Designing and Managing Services
The art of brand building is through creating strong brand image and brand awareness with customer. However, the brand building process continues even after the product is sold to the customer. Company can come out to be a winner by showcasing differentiation in services at the point of sell and after sell customer service. Furthermore, […]
Cultural Factors affecting Consumer Behaviour
Consumer behaviour deals with the study of buying behaviour of consumers. Consumer behaviour helps us understand why and why not an individual purchases goods and services from the market. There are several factors which influence the buying decision of consumers, cultural factors being one of the most important factors. What are Cultural Factors ? Cultural […]
Strategic Management: Importance of Vision and Mission Statements
One of the first things that any observer of management thought and practice asks is whether a particular organization has a vision and mission statement. In addition, one of the first things that one learns in a business school is the importance of vision and mission statements. This article is intended to elucidate on the […]
Strategy – Definition and Features
The word “strategy” is derived from the Greek word “strategos”; stratus (meaning army) and “ago” (meaning leading/moving). Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state […]
Stages in Consumer Decision Making Process
An individual who purchases products and services from the market for his/her own personal consumption is called as consumer. To understand the complete process of consumer decision making, let us first go through the following example: Tim went to a nearby retail store to buy a laptop for himself. The store manager showed him all […]
After emphasizing on customer response and its advantages it is also important to know how to measure these responses and what can be achieved after accurate measurement. For this it is necessary for an organization to incorporate following performance indicators:
Some extended use of TRC is also to indicate the profitable aspects like which response was profitable and which was not. It can also compute which customers are profitable for the organization and which are not and which are they who can continue to give more profit in future.
Total response cost is a powerful system which helps improving the financial aspects of organization by limiting the investments made by the organization and always keeps a check on customer response to enhance financial features.
FTFR is calculated by total products delivered per total products requested. There are many other indicators which help measuring quality performance of customer responses like Invoice Accuracy and Order Status communication accuracy.
Invoice accuracy tool keeps a regular check on Invoice automation system and measure the accuracy of them. It is generally formulated as the total invoices with accurate match of items, prices and quantities etc per total invoices received.
More the percentage produced by these tools more is the customer response value. It is necessary to measure quality performance so that the customers receive best services and customer satisfaction index always remain on top.
One more important indicator called Order Entry Time (OET) is also installed which calculates the time taken from intimation of order until the order is captured or entered in the CRM system. This shows the time elapsed in the telephonic conversation or internet. By this the overall entry time taken by the executive to enter the details in the systems can be calculated. This is an important factor and can be used for increasing the productivity and for trying to reduce the time taken for order processing.
Lesser the time taken to process the orders and entering the relevant information in the system, more are the chances to consume large number of customers in a given specific interval of time.
With the help of above discussed indicators or measurement tools customer response can efficiently be measured. Without having the knowledge of how the processes are performing and understanding which functional areas is lagging behind, improvement and enhancement cannot be done. Hence we can say that measuring customer response is the best strategy to improve it.
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