MBA Marketing Project Report on Satisfaction of the Customers
Project Report Customer Satisfaction :
Customer Satisfaction: Customer satisfaction depends on the product’s performance relative to a buyer’s expectation; the customer is dissatisfied. If preference matches expectations, the customer is satisfied. If the preference is given hope, the customer is extremely happy or delighted exceptional marketing insurance companies go out of their way to keep their customer satisfied. Satisfied customers make repeat purchases insurance products and tell different about their good experiences with the product.
Customers are the best source of information. Whether to improve an existing product or service or whether firms are planning to launch something new. There is no substitution for “getting it from horse’s mouth” When you talk to your customer directly, to increase your odds for achieving the success you “mistake-proof” your decisions and work on what matters. When you routinely ask the customers for feedback and involve them in business they, in turn, become committed to the success of your business.
Demands of Customer Satisfaction.
Businesses monitor customer satisfaction to determine how to increase their customer base, customer loyalty, revenue, profits, market share and survival. Although more significant advantage is the primary driver, exemplary businesses focus on the customer and his/her experience with the organization. They work to make their customers happy and see customer satisfaction as the key to survival and profit. Customer satisfaction, in turn, hinges on the quality and effects of their experiences and the goods or services they receive.
Customer Satisfaction Measurement: –
A necessary and sufficient baseline customer satisfaction survey program should focus on measuring customer perceptions of how well the company delivers on the critical success factors and dimensions of the business as defined by the customers:
• Service Promptness
• Courtesy of Staff
• Understanding the customer problem, etc.
Two main factors determine the accuracy of CMS. The first is the asking the right question and the second is the asking them to the right people sample of customers which accurately reflects the customer base.
Three things decide the accuracy of a sample.
• It must be representative.
• It must be randomly selected.
• It must be adequate.
Customer satisfaction is one of the primary objectives of any organization. Every organization tries to know the customer satisfaction about their products. So a study on customer satisfaction helps the group as well as me to gain a vast knowledge of the real world tastes and preferences of customer.
Assuring Customer Satisfaction:
“Those who enter to buy, support me. Those who come to flatter, please me. Those who complain, teach me how I may please others so that more will come. Only those who hurt me are displeased but do not complain. They refuse me permission to correct my errors and thus improve my service.” – Marshall Field.
The attitude of the professional is summed up in this statement. It establishes the customer as the person to whom you are responsible. Customers support you; therefore, they deserve VIP treatment.
When your customers are happy, you are right. When they complain, you are unhappy, but you examine the complaint calmly and see it as an opportunity to learn as well as satisfy their needs. The quote echoes the fear that customers will not vocalize their dissatisfaction, but instead take their business elsewhere.
There’s another quote that’s even more important to salespeople and companies immediately upon making a sale–
“The Sale Begins When the Customer Says…Yes.”
In the old days, It used to be, “The Sale Begins When the Customer Says…NO,” but that’s an entirely private attitude to embrace in today’s customer-driven business environment.
Keeping Your Customers Happy
Since your first concern is customer satisfaction, you should be aware of some emotional stumbling blocks in your path: selective perception, user error, and buyer’s remorse.
Selective perception is the process in which a person sees only selected details from the entire picture. This attention to detail is sometimes petty. For example, a customer may have a new copying machine that works like a charm, but he is irritated by the sound of the motor. He focuses only on what is wrong rather than what is right.
This occurs because buyers expect their purchases to be perfect. Regardless of the purchase price, they figure that for what they spent, they deserve perfection. When you encounter someone who practices selective perception, evaluate the situation to determine if the complaint is reasonable or exaggerated.
If it is expanded, try to resolve the problem by pointing out benefits and features that compensate. Put the negative detail in a different perspective for your client so that it becomes one small part of the total picture.
Handling Customer Complaints
Whether your customer’s complaint is legitimate or not, follow it up with a service call. Whenever possible, do it personally instead of sending someone from the customer service department. It provides the personal service that your customer appreciates and it may obviate the need for a technician or serviceman to call.
As an alternative, both of you can go together to handle customer complaints. Keep the following guidelines in mind:
1. Don’t procrastinate making the call.
Often the problem is not as severe as it sounds. Some customers “read the riot act” when they call about a complaint. A delay in responding will only irritate your client more.
2. Admit mistakes and apologize.
Just because you made the sale does not mean you can become defensive about your company, product or service. Even the most reputable companies make mistakes and have problems with their products. You may want to restate the customer’s complaint to show that you are listening and have an understanding of the problem.
3. Show compassion for your customer.
Whether the complaint proves to be true or false, show your customer that you are concerned and will investigate the problem immediately. Help the customer calm down by saying, “I can understand why you feel the way you do.”
4. Actively listen to your customer’s complaint.
Talking will make him feel less anxious about it. Let your customer “vent” his feelings before you react to the situation. Be sympathetic and encourage the customer to “blow up.” Afterward, he’ll feel better; this means he’ll be in a better frame of mind.
5. This may take the blame off you, but it undermines the integrity and organization of the company, and your customer will lose confidence in your firm.
Maintaining Customer Satisfaction
The truth behind preserving your customers is simple; now that you have them, retain them. When you think the amount of time and money invested in them, you cannot afford to lose them. This investment goes beyond your expenditures. It also includes your firm’s advertising and marketing costs to reach that particular market segment. Your customers, therefore, should be treated as if the life of your business depended on them – which it does!
