Punch Industry Customer Satisfaction Strategy

Punch Industry 20 Customer Satisfaction Strategies

Today almost every country measures the level of customer satisfaction in one way or another, Punch Industry is no different. It measures customer satisfaction both directly by asking its customers and indirectly through various data points in the customer journey experience.

20 Customer Satisfaction Strategies that Punch Industry can use are -

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Be fair

Customers expect to be treated fairly, regardless of their circumstances. Make sure Punch Industry policies are clear and that it enforces them consistently.

Be helpful

Customers want to feel like they can get help when they need it. Make sure Punch Industry employees are knowledgeable and that they're able to answer customer questions and resolve problems.

Satisfied Customers Drive Financials

Customer satisfaction is highly related to the financial performance of the companies. According to ACSI research the companies that consistently feature on higher customer satisfaction compare to its competitors deliver better financial returns. Based on ACSI research between 2000 and 2014 the stock portfolio of high customer satisfaction delivering companies outperformed the S&P 500 more than 17 times.

Listen to your customers

The best way to find out what Punch Industry customers want is to ask them. Set up surveys, focus groups, or simply ask for feedback after a sale or service interaction.

Be flexible

Things don't always go according to plan, so be prepared to be flexible and accommodating. If a customer is unhappy with something, do your best to find a solution that works for them.

Be personal

Customers want to feel like they're dealing with a real person, not a machine. Use their names, personalize your communications, and make them feel like they're valued

Stick Around and Be Loyal

Customer loyalty has increased across the board over the last decade and half. According to research millennials, customers born between 1981 and 1996, are comparatively more loyal to brands than the previous generations and the later generations. So if companies stay longer in the game, actively resolve customer complaints, and inculcate suggestions in the product and services development then the customer satisfaction grows gradually.

Quality, Reliability, and Customizability Performance Matters

Quality perception of customers is rooted into two factors – reliability and customizability of the product. Reliability is how long the product will last, customizability is how a customer can adapt the products to meet needs. Focus on reliability and customizability also depends upon the product market fit and stage of evolution the product is at. For example earlier in the product evolution, customers give high score to quality then customizability. But once the product reach the maturity stage then quality becomes reliable across the board and customers value customizability or design elements.

Appreciate Complaining Customers

In the Misc. Capital Goods industry, most companies treat complaints as annoying that take time and resources to manage. But research has shown that customers who complain are often more invested into the future of the company. Secondly if the firm successfully handles the complaints of the customers then the customers tend to more loyal to the firm in long run. Third resolving complaints can help the company to fine tune its offering, build better value proposition, innovate, and increase the rate of future success.

Be positive

A positive attitude can go a long way in customer service. Make sure Punch Industry employees are friendly and helpful, and that they make customers feel welcome.

Fixing Company Customers Disconnect

Companies today actively measure, monitor and manage customers’ experience. Punch Industry needs to map the whole customer journey and look for areas where it can improve the customer experience. Fixing the company customer disconnect can help the Punch Industry to fix smaller bumps on the customer journey rather than doing the big ticket items such as product innovation, product re-development, building new distribution channel etc

Be reliable

Customers need to be able to rely on your business to deliver on its promises. Make sure Punch Industry meet its deadlines and that it deliver the products or services that Punch Industry have promised.

Be responsive

When customers contact Punch Industry with a question or problem, be sure to respond promptly. A quick response shows that Punch Industry value their business and that it is committed to resolving their issue.

Know the Ecosystem with Scientific Metrics

Covid 19 has certainly slowed down the globalization process. Companies today are looking for diversified supply chain. The war in Ukraine has also raised the concerns about globalization and global standards. The on-going trade war between US and China will certainly impact the globalization process in coming years. It will also create a scenario where companies have to adhere to different standards in different sphere of influence. For example TikTok is extremely successful product where customer satisfaction is driven by the suggestion algorithm success. But the US China tussle may result in either tinkering of the algorithm, erosion of talent across the board etc.

A Understanding What Punch Industry Customers Expect

Customer expectations are often grounded in the value proposition that Punch Industry is offering to its customers. The key to keep high customer satisfaction is to provide a customer with slightly better offering than what she is paying for. Customers are intelligent to assess when they are getting more than what they are paying for. If they perceive that they are getting more for what they are paying for then the satisfaction level is higher than a scenario where customers are paying premium prices for premium offerings.

Be transparent

Customers want to know what to expect from Punch Industry. Be transparent about your pricing, policies, and procedures.

Customer Satisfaction as a Strategic Asset for Punch Industry

Punch Industry needs to treat customer satisfaction as a stragetic asset. Customer satisfaction is infact more critical than all the other factors in the VRIO analysis, a strategic tool to assess the importance of resources, imitation ability of the competitors, and organizational competence.

The strategic goal of the company should be to optimize the customer satisfaction level, not to maximize it. Customer satisfaction requires certain trade-offs. For example when the company is small it initially attracts customers who are looking for specific features and who become brand evangelists if they like the products. So the customer satisfaction levels at this stage are high. But once the brand attract heterogeneous customers then the satisfaction level come down as different customers have different requirements.

Value and Price

Managing value perception independent of price is extremely difficult. Customers perceive value proposition through the prism of price. If the product is having premium features then the customers are expecting to pay premium price. If Punch Industry doesn’t position the product accordingly, then it is leaving money on the table. On the other hand if the product is priced too low then customers perceive it as a low quality product and customer satisfaction is highly correlated with the quality perception.