to
encourage
SME
GDP expected
to grow by
4.5% in 2015
Improving
education
quality due
to
Emiratization
Encouraging
female
entrepreneur
and green
technology
Online
registration
and renewal
of license
Law for
protection of
IP and against
Counterfeiting
SP Jain and Idea Spice 5
ANALYSIS OF UAE
Source: Euromonitor International
And SME Advisor

6. SP Jain and Idea Spice 6
SME & ENTREPRENEURS IN DUBAI
Responsible for driving job creation, innovation, export, new business development
and entrepreneurial talent
60% contribution to GDP
43% of total workforce and 40% of the total value added in emirate
95% of Enterprise population
Witnessed a 50 per cent increase in membership in 2013
Source: Report by Dubai SME, Department of Economic Development

7. SP Jain and Idea Spice 7
SME SECTOR-WISE
Trading Manufacturing Services
Emp # Turnover Emp # Turnover Emp # Turnover
MICRO <= 9 <= 9 mn <=20 <=10 mn <= 20 <= 10 mn
SMALL < = 35 <= 50 mn <= 100 <= 100 mn <= 100 <= 100 mn
MEDIUM <= 75 <= 250 mn <= 250 <= 250 mn <= 250 <= 250 mn
Source: Dubai SME, DEDFigures are in AED
57%
Trading
35%
Services
8%
Manufacturing
Operations of Dubai SME
46%
Trading
41%
Services
13%
Manufacturing
GDP Contribution

8. Trends Growing Sectors
 Global Expansion
 Innovation
 Process
 Customer Attraction
 Women Entrepreneurship
 Offer Internet-based solutions
 Retail
 Food and Beverages
 Logistics
 Hospitality
 Information Technology
 Healthcare
 Green Technology
SP Jain and Idea Spice 8
TRENDS & GROWTH IN SME

9. SP Jain and Idea Spice 9
CHALLENGES FACED BY SMES
Cash flows and
Bureaucracy
contribute to 60-
70% of challenges
Global expansion
Marketing
contributes to 53%
of challenges
Cost effectiveness
of online media
Adoption of IT
Build new
innovative solutions
Build up reputation
Increasing
competition –
Create Awareness
and Differentiation
Source: Ministry of Commerce and Industry

10. BRANDING CONSULTANCY
 Create, plan and manage communication strategy
 Name, mnemonics, identity systems, message
platforms etc
 Understand culture, values and philosophies
 Communicates it to target market
 Defines competitive advantage
 Creates an integrated branding message and applied
it to marketing campaigns and collaterals to spread
the message
SP Jain and Idea Spice 10

11. IDEASPICE
 12 year old home grown company
 Major services in Dubai and Mumbai
 Branding Consultant
 End-to-End Business Solutions
 Personalized Services
 SPICE Model –
 Study, Position, Innovate, Communicate, Engage
SP Jain and Idea Spice 11

12. ACADEMIC LITERATURE
 Using SERVQUAL to Assess Customer Satisfaction Level of
Oregon HITDA ISC Analytical Unit
 By Chris Gibson
 RATER – Reliability, Assurance, Tangible, Empathy, Responsiveness
 Net Promoter Score
 Closing the Customer Feedback Loop – Harvard Business Review
 by Rob Markey, Fred Reichheld, and Andreas Dullweber
 Promoters rate – 9 or 10 (loyal enthusiasts)
 Detractors rate – 0 to 6 (unhappy customers)
 Scores of 7 and 8 are ignored
 NPS = Percentage of customers who are Promoters – Percentage of customers
who are Detractors
SP Jain and Idea Spice 12

13. DATA COLLECTION BASED ON
SP Jain and Idea Spice 13
Insights
Infographic
Needs
Reasons
for
choosing
Idea Spice
Characteris
tics of Idea
Spice
NPS
PRE-SERVICEPOST-SERVICE