15 Ways to Keep Your Customer Satisfied
1. Show them that you think of them.
Send them helpful newspaper clippings or articles, cartoons related to their business and “Here’s an idea I thought you’d enjoy” notes. Send your clients Christmas/New Year’s cards, birthday cards, and thank you notes.
2. Drop by to show them new products and brochures and offer additional services.
Always make an appointment before making your call! Respect your clients’ time as you do your own.
3. Offer a sample gift to enhance the use of your product. See how others are utilizing your product or service and suggest other ways that they can benefit from it. They may not be realizing its full potential.
4. Offer “customer discounts” on new products or services to encourage additional business.
5. When new employees are hired, offer to train them free of charge in the use of your product.
6. Repay or compensate them for lost time or money caused by problems encountered with your product.
If you pinch pennies, your customer may do the same.
7. Be personal.
Record details about your client’s life and enter these in your file. It’s so much nicer to say to someone, “How is Bob?” rather than, “How’s your husband?”
8. Tell the truth.
Lies have a way of coming back to haunt you.
9. Accept returns without batting an eyelash.
In the long run, they are much less expensive than finding a new customer.
10. Be ethical.
Keep all your information about the account confidential.
11. Be confident that your company follows through on its commitment.
This includes delivery, installation, packaging, and so on.
12. Show your appreciation for their referrals by reporting back to them on the outcome.
13. If your company has a newsletter, obtain permission from your successful clients to write about them in it.
14. Keep track of their results with your product and meet periodically to review the entire picture.
15. Keep the lines of communication forever open.
Customer Satisfaction in 7 Steps
It’s a well-known fact that no business can exist without customers. In the company of Website design, it’s essential to work closely with your customers to make sure the site or system you create for them is as close to their requirements as you can manage. Because it’s critical that you form a close working relationship with your client, customer service is of vital importance. What follows is a selection of tips that will make your clients feel valued, wanted and loved.
1. Encourage Face-to-Face Dealings
This is the most daunting and downright scary part of interacting with a customer. If you’re not used to this sort of thing, it can be a pretty nerve-wracking experience. Rest assured, though; it does get easier over time. It’s essential to meet your customers face to face at least once or even twice during a project.
2. Respond to Messages Promptly & Keep Your Clients Informed
This goes without saying really. We all know how annoying it is to wait days for a response to an email or phone call. It might not always be practical to deal with all customers’ queries within the space of a few hours, but at least email or call them back and let them know you’ve received their message and you’ll contact them about it as soon as possible. Even if you’re not able to solve a problem right away, let the customer know you’re working on it.
3. Be Friendly and Approachable
A fellow Site Pointer once told me that you could hear a smile on the phone. This is very true. It’s crucial to be friendly, courteous and to make your clients feel like you’re their friend and you’re there to help them out. There will be times when you want to beat your clients over the head repeatedly with a blunt object – it happens to all of us. It’s vital that you keep a clear head, respond to your clients’ wishes as best you can, and at all times remain polite and courteous.
4. Have a Defined Customer Service Policy
This may not be too important when you’re just starting out, but a defined customer service policy is going to save you a lot of time and effort in the long run. If a customer has a problem, what should they do? If the first option doesn’t work, then what? Should they contact different people for billing and technical inquiries? If they’re not satisfied with any aspect of your customer service, whom should they tell?
There’s nothing more annoying for a client than being passed from person to person, or not knowing who to turn to. Making sure they know correctly what to do at each stage of their inquiry should be of utmost importance. So make sure your customer service policy is present on your site — and anywhere else it may be useful.
5. Attention to Detail
Have you ever received a Happy Birthday email or card from a company you were a client of? Have you ever had a personalized sign-up confirmation email for a service that you could tell was typed from scratch? These little niceties can be time-consuming and aren’t always cost-effective, but remember to do them.
Even if it’s as small as sending a Happy Holidays email to all your customers, it’s something. It shows you care; it shows there are real people on the other end of that screen or telephone; and most importantly, it makes the customer feel welcomed, wanted and valued.
6. Anticipate Your Client’s Needs & Go Out Of Your Way to Help Them Out
Sometimes this is easier said than done! However, achieving this supreme level of understanding with your clients will do wonders for your working relationship.
7. Honor Your Promises
It’s possible this is the most critical point in this article. The simple message: when you promise something, deliver. The most common example here is project delivery dates.
Clients don’t like to be disappointed. Sometimes, something may not get done, or you might miss a deadline through no fault of your own. Projects can be late, technology can fail, and sub-contractors don’t always deliver on time. In this case, a quick apology and assurance it’ll be ready ASAP wouldn’t go amiss.
Measuring customer satisfaction
Organizations need to retain existing customers while targeting non-customers. Measuring customer satisfaction indicates how successful the group is at providing products and services to the marketplace.
Customer satisfaction is an abstract concept and the actual manifestation of the state of happiness will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of comfort can also vary depending on other factors the customer, such as different products against which the customer can compare the organization’s products.
Customer Satisfaction Surveys:
Surveys and questionnaires are the most common marketing research methods. Typically, they are used to:
- Assess the level of customer satisfaction with a particular product, service or experience.
- Identify factors that contribute to customer satisfaction and dissatisfaction;
- Determine the current status or situation of a product or service;
Compare and rank providers;
- Estimate the distribution of characteristics in a potential customer population; or Help establish customer service standards.