Performance Management: Quality Control on Steroids!
We understand that attracting and developing a new customer is expensive, therefore, we need to attract customers we can retain. Moreover, retaining customers and cultivating their maximum value is the most direct route to improved bottom line performance. Performance Management has three goals:
Customer Satisfaction: While seemingly intangible, Customer Satisfaction can be effectively measured. Customer Satisfaction has three components:
- Satisfy and thereby retain our existing customer base.
- Increase the ROI of each customer by adapting our offerings to their expectations.
- Refine our marketing and sales efforts to attract customers we can retain long-term.
It is important to understand that the perception of quality, not the actual quality, and the perception of value, not the actual value, determines Customer Satisfaction.
- Pre-sales expectations.
- Perceived Quality.
- Perceived Value.
Price Tolerance: One of the most effective methods to increase ROI is to accurately determine the customer's price tolerance. If you set your price too high you lose customers; too low, you lose money, but how much should you charge to maximize ROI? Like Customer Satisfaction, Price Tolerance can be effectively measured and it is also influenced by the three intangibles: pre-sales expectations, perceived quality and perceived value.
Methodology: Effective Performance Management requires your Product Offerings and Service Standards to be periodically reviewed and revised based on carefully solicited customer input. We must measure adherence to service standards via customer feedback and both internal and external quality control. In a nutshell, we at the William Kerr Agency, determine what your customer wants then help you insure its flawless delivery — every time. We use three primary tools to provide the industry's most timely and accurate information.
- Targeted Marketing Surveys: Quality surveys provide accurate measurement of customer expectation, tolerance and perception. [Learn more]
- Expert Mystery Shopping: Expert mystery shoppers provide impartial evaluation of standards adherence. [Learn more]
- Internal Quality Control Consulting: Formal internal quality control is a cost-effective standards compliance tool. [Learn more]