14. VARIABLES
After face-to-face Discussion with
1. Employees of Idea Spice
2. 12 Customers of Idea Spice
NEEDS:
Create Differentiation
Increase Awareness
Business Expansion
Build Relationship and Credibility
Increase Emotional Appeal
Market Company Easily
Advised by Others
REASONS:
Creativity
Understanding of Requirements
Idea Spice Team
Industry Knowledge
Past Credentials and Portfolio
Past Association with Idea Spice
Recommended by Friend/ Relative
Pricing
CHARACTERISTICS:
Creative Solutions
Flexible to Work With
Commitment
Using Latest Technology
Knowledge and Skill of the Team
Clarity in Communication
Promises Delivered
Work/Environment Rituals
Responsive Team
Consistent Output at All Stages of Work
Right Things Delivered at the First Time
Adhering to Schedules
SP Jain and Idea Spice 14

15. QUANTITATIVE RESEARCH
SAMPLING
 Random Convenient Sampling
 Direct Survey mails to Existing Customers
 Response received n = 33
SP Jain and Idea Spice 15
Less than 1
year
12%
1 year to 3
years
15%
3 to 6 years
18%
More than
6 years
55%
No of Years in the Industry
Food and
Beverages
21%
Construction
3%
Healthcare
6%
Hospitality
9%
Retail
18%
Others
40%
Transportati
on
3%
Sectors
1
49%
2-5
27%
More than
5
24%
No of Branches

16. RATER – SERVQUAL ANALYSIS
SP Jain and Idea Spice 16
Rotated Component Matrixa
Component
1 2 3
RateClarityInCommunication .842 .139 .236
RateWorkEnvironment .825 .321 .144
RateFlexibility .815 .215 .236
RateResponsiveTeam .750 .405 -.172
RateCommitment .737 .332 .233
RateConsistency .158 .878 .126
RateFirstTimeRight .305 .730 .264
RateKnowledge .221 .715 .220
RateScheduleAdherence .600 .689 -.160
RatePromisesDelivered .223 .627 .139
RateCreativeSolutions .062 .280 .886
RateTechnology .458 .116 .568
Extraction Method: Principal Component Analysis.
Rotation Method: Varimax with Kaiser Normalization.
a. Rotation converged in 5 iterations.
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of
Sampling Adequacy.
.799
Bartlett's Test of
Sphericity
Approx. Chi-
Square
211.301
df 66
Sig. .000
FACTOR ANALYSIS
3 Factors found:
1. Empathy and Responsiveness
2. Assurance and Reliability
3. Tangibles

17. SP Jain and Idea Spice 17
• Clarity In Communication
• Work Environment
• Flexibility
Empathy
• Consistency
• Right Work First Time
• Promises Delivered
Reliability
• Responsive Team
• Commitment
Responsiveness
• Creative Solutions Delivered
• Technology Used
Tangibles
• Knowledge
• Schedule Adherence
Assurance
Empathy 0.83
Reliability 0.74
Responsiveness 0.74
Tangibles 0.73
Assurance 0.70
RATINGS

18. FACTOR ANALYSIS ON NEEDS OF
CUSTOMERS
SP Jain and Idea Spice 18
Rotated Component Matrixa
Component
1 2
IncreaseAwareness .889 -.012
BusinessExpansion .780 .237
CreateDifferentiation .673 .095
IncreaseEmotionalAppeal -.117 .928
MarketCompany .235 .754
IncreaseCredibility .460 .563
Extraction Method: Principal Component Analysis.
Rotation Method: Varimax with Kaiser Normalization.
a
a. Rotation converged in 3 iterations.
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of
Sampling Adequacy. .526
Bartlett's Test of
Sphericity
Approx. Chi-
Square 61.318
df 15
Sig. .000
FACTOR ANALYSIS
2 Factors found:
1. Gain Competitive Advantage
2. Create Loyal Customers

