Customer Based Brand Equity
April 3, 2025
Imagine walking in aisle of a typical super market (Shaw’s, Costco etc) to purchase salt, there are many offerings but choice is “Morton”. It is a simple example but a great situation to understand brand and brand equity. Companies already know that identity of product created over period of time through strategic marketing is brand,…
If in an organization, many customers diverge their way to other organizations and customer acquisition program shows less aggressiveness then the organization faces terrible cash flow problems. This is the time when tracking the number of customers in each stage of customer life cycle becomes essential. This helps the organization to determine the purchasing power…
Most of the organizations have murkiness in considering customer loyalty and satisfaction. They feel that both are same and a satisfied customer is always loyal to them. But this is not true as the customer can be delightfully satisfied but he may be or may not be loyal. This is because satisfaction an emotional and…
An organization should understand that response is the key towards creating quality relationship with customers and nurturing the future business depending upon the customer’s perception and senses determined from the response. Response creates a channel of interaction that can enhance business relationship which will be mutually beneficial. This is only possible when the responses from supplier bring forth positive and strong feelings and emotions within customer’s mindset which will help in building a positive image of supplier and in plunging linkage and bonding with customer.
Following are the qualities which a good response should possess:
If a customer gives a phone call or sends a notification or message to a call center of an organization and the respondent returns the call effectively or sends even a tiny acknowledgment, there is a chance of establishing positive relationship and customer acquires the comfort and confidence that he is safe in reliable hands. While acknowledging a customer it is important for the supplier to understand the actual subject line or the exact need which the customer is referring to and then provide responses.
It is obvious sometimes that in attempting to provide the response fast the executives’ responses may become tangential.
Take an example of a Bank customer; he did some shopping on his bank debit card after the bank provided the offer of 5% cash back. After doing the shopping he waited for the bank statement and after receiving it he found that there was no cash back on the shopping he did. So he sent a formal complaint stating the whole issue to the manager of the bank where he has an account. The response came after 10 days which astonished the customer.
The bank thanked the customer for informing the change in the address and assured that they have updated the details accordingly in the database. The matter of cash back was not included in the response.
It is easy to imagine customer’s mental condition on this response. This could have happened when the bank staff would have mismatched the complaints or in hurry would have sent the acknowledgment differently. The response was worse and would have created the following impressions in customer’s mind:
The customer will soon realize that he is not banking under safe hands and will think of quitting the bank as soon as possible. Contrarily, if the bank would have received the complained efficiently and perceived it quickly to determine the actually problem, then they would have transferred the cash back amount instantly into customers account and sent an apology letter for the inconvenience caused due to them to the customer. This would have retained the customer’s faith over the bank and would have made him to continue a long term satisfied relationship with the bank.
It is hence very important to collect the message or feedback intelligently from the customer, analyze the problem effectively and then respond to them. If the complaint or any question is not feasible or is not clear then a frank face to face interaction should be preferred where the situation can be examined and explained sufficiently. Hence good response always keeps the customers intact and satisfied. It helps to bring up good relationship and business deals with them.
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