Ransford Basics Certificate Course in Building Customer value

Consumers have varying degrees of loyalty to specific brands, stores, and companies. Loyalty has been defined as “a deeply held commitment to rebuy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.” The value proposition consists of the whole cluster of benefits the company promises to deliver; it is more than  the core positioning of the offering. For example, Volvo’s core positioning has been “ safety ,” but the buyer is promised more than just a safe car; other benefits include good performance, design, and safety for the environment.  The value proposition is thus a promise about the experience customers can expect from the company’s market offering and their relationship with the supplier. Whether the promise is kept depends on the company’s ability to manage its value delivery system.  The value delivery system includes all the experiences the customer will have on  th

In general, satisfaction is a person’s feelings of pleasure or disappointment that result from comparing a product or service’s perceived performance (or outcome) to expectations.  If the performance or experience falls short ofexpectations, the customer is dissatisfied. If it matches expectations,the customer is satisfied. If it exceeds expectations, the customer is highly satisfied or delighted. Customer assessments of product or service performance depend on many factors, including the type of loyalty relationship the customer has with the brand. Consumers often form more favorable perceptions of a product with a brand they already feel positive about. Research has also shown an asymmetric effect ofproduct performance and expectations on satisfaction: The negative effect on customer satisfaction of failing to meet expectations is disproportionally stronger than the positive effect of exceeding expectations. Although the customer-centered firm seeks to create high customer satisfact

Many companies are systematically measuring how well they treat their customers, identify ing the factors shaping satisfaction, and making changes in their operations and marketing as a result.  For example, Wachovia Securities employs mystery shoppers to assess how well employees are satisfying customers, linking part of employees’ compensation to their ratings. The emphasis on customer service seems to be working—a research study by Brand Keys during the first quarter of 2006 found that Wachovia did a better job of meeting the expectations of its loyal customers than any other bank.?’  A company would be wise to measure customer satisfaction regularly, because one key  to customer retention is customer satisfaction.  A highly satisfied customer generally stays loyal longer, buys more as the company introduces new products and upgrades existing products, talks favorably to others about the company and its products, pays less attention to competing brands and is less sensitive to price

Joie de Vivre Hospitality Inc. operates a chain of boutique hotels, restaurants, and resorts in the San Francisco, California area. Each property’s unique décor, quirky amenities, and thematic style are often loosely based on popular magazines. For example, the Hate! del Soi—a converted motel bearing a yellow exterior and surrounded by palm trees wrapped with <sstrve lights—is described as “kind of Martha Stewart Living meets Islands magazine.”24 Two Silicon ‘iy fh vte.s otter guests high-speed Internet connections in their rooms and by the pool.25 The boutique cuncept enables the hotels to offer personal touches, such as vitamins in place of chocolates on pillows. Joie de Vivre now owns the largest number of  independent hotel properties in the Bay Area.  For certificate: Send us email: ransfordglobalinstitute@gmail.com WhatsApp: +2349015992500 Ransford Global Institute https://rtse.yolasite.com/

Customer satisfaction measurement is the process of assessing how satisfied customers are with a company's products, services, or overall experience. It involves gathering feedback from customers and analyzing their responses to determine their level of satisfaction. Here's how the measurement process typically works: 1. Define Metrics Businesses must first define the metrics and criteria they will use to measure customer satisfaction. This may include overall satisfaction scores, ratings of specific product or service features, likelihood to recommend (NPS), or other relevant indicators. 2. Select Measurement Tools  Once the metrics are defined, businesses choose the appropriate tools and methods for collecting customer feedback. This may involve surveys, feedback forms, interviews, social media monitoring, online reviews, or a combination of these approaches. 3. Collect Feedback Feedback is gathered from customers through various channels, such as email surveys, phone calls,

