Profiles International - Victoria    eNewsletter    December 2010

On behalf of the team @ Profiles, we would like to thank our clients for their support in 2010 and we wish all of our clients & newsletter readers a happy and safe Xmas/New Year.

Building Customer Loyalty
As we near the end of the year and prepare to begin the next, there are several time-honoured traditions to guide us:

• we gather with family, friends, and coworkers to celebrate the holidays;

• we reflect on our accomplishments and achievements of the past year and set goals for the next;

• and, especially for businesses, we say thanks to our customers.

Saying thanks to our customers is a simple yet important step in moving from transaction to relationship. It should not be taken for granted. And once you’ve said it, be sure that you don’t just do it once a year, but throughout the year.

At a time when customers can be lured away to more competitive pricing, stay focused on your relationship and delivering exceptional customer service. Don’t let them forget about how much you care, how well you know and satisfy their needs, and how you help their business succeed.

It doesn’t matter if you work in a hospital or hotel, in financial services or retail. The bottom line is the same: Show that you appreciate your customers and they’ll be less likely to jump at a better deal. Do it consistently and you’ll build a reputation for your customer service and attract new customers on that basis alone.

So, yes, this is the time of year to say thanks. And as you plan your goals for the year ahead, make sure you put customer service towards the top of your list, because without customers, you wouldn’t be in business.
                                                                                                    FROM BUD HANEY’S DESK


A Satisfied Customer is NOT always a Loyal Customer 
In business, the goal has always been satisfied customers. While satisfaction is important, it is not sufficient to guarantee that your customers will continue to buy from you. The world changes quickly and the minute you get complacent, BANG, a new competitor surfaces with a solution they claim is better, faster or cheaper. Suddenly your customer no longer needs you. We all know it costs more to acquire a new customer than to keep an existing one.

So, what really drives customer loyalty?

We believe that you build loyalty when you and your customers are aligned on seven key factors. These factors are:
  1. Emotional Dependence - psychological commitment from the customer. It is the customer's reliance on an organisation for support, guidance, and decision-making- the tendency of the customer to seek help from you as a supplier in making decisions. Emotional Dependence includes; integrity, reliability, depth of relationship, and empathy
  2. Structural dependence - common cause between the buyer and seller. This enables clients to run their businesses more efficiently and focus on their core business, and it allows businesses to provide services at a lower cost by building scale and operating expertise. Structural dependence is among the most powerful loyalty builders.
  3. Business Dependence - marketing positioning of the relationship. This includes how you help your customer create go-to-market solutions, grow and retain their client base, and be competitively sound in their market.
  4. Customer Satisfaction - often an indication of how well your organization performed during a recent event. This often includes elements of service, support and delivery - delivering a new product or service; solving a service or maintenance issue; or executing a campaign, pilot program or evaluation.
  5. Performance - how a product or service holds up to expectations and required standards. Typically, performance is measured over a longer period of time and with more objective criteria than the measurement of satisfaction, which is event-based and emotionally influenced.
  6. Economic Value Proposition - refers to the financial implications in the relationship with a customer, such as the economic impact of having or not having a supplier's products or services.
  7. Alignment and Fit - in a buy/sell relationship includes factors such as shared mission and vision, culture, collaborative practices, leadership and expectations. The higher the degree of alignment and fit, the greater the degree of loyalty.
Each company is unique and for that reason you may not be able to measure all 7 Loyalty Indicators. It is very important to gather insights from multiple players in the customer organisation to get the most accurate measure of loyalty. Your success in an account will increase exponentially as you increase your collective knowledge, relationships and economic value. Remember, a strategic account is an extremely valuable asset and must be managed accordingly.

                   

Feature Products: 

Customer Service Perspective
 
Benefits to the Organisation: Builds consistent customer service culture, improves customer satisfaction and loyalty, and reduces employee turnover and legal liability.

Measures the following characteristics: trust, tact, empathy, conformity, focus, flexibility as well as vocabulary and numeric ability proficiencies
 
Includes 3 Reports: 1. CSP Placement report, 2. CSP Coaching report, 3. CSP Individual Report

ProfileXT

Benefits to the Organisation: Better hiring, promotional and management decisions, improves employee productivity, provides more targeted training, improves employee-manager communication, improves organisation efficiency, reduces workplace conflict, reduces turnover and people-related problems and increases engagement and productivity.

IN THIS ISSUE

Building Customer Loyalty


A Satisfied Customer is NOT Always a Loyal Customer

 
Feature Products












WHAT'S ON AT PROFILES

Partner Training:
No partner training this month.

Seminar:
There is no seminar scheduled for December.

 
 

 















































CONTACT US:


For Further Information Please Contact

Profiles International  -Victoria
 

T: 1300  PROFILE
    (1300 776 345) 

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