Repeat customers are vital in any business.Customer retention is extremely crucial.This presentation shares with us the positive impact of service recovery
Excellent customer service and high customer satisfaction must start with understanding customer expectations. Whether your customers are internal (i.e., HR, Finance, Marketing business users) or external, you need to know who your customers are and what their goals are before launching any business initiative. If not, you’ll never win. Pulling from her industry experience in Government, Legal, Education and Healthcare, Strategic Engagement Manager Shannon Duplessis will use the Sparkhound Assessment Model (SAM) approach to show how to assess client needs, agree upon desired expectations and results, and then develop the right KPIs (Key Performance Indicators) to measure success.
Repeat customers are vital in any business.Customer retention is extremely crucial.This presentation shares with us the positive impact of service recovery
Excellent customer service and high customer satisfaction must start with understanding customer expectations. Whether your customers are internal (i.e., HR, Finance, Marketing business users) or external, you need to know who your customers are and what their goals are before launching any business initiative. If not, you’ll never win. Pulling from her industry experience in Government, Legal, Education and Healthcare, Strategic Engagement Manager Shannon Duplessis will use the Sparkhound Assessment Model (SAM) approach to show how to assess client needs, agree upon desired expectations and results, and then develop the right KPIs (Key Performance Indicators) to measure success.
For the purposes of this paper, service will be a synonym for the product of the Hospitality industry.
The relation of service to the hospitality industry does not necessarily mean that this paper has a limited scope.
Service expectations and how they are formed can be related to the entire field business and humanistic interaction.
Significance of Service quality is very important for the success of a service company :
1. To win credibility & get repeat customers : If a company offers quality service consistently, It enjoys repeat business, i.e., customers visit it repeatedly. They may even refer it to their friends & relatives and provide positive word-of-mouth publicity to the quality service offered by the company.
2. To charge premium price : When a company offers superior quality service, compared to its competitors, customers who value quality will always prefer this company to other players in the market. So, the company will be in a position to charge a premium price from customers.
According to Berry & A Parasuraman, service quality is determined by customers using various criteria like credibility, security, access, communications, tangibles, responsiveness, reliability, competence, courtesy, tangibles, understanding, etc. Gronoos also suggested another list of criteria as professionalism & skills, attitude & behaviour, accessibility & flexibility, reliability & trustworthiness, reputation & credibility, and recovery. Since some of these factors are similar or overlapping, the authors have consolidated these into five distinct dimensions,
These dimensions represent how consumers organise information about service quality in their minds. These five dimensions were found relevant for banking, insurance, appliances repair, & maintenance, securities brokerage, long distance tele-service, auto repair service, & others. The dimensions are also applicable to retail & business services. This can be logically extended to internal services as well.
The purpose of this presentation is to obtain a better understanding of the extent to which service quality is delivered within the service sector service by drawing on front-line employees (FLE) and customer perceptions of service quality. The PPT shown how closely customer expectations of service and FLE perceptions of customer expectations match. SERVQUAL is used to measure service quality amongst FLE and customers in a major service sector department.
In this slide presentation know about “Services Marketing”, which is an integral part of even the developed economies. The developed economies thus called as service economies reveal that the service sector accounts for more employment, contribution in GDP and more consumption than manufactured goods.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
This Slideshare is the sole Property of the Welingkar School of Distance Learning – Reproduction of this material , without prior consent, either wholly or partially will be treated as a violation of copyright.
For the purposes of this paper, service will be a synonym for the product of the Hospitality industry.
The relation of service to the hospitality industry does not necessarily mean that this paper has a limited scope.
Service expectations and how they are formed can be related to the entire field business and humanistic interaction.
Significance of Service quality is very important for the success of a service company :
1. To win credibility & get repeat customers : If a company offers quality service consistently, It enjoys repeat business, i.e., customers visit it repeatedly. They may even refer it to their friends & relatives and provide positive word-of-mouth publicity to the quality service offered by the company.
2. To charge premium price : When a company offers superior quality service, compared to its competitors, customers who value quality will always prefer this company to other players in the market. So, the company will be in a position to charge a premium price from customers.