Customer satisfaction has a significant influence on various aspects of a business, including: 1. Customer Retention Satisfied customers are more likely to remain loyal to a brand and continue purchasing its products or services. High customer retention rates contribute to long-term profitability by reducing the need to constantly acquire new customers, which can be more costly. 2. Word-of-Mouth Marketing  Satisfied customers are more inclined to share positive experiences with friends, family, and colleagues, leading to positive word-of-mouth marketing. This organic promotion can significantly influence the purchasing decisions of others and contribute to the growth of a business's customer base. 3. Brand Reputation  Customer satisfaction directly impacts a company's reputation. Positive experiences build trust and goodwill, enhancing the brand's reputation and credibility in the marketplace. Conversely, negative experiences can tarnish a brand's image and deter potent

Product and service quality are crucial for customer satisfaction and loyalty. High-quality products meet or exceed customer expectations, while excellent service ensures a positive experience throughout the customer journey. Businesses that prioritize quality often build strong reputations and gain a competitive edge in the market. Regular feedback and continuous improvement are essential for maintaining and enhancing quality standards over time. Product quality refers to the characteristics and attributes of a product that determine its ability to meet customer needs and expectations. This includes factors such as durability, reliability, performance, safety, and aesthetics. High-quality products typically exhibit consistency in these aspects, providing value to customers and building trust in the brand. Service quality, on the other hand, pertains to the level of satisfaction customers experience when interacting with a company's services. It encompasses factors such as responsi

Net Promoter Score (NPS) is a management tool used by businesses to gauge the loyalty of their customer relationships. It's based on the idea that customers can be divided into three categories: promoters, passives, and detractors.  Customers are typically asked a single question: "How likely are you to recommend our company/product/service to a friend or colleague?" They respond on a scale from 0 to 10.  - Promoters (score 9-10): Customers who are highly satisfied and likely to recommend. - Passives (score 7-8): Customers who are satisfied but not enthusiastic enough to actively promote. - Detractors (score 0-6): Customers who are dissatisfied and may spread negative word-of-mouth. The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters, resulting in a score that can range from -100 to +100. A positive score indicates more promoters than detractors and suggests that a business has a strong base of loyal customers. NPS is used as

A customer complaint is a formal or informal expression of dissatisfaction or criticism regarding a product or service provided by a company. It could be related to various issues such as product defects, poor service quality, billing errors, delivery delays, or unmet expectations.  Customer complaints provide valuable feedback to businesses, allowing them to identify areas for improvement and take corrective actions to address the concerns raised by customers. Effective handling of customer complaints is crucial for maintaining customer satisfaction and loyalty.  Let's delve into the concepts of customer complaints with some examples: 1. Product Defects  A customer purchases a new smartphone, but after a few days of use, they notice that the camera lens is scratched, affecting the quality of their photos. They contact the company to complain about the defect and request a replacement or repair. 2. Service Quality  A guest checks into a hotel and finds that their room hasn't be

The impact of quality, especially in the context of Total Quality Management (TQM), can be significant and far-reaching. Here are some key impacts: 1. Customer Satisfaction High-quality products and services lead to increased customer satisfaction, loyalty, and positive word-of-mouth, which can result in repeat business and new customers. 2. Competitive Advantage  Consistently delivering high-quality products or services can differentiate an organization from its competitors, leading to a competitive advantage in the market. 3. Cost Reduction  Improving quality often leads to reduced waste, rework, and warranty costs, which can result in overall cost savings for the organization. 4. Employee Morale and Engagement  Involving employees in quality improvement efforts can lead to higher levels of morale, job satisfaction, and engagement, as employees see the impact of their work and contributions to the organization's success. 5. Efficiency and Productivity  Quality improvement efforts

Total Quality Management (TQM) is a management approach that aims to achieve long-term success through customer satisfaction. It involves all members of an organization in improving processes, products, services, and the culture in which they work. TQM emphasizes continuous improvement, teamwork, and customer focus. Key principles include: 1. Customer Focus Meeting customer requirements and exceeding their expectations. 2. Continuous Improvement Constantly seeking ways to improve processes, products, and services. 3. Employee Involvement  Involving all employees in the improvement process. 4. Process Approach  Managing activities and resources as processes to achieve objectives efficiently. 5. Systems Approach :  Understanding that all processes are interconnected. 6. Leadership Involvement Providing vision, direction, and support for the TQM process. 7. Evidence-Based Decision Making  Making decisions based on analysis and evaluation of data and information. 8. Supplier Relationships