19. FACTOR ANALYSIS ON REASONS TO
CHOOSE IDEA SPICE
SP Jain and Idea Spice 19
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of
Sampling Adequacy. .526
Bartlett's Test of
Sphericity
Approx. Chi-
Square 61.318
df 15
Sig. .000
FACTOR ANALYSIS
4 Factors found:
1. Work
2. Process of Deliverables
3. Recommendations
4. Portfolio
Rotated Component Matrixa
Component
1 2 3 4
PastAssociation
.882 .027 .004 .280
Knowledge .788 .203 .061 .244
Team .700 .359 .353 -.214
UnderstandingRequirem
ents
.162 .849 -.110 .216
Pricing .273 .742 .169 -.365
Creativity .016 .648 .436 .399
RecommendedByOthers .119 .040 .933 .046
Portfolio .372 .095 .071 .815
Extraction Method: Principal Component Analysis.
Rotation Method: Varimax with Kaiser Normalization.
a. Rotation converged in 10 iterations.

20. CLUSTER ANALYSIS
 Based on Needs and Reasons to choose Idea Spice
SP Jain and Idea Spice 20
CLUSTER ANALYSIS
2 Clusters Formed:
1. Business Oriented
2. Emotions Oriented
Cluster
1 2
Competitive Advantage .42826 -.31556
Loyalty -.45256 .33346
Work -.56391 .41551
Process of Deliverables -.21410 .15776
Recommendations -.33103 .24391
Portfolio .55047 -.40561

21. BUSINESS ORIENTED CLUSTER
 Details
 Majorly single branch
 Established players
 Sector: Retail and Food and Beverage
 Need: Increase Awareness + Business Expansion + Create
Differentiation
 Reasons: Portfolio
 Share of Wallet: 10-25%
SP Jain and Idea Spice 21
.42826
-.45256
-.56391
-.21410
-.33103
.55047
Competitive Advantage
Loyalty
Work
Process of Deliverables
Recommendations
Portfolio

22. EMOTIONS ORIENTED CLUSTER
 Details
 1 to many branches
 Established players
 Sector: Others
 Reasons: Team + Knowledge + Creativity + Understanding +
Recommendation
 Need: Emotional Appeal + Credibility
 Share of Wallet: 0-10%
SP Jain and Idea Spice 22
-.31556 .33346
.41551
.15776
.24391
-.40561
Competitive Advantage
Loyalty
Work
Process of Deliverables
Recommendations
Portfolio

23. KEY PERSON INVOLVEMENT
 Involvement
 Out of 33, 23 replied
 Involvement is extremely
crucial
SP Jain and Idea Spice 23
0.00
1.00
2.00
3.00
4.00
5.00
Sajith
Ansar
Saurav
Roy
Sajith +
Roy
Sajith +
Zee +
Amia
Roy +
Prashanth
Rashid
4.67
4.25
5
1
4 4
Average Importance of
Involvement

24. NEEDS ANALYSIS
SP Jain and Idea Spice 24
0.00
1.00
2.00
3.00
4.00
5.00
Create
Differentiation
Increase
Awareness
Business
Expansion
Build
Relationship
and Credibilty
Increase
Emotional
Appeal
Market
Company Easily
Advised by
Others
4.45 4.36
4.03 3.97 3.97 3.94
2.61
Needs of Customers

25. REASONS ANALYSIS
SP Jain and Idea Spice 25
0.00
1.00
2.00
3.00
4.00
5.00
Creativity Understanding
of
Requirements
Idea Spice
Team
Industry
Knowledge
Past
Credentials
and Portfolio
Past
Association
with Idea Spice
Recommended
by Friend/
Relative
Pricing
4.15
3.76 3.61 3.45 3.39
3.18 3.12 3.09
Reasons for Choosing Idea Spice

