E Marketing and Customer Relationship Management – Two sides of the same coin
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Marketing Strategy – Meaning and Its Importance
What is Marketing Strategy ? Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for attaining these marketing objectives. It is the building block of a marketing plan. It is designed after detailed marketing research. A marketing strategy helps an organization to concentrate it’s […]
Business to Business (B2B) Internet Marketing Strategies
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Brand Equity & Customer Equity
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New Product Pricing
Pricing is an important parameter; organizations need to take care of while launching a new product or service in the market. Before deciding the price of a new product, it is essential for organizations to understand and also calculate total costs involved in the entire process of the product development be it designing, manufacturing or […]
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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