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Theories on customer loyalty
Customer loyalty and relationships
Customer loyalty and relationships
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Strategy for customer experience management is lacking for most organizations, according to numerous studies, and lack of strategy is a cited widely by customer experience (CX) practitioners as a key obstacle to achieving business results. [1] A close look at the most prevalent CX practices underscores this dilemma: we 're "putting the cart before the horse" with near-brute-force on business results and by forgoing the essential building blocks to sustainable CX ROI. Truth About Customer Experience Goals Most of us are pursuing retention, loyalty, service excellence, and customer experience differentiation. Let 's explore the nature of these goals: Customer retention (duration of relationship) and loyalty (share of budget, recommendations) …show more content…
Customer intelligence integrated all sources of CX data for a holistic picture of customers ' plight. Everyone across the company had an insatiable curiosity about customers and passion for innovating the customer experience. Why the Cart 's Before the Horse Career path biases of CX practitioners, pet projects of executives, ambitious purveyors of CX technologies, and eagerness to embrace shiny silver bullets are some of the perpetrators of the gold-rush strategy for customer experience business results. We need to step back and take a look at logical cause-and-effect of business and human behavior (externally and internally), with a holistic viewpoint, in order to get on the right track toward our goals for differentiation, excellence and financial rewards. How to Get Customer Experience Business Results Here are 6 truths: First, revenue comes from customers. We are pretty good at "tuning our radar" to what turns on/off our boss who has power over our salary and career progress, so it makes sense to likewise tune our radar to our ultimate boss: customers. This is the Customer Voice building …show more content…
This is the CX Improvement & Innovation building block. Fourth, keeping our boss ' well-being at the center of our decisions and actions gives us a secure backdrop for moving things forward on-the-fly and for being in the right place at the right time to make the most of the best opportunities. This is the Customer-Centricty building block. Fifth, it certainly makes sense to center our teams accordingly: get everyone on the same page with regard to what makes the boss tick and how their work impacts the boss ' well-being and our collective success, and to engage everyone in proactively managing their work for the best outcomes. This is the Internal Branding building block. Sixth, with all these building-blocks in place, now you can feel at ease to toot your own horn. Let your stakeholders know about the great things you 're capable of providing, and make it compelling for them to help themselves through your capabilities. This is the External Branding building
Earl Sasser Jr. discusses why customers matter in his lecture because customers are essential in every business that have been created. He began by providing a story about a local grocery store in Norwalk Connecticut that kept expanding. Their customers were dedicated to making their store the best it could be by providing suggestions and participating in focus groups that concluded in results from the suggestions. Sasser wanted to show businesses that were not efficient in their customer care why their customers should matter because there are some companies who have leaders that have instilled these ways in their companies but there are some that neglect the fact that their customers do matter. Sasser says that if you listen to all the CEOs
He thinks that if the employees are in charge of their own careers that they will work that much harder. He believes that someone who wants to be at work will positively impact all customer relations which helps the brand maintain its high level of customer satisfaction. The core belief is that happier people doing their jobs will lead to a much higher degree of service for the customers. Happy customers tend to have repeat business and helps the brand grow or maintain their level of business.
Customers are in awe of the stance this company has taken not only for the customer service but the way they tend to care and want the best for their employees. It has been proven time and again that a great management team can create a great working atmosphere and that initially trickles downhill to the other employees that are hands on with the customers. It’s simple, happy employees equal happy
We recognize that our success as an enterprise depends on the talent, skills and expertise of our people and our ability to function as a tightly integrated team. We appreciate our diversity and believe that respect - for our colleagues, customers, partners, and all those with whom we interact - is an essential element of all positive and productive business relationships.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Focusing on the benefits to the business organisation, this is a very important concept for them to gain their maximum potential profits and the success of the business as a whole.
The working environment faces fresh and new graduates every time. In today’s rapid pace working environment more and more young and aspiring graduates joins the workforce in hope to fulfill their needs. Many a times, we see corporate players decide to focus more on their direct customers also known as their paying customer due to the being their revenue generator. There are extensive studies and research on how to retain the said customers by providing them with immense customer satisfaction. However, companies sometimes do neglect their indirect customers or their employees. These employees are the backbone of any company as the play an important role in keeping the company going.
Many scholars believe that customer satisfaction has a crucial role in the success of a business, and is pivotal in increasing the overall profitability of the business (Kotier, 1991). Customer value is gained through the experience they receive from the goods or purchases they have obtained from a certain business. Customer value has various definitions and concepts, Holbrook (1999) stated that it is a kind of “interactive, mutual, and preferred experience”; but simply said, “the term customer value has many meanings.”
...ough quality or enough service, satisfaction will result. However, we have evidence to support that quality and service alone can not produce recurrent satisfaction. Satisfaction is a distinct and separate issue.
With the dilemma stated, the management question would be how do we increase customer satisfaction? Research questions, which are the objective of the research study, would include – what can management do to improve customer satisfaction, how is employee attitude and motivation connected to customer satisfaction, should we add employee incentives to reward increased customer service ratings, and should we modify hiring and training procedures?
McDonalds – one of well-known brands in the world that revolutionize the industry they compete in. McDonalds’ founding fathers could never have imagined the unbelievable growth that their company would have over the many years. Many believe that the success of McDonalds relies in totally on the brand mission that is to “be the customers’ favorite place and way to eat and drink. The mission also emphasizes the importance of a “must” exceptional customer experience”. One of the values that McDonalds tries to reinforce through out the entire company is the value cemented at the base of customer centric concept on a daily operation.
...stomer service is essential in any organization. Its importance has positive implications on the business. Having an excellent customer service will motivate the organization’s employees. This will result in a win-win situation because a happy employee is a productive employee. When a motivated employee helps customers he/she will ensure that the customers are satisfied in a way that exceeds their expectations. These customers will then go out in to the public and share their experience with friends who will eventually patronize the business. In the long run the business gains more customers and increases its profits. Therefore, every organization should attempt to implement and preserve an excellent customer service strategy. This will give the organization a competitive edge above other organizations and establish a reputable image every business entity long for.
As Peter Duckers has put it, "The ultimate aim of all business organisation is - to create a customer". These days, for most products and services, the market belongs to the buyer. The customers e...
Task 1: Critically evaluate the key concepts/theories on the topic of the effectiveness of loyalty programmes on customer loyalty
Lawfer, M., R. (2004). Why customer come back: how to create lasting customer loyalty. United State of America: Career Press.