26. CHARACTERISTICS ANALYSIS
SP Jain and Idea Spice 26
0.00
1.00
2.00
3.00
4.00
5.00 4.27
3.91 3.82 3.79 3.70 3.64 3.42 3.39 3.30 3.15 3.09 2.94
Characteristics of Idea Spice

27. NET PROMOTER SCORE
 Promoters rate – 9 or 10 (loyal enthusiasts)
 Detractors rate – 0 to 6 (unhappy customers)
 Scores of 7 and 8 are ignored
 NPS = Percentage of customers who are Promoters –
Percentage of customers who are Detractors
NET PROMOTERS = 30%
SP Jain and Idea Spice 27

28. POST SERVICE
 Not enough correlation between likely to recommend
and likely to avail the service again and like to hear more
SP Jain and Idea Spice 28
How likely are you
to share your
experience with
others?
Would you like to hear more
from Idea Spice through
Newsletters, Articles, Blogs
etc?
How likely are you to
use Idea Spice service
again?
How likely are you to share your
experience with others?
1
Would you like to hear more
from Idea Spice through
Newsletters, Articles, Blogs etc?
0.26804473 1
How likely are you to use Idea
Spice service again?
0.445628681 0.305841 1

29. INFORMATION RELIABILITY
SP Jain and Idea Spice 29
0.00
1.00
2.00
3.00
4.00
5.00 4.27
4.00 3.79 3.73 3.73 3.52

30. TOP OF THE MIND
SP Jain and Idea Spice 30
Keywords
Creative
Innovative
Passion
Talent
Understanding
Helpful
Approachable
Quality

31. FEEDBACK
Feedback Compliments
 Price
 Timelines
 Sajith is great, team should be
more responsive
 Consistent attention not paid
across
 1 person effort, hence similar
work observed
 Creativity
 Great boss
 Helpful and reliable
 Even without domain
knowledge, manage to do
great work
SP Jain and Idea Spice 31

32. INTERPRETATION
SP Jain and Idea Spice 32
 USP: Creativity
 Gap observed
 Focus on key person and not on team

33. RECOMMENDATIONS
SP Jain and Idea Spice 33
 Leverage Portfolio
 Show the portfolio especially to Business Oriented Customer
Cluster
 Website can include details of case studies similar to Pentagon
 Offices can have some photos of past work
 Prominent visibility of diverse portfolio
 Pamper Brand Ambassadors
 People choose Idea Spice for Creativity and their Understanding;
but main attracting element is people recommendations
 Maintain customer database and send gifts or wish on
anniversaries; inform about new service

34. RECOMMENDATIONS
SP Jain and Idea Spice 34
 Primacy-Recency Effect
 Customers need attention of key person
 Attend kick-off, closure meetings and also some intermediate
meetings
 Time the meetings at regular intervals
 Empowering Leadership
 Ask someone to assist; take a step back and monitor
 Rather than being the leader, be a supporter and let
someone else take charge under key person’s assistance
 Blogs and newsletter signed off by Idea Spice

35. RECOMMENDATIONS
SP Jain and Idea Spice 35
 Special Packages
 Customized packages;
 Packages for certain type of bundled services; comparison
of services can increase the value obtained
 Promotions
 Events such as trade shows, seminars, etc
 Seminars for Women Entrepreneurs, preparing for Expo
2020 etc

36. RECOMMENDATIONS
SP Jain and Idea Spice 36
 Form Alliances or Partnership
 Dubai SME or Business Village
 Business Village presently has 4 Media Planners and 2 Designers
 Maximum 5 of each type
 Scope for forming partnership

37. LIMITATIONS
SP Jain and Idea Spice 37
 Data on the basis of Convenient Sampling
 More analysis on sectors and industries particularly can
give more insights

38. FURTHER SCOPE
SP Jain and Idea Spice 38
 Gain Insights from Employee to analyse if gap exists in
Internal Branding and External Branding
 Get more sector wise information for analysis and hence
prepare for trends in SME

39. THANK YOU
SP Jain and Idea Spice 39