Work-life balance as a BD Senior Manager Raffles Place is a term used for the idea that an individual needs time for both work and other aspects of life (personal interests, family and leisure activities).
Our schedules are getting busier than ever before, which often causes our work or our personal lives to suffer. The compounding stress of BD Senior Manager Raffles Place from never-ending workday is damaging. It can hurt relationships, health and overall happiness.
Customer Retention is Boosted by Customer-Centric Culture
The best work-life balance is different for each of us because we all have different lives and different priorities. Work-life balance doesn’t mean an equal balance. There is no perfect balance you should be striving for. At the core of work-life balance is meaningful daily Achievement and Enjoyment.
When employees feel a greater sense of control and ownership over their own lives, they tend to have better relationship with management and tend to feel more motivated and less stressed out at work, which in turn increases company productivity and reduces conflicts.
Companies that encourage work-life balance have become very attractive to workers. These companies also tend to enjoy higher employee retention rates and more loyalty. Promoting balance is beneficial to both employees and companies.
The absolute most important aspect of customer retention is culture. Culture is the way things are thought about, talked about, and done. If TRUST is the basis for any long-term relationship, then a culture of trust is essential to customer retention. Two great examples are Kimpton - a boutique hotel chain, and Cisco Systems.
Kimpton has been named the number one place to work in 9 of the 17 cities where it operates. Market Metrix Hospitality Index or MMHI, has awarded top scores to Kimpton over the past few years - their scored have exceeded not only their direct competitors - but also brands such as Ritz Carlton, St Regis, and Four Seasons. Kimpton has achieved this because of their strong customer-centric culture of really knowing their customers, anticipating customers' needs with great precision, and empowering employees to meet customer expectations.
Another good example of customer-centric culture is Cisco Systems. They are proactive about solutions for every stage of the customer's lifecycle, and on their basic product web pages you can readily find contact information for customer service and tech support ... whereas many companies require customers to go through many clicks to get their contact information. Cisco has made a concerted effort to maximize their customer self-service features, so that their agents can focus on more high-value assistance, from the customers' perspective.
Walking the Talk
How many companies walk the talk by assigning an executive sponsor to customer retention? At Symantec, the Vice President of Customer Experience posts the results of their latest feedback from customers, as well as what they're doing to address that feedback. This can be one of the most powerful ways to keep your customers talking to you. Show that you really read and digest their feedback, and show that you have followed their advice in making improvements.
By closing the loop with customers, you can re-set their perceptions, so they don't feel compelled to carry around negative baggage of past experiences. They can re-set their perceptions to better meet your current realities of improved policies, business processes, and customer experiences.
Symantec takes this a step further with a feedback form on their website - enabling anyone anytime to either vent their frustrations or express appreciation for a job well done.
Two-way conversation on Twitter is best illustrated by Comcast - Frank Eliason's is director of digital care at Comcast and his profile includes his personal website and blog - as he sees customer frustrations expressed, he reaches out to them to find solutions, and in the process, many disillusioned customers have migrated to fans not only of Comcast, but to a friendship with Frank.
Going Beyond the Surface
Over-focus on customer acquisition teaches customers to switch brands. For example, the brand switching rate, called customer churn, is 40% for the mobile phone industry, compared to a 7% customer churn rate for the insurance and financial services industries. Some good advice is to quit training your customers to switch - get off the churn bandwagon.
Let's take a look at a mobile phone company that has pursued a customer retention strategy whereas its peers in the industry were focused primarily on customer acquisition. The mobile phone company Orange is owned by France Telecom, and it's a great example of departing from industry norms with a unique experiment on customer service as a brand differentiator - somewhat similar to the Saturn brand of General Motors.
Orange has pursued a strategy of customer-centricity by investing heavily in their agents' knowledge, customer communication and responsiveness. Customer service agents take a 1-month course before interacting with customers, and for their first several weeks interfacing with customers, the work environment has a high ratio of supervisors.
This is accompanied by ongoing formal quality assurance with an emphasis on precision monitoring through speech analytics. The speech analytics tool has enabled Orange to identify at-risk customers, and these customers are reached out to within 24 hours, to turn around their sentiment about the brand, and migrate them from at-risk status toward satisfied status.
80% of the customers identified as at-risk through the speech analytics were not picked up as at-risk through the agents nor other methods. The results are 20% improvement in 1st call resolution, 15% reduction in repeat calls, and 20% increase in satisfaction with customer service.
Trust is the Foundation
The lesson here is that customer retention may be best supported by operational integrity. After all, when you think about your personal relationships as well as your business relationships, you tend to stick with the folks that are really good at showing they sincerely care about you, and doing what they say they're going to do.
It boils down to trust. When you dig down to the reasons why people leave a brand for a competitor's solution, it's not so much about the competitors' offers and brand affinity -- but, rather, the reasons people switch brands is much more about product, service and value disappointments. Companies make huge investments in communicating their value proposition. Logic says a corresponding investment - at least in energy and scrutiny - should be made in making sure their value proposition is lived up to. TRUST is the best way to retain customers.
