WHY DO WE NEED A CUSTOMER CENTRIC BUSINESS MODEL?
Customer Centric Business Model REMEMBER: IBM KNEW MORE TECHNOLOGY THAN BILL GATES BUT, BILL GATES BECOME EXTREMELY SUCCESSFUL NOT BECAUSE OF TECHNOLOGY BUT BECAUSE OF ‘CLICK AND DRAG’
CUSTOMER CENTRIC BUSINESS MODEL IS WHERE: Company and customer know each other well Customer is at the heart of the company and its employees Every change is driven by customer needs and aimed at customer delight Every employee believes he is benefited by serving the customer – with tangible as well as intangible benefits
Gandhiji on Customer “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. He is not an outsider on our business. He is a part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so".
Theft vs Lost customer In Reality.. If a company lost 10% of its inventory to theft: Swift action would be taken… If a company is losing 10% of its customers to competitors, no one might even notice the same !!!
Customer Perceptions What Customers want Compared with What customers get = Opinion of Service Quality
Fantastic Service Amazing Astonishing Awesome Remarkable Delight Wonderful Wow
Customer Satisfaction Focus 8 Reasons why it means good business If I am satisfied with you I come back to you again I buy more from you I spread positive publicity I recommend your product to my friends and relatives I tolerate minor inconveniences I don’t mind paying extra I help to solve your problems I become blind to competition
Benefits of Satisfied Customers Helping retain jobs Helping yourself by learning new skills that will be important for professional growth Increasing your confidence Effectively solving customer problems Receiving more recognition from staff and customers Having more fun
Delighted Customer “Research has shown that a delighted customer is 6 times more likely to repurchase your product or service than a satisfied customer”
Five Expectation Categories Reliability : Deliver what is promised Responsiveness: Do it promptly Assurance: Know how to do it Empathy: Do it with respect and understanding Tangibles: Ensure that buildings, surroundings and material are attractive
Caring is the Greatest Gift Caring is an act of kindness to get us through the day. Caring is the greatest gift we can give someone
Handling Moments of truth Care Let customers know you understand their needs. Make sure you let them know that they matter to you.
Handling Moments of truth Apologize If you have made an error, or the organization has made an error, apologize
Handling Moments of truth Fix It Go out of your way to solve the problem. Use your own good judgment. Execute it if you are empowered to do correct the situation. Contact your supervisor if higher authority is needed for best results
Fantastic Service Equation Greeting the customer + Determining needs + Meeting needs + Making the Moment memorable + Checking Results + Leaving the Door Open = Fantastic Service