According to Berry & A Parasuraman, service quality is determined by customers using various criteria like credibility, security, access, communications, tangibles, responsiveness, reliability, competence, courtesy, tangibles, understanding, etc. Gronoos also suggested another list of criteria as professionalism & skills, attitude & behaviour, accessibility & flexibility, reliability & trustworthiness, reputation & credibility, and recovery. Since some of these factors are similar or overlapping, the authors have consolidated these into five distinct dimensions,
These dimensions represent how consumers organise information about service quality in their minds. These five dimensions were found relevant for banking, insurance, appliances repair, & maintenance, securities brokerage, long distance tele-service, auto repair service, & others. The dimensions are also applicable to retail & business services. This can be logically extended to internal services as well.
The purpose of this presentation is to obtain a better understanding of the extent to which service quality is delivered within the service sector service by drawing on front-line employees (FLE) and customer perceptions of service quality. The PPT shown how closely customer expectations of service and FLE perceptions of customer expectations match. SERVQUAL is used to measure service quality amongst FLE and customers in a major service sector department.
In this slide presentation know about “Services Marketing”, which is an integral part of even the developed economies. The developed economies thus called as service economies reveal that the service sector accounts for more employment, contribution in GDP and more consumption than manufactured goods.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
This Slideshare is the sole Property of the Welingkar School of Distance Learning – Reproduction of this material , without prior consent, either wholly or partially will be treated as a violation of copyright.
Customer Expectation Management, the 21st Century Value Chain, and examples of companies that are leveraging the Value Chain for exemplar business success.
SLAs - How to Meet Your Customer ExpectationsKayako
Service level agreements, or SLAs, are integral to any service-based industry. Most customer support teams use them to ensure customer expectations are met. But can SLAs can be used for more? Find out in these webinar presentation slides!
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A Guide Map To Customers’ Expectations In 2016 and BeyondSocious
Your customers are logging into websites more frequently, signing up for new online services, and trying new apps every day. The well-documented consumerization of business product users is putting increasing pressure on companies.
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Searches for customer engagement and community resources hit fever pitch in 2015 and interest in improving relationships with customers is expected to continue to rise over the next decade.
The team at Socious follows trends in customer relationship management very closely. The following guide outlines 20 things that your customers expect from you and your company in 2016.
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When establishing the relationship between an external service provider (outsourcer) and customer, why do we document a whole operating model spanning both organisations? The whole point of outsourcing is that the supplier should be a black box, with inputs, outputs and performance requirements. What we need to define is the interface between the two entities, to ensure the operating models of each one mesh properly together: the Engagement Model.
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The three Rs: Roles Responsibilities RelationshipsRob England
IT is about people, and more specifically the 3 R’s – roles, responsibilities and relationships. Rob will highlight that this is the key to getting the people side of IT right; define and communicate clearly everybody's roles, responsibilities, and build and cement strong relationships both within IT and with internal and external business partners too. According to Rob, if we can agree who does what and to whom first, then the processes and tools will follow. Without that, IT initiatives are doomed to fail: all the shiny flowcharts and software in the world won't affect improvements until people are working together effectively. Rob will also discuss how to design service models to make sure everybody plays their part: operating models (or their subset support models), engagement models and RACI charts for each practice. He will also look at what we need and what tools are available to help you get there.
Great Expectations Retention Workshop2derekfmartin
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A common complaint against value-based strategy is that it's too hard for the average business person to quantify value. That it's a task best left to an expert with a complex spreadsheet. We could not disagree more. LeveragePoint has worked with hundreds of cross-functional managers to successfully apply the steps of economic value modeling.
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Profitable Customer Acquisition for Banks and Credit Unions. Traditional marketing strategies are ineffective and inefficient resulting in significant missed opportunities for Community Banks and Credit Unions. OptiRate offers a unique approach that enables Banks & Credit Unions to attract profitable customers at a fraction of their current customer acquisition costs.
