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Transcript of Prat Hap
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7/31/2019 Prat Hap
1/3
Customer is the King, but where is his Kingdom?
For sustained business growth, customer satisfaction, if not delight is more important.
In the present fiercely competitive world, it is much relevant to service organizations
like Banks. Banks believe that providing prompt and efficient service is essential not
only to lure new customers, but also to retain the existing ones. However, there areplenty of instances that banks turn a deaf ear for customer complaints and
grievances. The clichs like Customer is King, Customer is the Emperor, Customers
are not dependant on us, we are dependent on them appear on the walls inside the
offices or dangled in the workstations. But in reality, there are many cases to prove
that business men using these catchphrases are just an eye-wash. For instance, there
is a plethora of complaints against a leading Indian private banker.
A customer by name Ms. Milli Sinha from New Delhi recently lodged a complaint
against the afore said bank that the customer care executives of the banks local DSA
have been calling and irritating her trying to convert her payment to EMI. This has
been done for both her mobile and landline.
Another major complaint that the consumer court received in these days is that the
bank personnel are not so empathetic towards their customers. Bankers rude
behavior, hasty answering to the customer queries and paying lip service are the
chief complaints that are piled up in the consumer court or at banking ombudsmen.
A pause at this stage to ponder why this is happening is the need of the hour. A
research study carried out by Mr. R.K. Uppal, Punjab brings out the following as the
major reasons for such a bad customer services.
1. Customers are treated unfairly at times.
2. Complaints are not handled timely and are not updated.
3. Bank employees lack soft-skills that help them handle their customers
effectively.
4. Often, employees are not completely aware of the various alternatives for the
customer complaints.
5. Employees are not adequately trained on how to satisfy their customers.
The above discussion proves to some extent that though businessmen know the fact
that customers are backbone to their businesses, in reality customers are voiceless.
Either they are unnoticed and not given the right importance because the
businessmens minds are preoccupied with the strategies for present but not for
future. Hence, the question Customer is the King, but where is his Kingdome is yet
unanswered.
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7/31/2019 Prat Hap
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Multi-channel Interaction
The success of any firm, especially service firms such as banks depends on its ability
to understand their customers aptly and suit their business strategies accordingly.
Businesses fail to satisfy their customers mainly because of their inability to listen to
them. Hence, to listen to them properly, businesses need not only to get in touch
with them but also see to it that customers get in touch with them too. Gone are the
days that customers did not have any chance to contact the producer of goods or
services directly except that contacting the retailers who offer them the goods or
services. But for todays customers there are scores of doors opened to get in touch
directly with the goods or service providers.
Multi-channel Interaction points or Touch-points or contact points are the interface of
a business organization with customers and stake-holders, before, during and after a
transaction. They are the customer interaction channels such as call centers, web
sites, automated teller machines, web kiosks, in-person etc. Touch-point management
allows companies to optimize all the interactions with the existing and potential
customers.
For instance, for a bank, touch-points in banking can include client service advisors,
receipts, events, offerings, financial expert reports, website, intranet, IT-systems,
research reports, sponsoring, Word of mouth, e-banking, regional office or contacts by
phone with the client service advisors, etc.
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7/31/2019 Prat Hap
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Customer Database
In todays hyper competitive world, its no longer enough to satisfy a customer, he
must be delighted. He must be surprised. He must be enthralled. But the question is
how? How to surprise them? One solution is to have a watchful eye on the customer,
his daily routine, his habits, interests, his likes and dislikes etc. Sounds strange, but
often it produces good results.
For this, companies must maintain a database of all its ex-customers, present
customers, new customers, potential customers and lost customers that include theirdemographic information as well as those said above. Retail industry is one business
area which extensively uses customers database. Importantly, companies must bear
in mind that the database must be updated timely.
Assume an instance, where a banks marketing executive picks a number randomly
from his database, makes a call to him and discusses the newly introduced Childrens
Education policy and later on even posts the brochure to his address and then was
taken aback after knowing that the customers doesnt have any child. How
embarrassing the situation would be.
Customer database is used to retain existing customers and build loyalty by providing
personalized service and communication, expand sales with existing customers
through cross selling and up selling, generate referrals from satisfied customers and
follow and track potential customer easily.
Executive who uses database must consider some more points. It is important to
consider what information he need from people now and what information he may
require in the future. If he has staff then he needs to sit down with them and
determine everyones information needs. It is important that he creates a customer
database that serves as many areas of his business as possible eg. sales and
marketing.