In this article we are giving some business practices of leading organizations which lead them to successes in their business and sustain the market leadership as well.
The two most important drivers of the Domino’s Pizza business – increasing frequency (repeat orders from existing customers) and conversion (repeat orders of customers who order for first time) depend on customers experience with the company. To ensure maximum customer satisfaction, Domino’s has deployed Total Satisfaction Guarantee (TSG), a practice that has enabled the company gain proximity with its clients.
In case a customer is not satisfied with the product or service for any reason the company rectifies the problem or arranges for a refund. Every Domino’s employee working in an outlet is empowered to undertake this service recovery. This costs the company around 1% of its annual revenues.
To encourage its employees to come up with innovative ideas, i-Flex hosts ‘The Great Idea Contest every year. Employees are offered rewards for the successful selection of their ideas as well as for filing patent applications based on them.
The submission of ideas is followed by multiple rounds of business, technical and legal evaluation by a panel consisting of internal experts. The ideas that are in the conceptual phase are provided the opportunity and resources required for transforming them into implementable innovations. The genuinely inventive and commercially viable ideas are taken up for patenting.
Kotak Mahindra Bank:
Whenever performance metrics were set for Kotak Mahindra bank’s branches, they often revolved around contributing to the overall profit & loss. This excessive focus on sales often overtook the servicing element and customer needs and so the bank created a balanced score card wherein the performance parameters for branches were equally focused on sales and service.
The bank outlined service performance parameters, which formed 50% of the branch performance metrics. The parameters included complaints management, turnaround time for resolution, customer attrition control and service standard benchmarking. Creating a set of parameters similar in objective and interlinked with each other enabled the turnaround for the bank.
DHL was faced with problems in converting new accounts into First Time Business (FTB). The company found that most of its new accounts were either translating into lapsed accounts or inactive customers. Therefore, DHL launched Customer First, a service aimed at improving FTB conversion, reactivating inactive customers and maintaining touch points with regular shippers.
Initiatives taken to win over customers included sending a welcome email, followed by a tele-call. A similar effort was made to reactivate inactive customers. Regular shippers received direct mailers, which explained the benefits of new services, communicated top management views and helped in cross-selling various services.
Standard Chartered Bank:
The challenges faced by the Bank in 2007 included creating more and simple contact channels for customers, building customer confidence and differentiating itself as a leader in customer service.
To achieve these objectives, the bank introduced innovations like the 24 Hour Service Assurance as a channel of grievance redressal wherein if the customers didn’t receive any assistance within 24 hours of sending an SMS to a designated number, the bank would pay them Rs 100.
There was 100% call back for customer complaints received by this team and efforts were made to redress the grievances within 48 hours.
Airtel’s ‘My Airtel’ scheme, launched in May 2005, is a service that allows customers across lines of business (mobile and fixed line) to log on to the Airtel website through a single sign on and manage their accounts. Using the web site, customers can avail of a host of facilities including online bill view, online bill analysis, online payment view, online trouble ticket, email bill and so on.
The service has elicited a very positive responsive from customers and today, over 0.6 million clients have registered for the same. Today, more and more customers are logging their complaints and requests through the My Airtel portal.
AGC’S endeavor to create a repository of business practices that have greatly improved Customer Responsiveness has met with a very positive response. At the same time, AGC needed to have more organizations talk about the practices they have deployed to further uplift their customer experience. Therefore their top manager concerned with this activity urged peer companies to submit their practices at the AGC portal and participate in this unique initiative.
It is this knowledge sharing that will enable all to learn from each other, instead of reinventing the wheel. At the same time, by uploading their most efficacious practices, companies, will also be applauding the work of their functional leaders, who have conceptualized and nurtured these innovations to bring multiple benefits to the organization. These practices will get viewed at the portal and recognized through columns (print or portal) as well as Awards instituted by Avaya GlobalConnect.