Identifying causes of customer risk and churn, and then applying approaches for prospective winback, are tremendously important to any company. The content of this presentation enables organizations to optimize customer loyalty behavior
This presentation discusses how the quality of logistics operations can leave a deep impact on customers and what impact it can leave on customer service. Also helps understand management about the tradeoff between service levels, related costs and their impact on the bottom line.
Simple is Beautiful: The unifying customer experience principle Derek Martin
Simplicity delivers results in todays customer centric world. Learn how MetLife approaches a complex product from all angles to deliver on its mission to provide affordable Life Insurance to everyone.
Derek Martin, PeaceCorps Senegal 1993-1995Derek Martin
WorldWide Schools presentation of m service in Senegal. Supports the 3rd goal of the Corps: bring culture back. Presented to schools and community groups.
Service vs Sales: Driving Loyalty through EngagementDerek Martin
Strategies and tactics to making Sales and Service complimentary instead of contradictory. American Express Case Study. Presented at the Loyalty USA Conference, Nov 2011.
Best practices and stratagies to engaging customers across multiple channels to deliver value and loyalty. Presented at the Professional Association for Customer Engagement conference (PACE), May 2012.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Presented at The Global HR Summit, 6th June 2024
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2. Introduction: Derek F Martin
Director Customer Engagement, Sales &
Retention, World Service, American Express
Board of Directors, ATA
http://BetterBusinessBanter.blogspot.com
Next Conference: “Sales vs Service”
Loyalty USA in Las Vegas, October 2011
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2
3. Ice Breaker
Turn to the person next to you and share an experience
where you consciously moved your business from one
company to another (merchant, supplier, restaurant, airline, credit
card or bank,…).
What reasons drove you to leave?
Has the new merchant/service met your expectations?
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3
4. Agenda
1. Why Retention?
2. How Bad Is It?
3. How Did It Get To This?
4. What Can We Do About It?
5. Retention Tactics
6. The Best Defense is a Great Offense
7. Open Dialogue
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4
5. 1. Why Retention?
ROI – Customers are Assets1
Cost of acquiring new customers is up to 5X cost to retain
current customers
2% increase in customer retention = cutting costs by 10%
A 5% reduction in attrition rate can increase profits by 20-
100%
The customer profitability rate tends to increase over the
life of a retained customer
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5
Sources: 1. "Leading on the Edge of Chaos", Emmett C. Murphy and Mark A. Murphy
6. 1. Why Retention? (continued)
COMPETITION – Growth and Market Share
The average company loses 10-15% of its customers
each year2
Competitive advantages – maintain market share,
customer feedback, reduce “detractors”
Acquisition $’s are for growth
BRAND
Brand Impact of Promoters vs Detractors
Sources: 2 American
Association for Quality, 2011 Copyright, all rights reserved. Reprints: derekfmartin@gma
6
7. Impact of Retention rate on Customer Lifetime Value (CLV)*
r m = margin or profit from a customer per period
{
CLV = m 1+ i – r } r = retention rate
i = discount rate
CLV
$500
$400
$300
$200
$100
$0
50% 60% 70% 80% 90%
Rate of Retention
Copyright,
*Source: Sunil Gupta, “Managing Customers all rights reserved. Reprints: derekfmartin@gma
7
as Investments,” Wharton 2005
8. 2. How Bad Is It?
Who is Leaving?
How Fast?
Cost of replacement?
To Which Competitor?
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8
9. Who is Leaving?
Top 10 Things You Want to Know about Attriting Customers
1. How Many: Attrition Rate & % total Customers
2. % of New Acquisition: Attrition/Total Customers
3. Estimated Customer Value: CLV
Customer Lifetime Value = m(r/1+i-r)
4. Customer Tenure: # of years or repurchases
5. Voluntary vs Involuntary: % Involuntary
6. How Many Were Saved? Save Rate
7. Why did they Leave? Voice of Customer, Verbatims, Social Forums
8. What are they Saying About You? Net Promoter
9. Where Did They Go? Competitive Marketshare
10. What Would It Take To Win Them Back? Competitive Marketshare
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9
10. 3. How Did It Get To This?