There are many ways employers can promote work-life balance in office, some of which are: company outings, offering remote working and flexible hours, providing good health coverage, encouraging employee education.
Shifting to a Customer-Centric Marketing Strategy
Empowering employees like BD Senior Manager Raffles Place to take control over their work and home lives can have a profound impact on their job satisfaction and performance, enabling companies to achieve success. Achieving work-life balance is a daily challenge. It can be tough to make time for family, friends, community participation, spirituality, personal growth, self-care, and other personal activities, in addition to the demands of the workplace.
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Part of the appeal of customer-centricity is that it takes very little business acumen to grasp its core concept. Focus intensely on customers, align your products or services with their interests, and voila: a customer - centric culture is born. Simple, right? Not quite.
Becoming a truly customer-centric organization is perhaps one of the most difficult transitions an organization can make, fraught with hidden obstacles and unanticipated challenges. Here are three potential roadblocks on the path to a customer-centric strategy, and how to get around them.
Failing to understand your most valuable customer
A customer - centric strategy is only as good as its customers. You cant let the average customer dictate what you do, says Robert Duboff, CEO of Hawk Partners LLC and coauthor of the book Market Research Matters. Generally speaking, Duboff says, 20 percent of a company's customer base generates 80 percent of its profits. Given that split, its imperative to put your most valuable customers at the heart of your approach.
Identifying those customers need not take exhaustive research and complicated measures. It can be a fairly straightforward process, as it is with the Net Promoter Score, or NPS, a metric developed by Bain & Co.s Fred Reichheld. As set forth in The Ultimate Questionwritten by Reichheld and published by Harvard Business Pressthe NPS approach consists of one simple question: On a scale of one to 10, would you recommend us to your friends?
Based on the answer to that question, customers are segmented into three categories: promoters, who actively champion a particular product to their friends and colleagues; passives, who are lukewarm about the product; and detractors, the opposite of promoters. A given company's score is simply the difference between its number of promoters and its number of detractors.
NPS has proven to be a powerful tool for such companies as General Electric Capital Solutions, which has used it not only to identify customers that are already valuable promoters but to gain insights into how it can convert detractors. For a business like GE Capital Solutions, which serves more than 1 million very diverse customers in many different industries, NPS helps us better understand what our customers are feeling and how we can improve their experience with us, says Stephen White, a spokesperson for GE Capital.
Failing to support your external customer - centric strategy with an internal customer - centric strategy.
Speaking of valuable customers, what about that most priceless customer of all your employee?
While most companies aren't in the habit of regarding their employees as customers, those seeking to instill a customer-centric culture should rethink their stance, argues Elaine Berke, president of Westport, MA based EBI Consulting, which specializes in helping organizations develop customer-centric strategies. Customer - centricity needs to come from the inside out, says Berke. Leadership must avoid a double standard that makes it OK for managers to argue with or demean staff while still being courteous and considerate to external customers.
Consider the case of the world-renowned Johns Hopkins University Hospital. In developing a comprehensive Service Excellence initiative aimed at boosting its level of patient care, the hospital included employee satisfaction as a core component of the program. The hospital conducted an extensive survey to gauge employee concerns that turned up such simple, actionable insights as making it a point to compliment co-workers and instituting criticism - free no negativity days.
Customer-centric organizations value and respect internal customers as much as external customers, says Berke. Like the old saying goes, If you're not serving a customer, you're serving someone who is.
Failure to identify the moment of truth
Companies spend considerable time and resources developing metrics for processes, execution and other day-to-day functions but often overlook defining their moments of truth those points at which a customer interacts with a company's product or service and forms an impression.
Companies are usually very good at creating metrics around [such procedures as] production deliverables but have a much harder time knowing how to create and measure standards relating to the quality of service being delivered, Keith Bailey of Sterling Consulting Group says.
In defining a company's moments of truth, Bailey suggests looking at three different angles quality of product, quality of procedures and quality of relationships. Taking a hotel as an example, the quality of the product would be the cleanliness and comfort of the rooms. The quality of procedures would be such factors as how it long it takes to check in or how long customers wait for room service. The quality of relationship would be the friendliness and helpfulness of the staff.
Considering each angle separately allows a company to isolate the negative moments of truth within each and develop a game plan for turning them into positive experiences. Procter & Gamble, for example, identified its moment of truth as that instant when a shopper picks up one of its products and decides whether or not to purchase its decision the customer makes in an average of six seconds. The company has overhauled its marketing with that insight in mind, creating a global First Moment of Truth business team designed to win over the customer in that moment.
There are as many different customer-centric approaches as there are customers, and each has its own unique challenges, but the road to a truly customer-centric strategy always begins with the same steps.
When a BD Senior Manager Raffles Place spends the majority of its days on work-related activities and feel as if they are neglecting other important components of their lives, stress and unhappiness result. Thus, you must learn to draw a clear line between your personal and work time and set clear expectations with your colleagues.