Diagnostic Metrics
Voice of the Customer
Production and Delivery Metrics
Competitive Positioning
Value Proposition (Utility & Price)
Brand Deterioration/Mismatch
Service Delivery
Efficiency Metrics
Process & Service Breakdowns
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10
11. Diagnostic Metrics
Voice of the Customer
Feedback Survey
Social Media & Forums
Mystery Shopping
Focus Groups
Customer Metrics (a sampling)
Satisfaction
Net Promoter Score
Repurchase or Retention Rate
Referral
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11
12. Diagnostic Metrics
Production and Delivery Metrics
Open & Available
Accurate
On Time
Request/Issue was solved (FCR)
Defect Queue
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12
13. Competitive Positioning
Value Proposition: Product Utility & Price
Brand Deterioration / Mismatch
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13
14. Service Delivery
Efficiency Metrics: what matters to your Customers?
Source, JD Powers 2010 Credit Card Satisfaction Survey
Process & Policy Breakdowns
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14
15. Pricing Sensitivity from Servicing Attributes
Pricing Sensitivity for Plastic Laminates
Price Increase
Product Attribute 2.0%
Product Line Scope 1.4%
Consistent Quality 0.4%
Finishing capabilities 0.2%
Service Attributes 4.4%
Accuracy of shipment to order 2.4%
Carrier Capability 0.8%
Handling of Rush Orders 0.6%
Problem Solving Helpfulness 0.4%
Notification when Shipment Delayed 0.2%
Value Attributes 0.6%
Reasonable payment time 0.6%
TOTAL PRICE IMPACT 7%
Source: Harvey N Schycon, “Measuring the Payoff from Improved Customer Service,” Prism 2001. Study of 25 attributes
impact on pricing, 2,000 businesses surveyed
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15
16. 4. What Can We Do About It?
Step One: Triage: Save the best opportunities first
Segment your Customer base by CLV to
Prioritize Treatment
Don’t Save Save no Offer Save w Offer
# Customers
LOW MED HIGH
CLV, $
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16
17. Identify & Eliminate Friction Points
Step Two: Address issues that most upset customers
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17
18. 5. Retention Tactics: A Continuum
Passive Active Desperate
Demonstrate Recognize Reinforce Reward Beg &
Competence Cajole
• Error Free • Friction/ •Intuitive Service • Usage Based • Fee Free
Service Hassel Free
Service
• Profile Based •Tenure Based • Loss Leader
• Easy to Use • Customized Recommend- Offers
Recognition ations
•“Handcuff”
• Private, • Value based • Remind & • Pre-Attrition Contract
Secure, treatments Encourage Use Terms
Compliant
Covered in this workshop
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18
19. Reinforce
Ask for the Business
Features Vs Benefits
Do The Math: spell out the Value Proposition to your customer
Right Product vs Most Profitable Product
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19
20. Rewards
Relevant Rapid Rewards:
$’s Spent NOT Miles Traveled
Commensurate:
CLV
Strategic
10 = 1 20 = 1 $100 = $1
Drive Desired Customer Behavior:
Old ATM fees
Starbucks 15 Stars /1 free coffee
1 star per purchase vs per cup
Hassle Free:
The dreaded Flight Voucher
“Free” Magazine Subscription
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20
21. 6. The Best Defense -
Is a Good Offense
Product Value
Customer Focused Organization
Set & Meet Expectations
Feed The Meter
Constant Innovation & Competitive Disruption
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21
22. Customer Focused Organization
Balanced Scorecard
Shared Goals
Respect and empower customer service
Customer Council
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22
23. Set & Meet Customer Expectations
Be consistent
Manage the truth, not avoid it
Keep your promises and apologize when you don’t
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23
24. Feed The Meter
Understand when and how key
Relationship Stages occur
Actively engage your customer when or
even before these stages occur
Welcome Educate Engage Reward
Complexity Value Prop
Product Entice
Encourage Usage Excite Recognize
Prospect Purchase RePurchase Loyalty
Customer Lifecycle (Time or # repurchases)
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24
25. Questions and Open Dialogue
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25