CUSTOMER INSIGHTS AND EXPERIENCES
Adaption of IDIC Model to Manage Individual Customer Relationship
Customer Relationship Management is a managing operation which administers a basement for creation and maintenance of better relationships to customers over a long period of cooperation. Customer Relationship Management has provided a podium which helps in synchronizing as well as organizing services to their customers. It also presses on to yield in supporting their technology adequately. Its primary aim is to improve partnership with customers that provides more profits to the company. Tools for Customer Relationship Management which are productive helps the companies with feedback that are valuable on items as well as attending their complaints and questions.
It is hard to manage the relationship between individual customers. Processes that are ongoing recently are increasing the awareness and engagement have emerged between the OrganizationOrganization and the customers. The current business regime requires to manage personal relationships implies that the company should apply skills acquired from the partnership in improving customers overall quality by offering values to consumers. It is very vital for the company to know the constitution of relationships and how to generate them.
For operation of customer services to run smoothly, particular models are adapted. Such customer relationship Models were advance by the researchers in the past years. A Model that is commonly used in Customer Relationship Management is IDIC which stands for identification, differentiation, interaction as well as customizing. Cathay Pacific Airlines aims to be a great brand in offering services globally. The Organization has regarded steps of the consumers to be essential experience in flight as well as their journey. Therefore Cathy Pacific Airline is required to adapt the IDIC model in managing the relationship of individual customers in an efficient way.
A model which was advanced by Roggers and Peppers in the year 1995 is IDIC (identify, differentiate, interact and customize). Such a model has helped in assessing customers’ expectations and their ethics towards the business. Customer’s identification, customer’s differentiation interacting with customers, and customization treatment are the useful four relevant tasks that are implemented to aid in controlling and determining customer’s expectation in the business.
Cathy Pacific Airline is expected to manage the relationship of the customers by identifying the preferences, wants and needs of their customers. Such kind of reports are not easy to collect through asking questions once, but it requires interacting with the customers on many occasions for better provision of services. Cathy pacific Airline expected to collect information of the customer, for instance, name of the customer, history of the purchase, as well as the address when they come into contact with their customers in the business.
Meeting what is anticipated by the customer, differentiation of the customer basement into obligations and wants is very necessary. Such distinction helps in preparing plans for meeting expectations of the customer and goals to the OrganizationOrganization hence boosting strong relationship to customers. Their response is relevant to the extension of the product line, generation of revenue, adequacy increased, as well as performance. Differentiation of the current customers according to their wants aids in strategizing advancement.
Each customer has a unique character and attitude towards something. Their requirements differ from one another. In other ways, OrganizationOrganization has its preference for methods of interacting. Some prefer using emails, others prefer phones, and most of them prefer the consolidation of technologies. Their interaction with customers helps in understanding the expectations of customers together with relations to services and products of the business. Customer value interaction and wants have provided an opportunity in the collection of responses, needs and ideas. For the Cathy pacific Airline to succeed, it should have purchasing delegate as well as the executive from the customer care who are ready for a discussion of enhancement which is possible in making product list or taking improvement responses. It has assisted them in the development of products that are customer based.
After identification, differentiation and interaction of the customer’s fair ideas are produced for plans that are new as well as customized products. For example, Cathy Pacific Airline is required to realize the demands for customization from their customer’s responses. Its customers are expecting improved customizing according to their needs. It has aided in making decisions according to the reports, hence incorporating provision at the rate of advantage in customizing information. If the customer is provided with services or product according to what they had discussed in the interaction period, there will be an enhancement of the capacity in fitting both service and product to meet customer’s needs.
Positive trust is the primary situation which is dominant in the mind of a customer. Hence when the company earns the customer’s confidence has been the practical goals in building a better relationship with the consumer. To gain it, IDIC model has been of great importance.
Factors that contribute to underlying profit growth in a bank
For a bank to experience long term success and increase in its profits, it ought to have influences that lead to the same. It may include taking risks, growth, innovation and advanced analytics.
First is a risk. Risks highly determine the stocks of a bank. Most of the bank’s liabilities and credits are sensitive to the interest rate. Thus, banks aim to boost the volume of interest they produce from loans and lower the interest they pay off on deposits. An example of the risk is counterparty liability. It entails the possibility that the party acquiring the loan from the bank may evade that loan. When a loan or mortgage is made, the banks carry out bankroll to guarantee that the debtor can pay back the loan although it can be hard for the investor to assess whether the bank’s underwriting strategies are efficient.
Furthermore, innovation plays an essential role in profit growth of a bank. It may take place in the form of limited modification and core change or as adjacent or transformative innovation. Core innovation drives the growth of the leading business and is essential to catch up with opponents. Adjacent modernization is necessary when the extension is needed through influencing present capabilities and assets or when the fluctuations in the current business ought to be changed. An example of core innovation is when digital means are divided into mobile, web and wearable that may be used to carry documents together with services. It may also include assertion reality like calculating different cash value or directing users to nearby ATM. Example of adjacent innovation is crowd financing, where a venture is funded by many people, commonly through the internet. Thus, offering an alternate funding way to debt promotion and bank loans.
Thirdly is growth. Investors pay attention to clues that a corporation’s revenue is increasing and if the particular growth is continuous. Investors further explore dividends and other metrics of accounting to display potential growth. About banks, financial policy, and changeable rates of interest determine profitability and growth. Through attracting investors, making continuous loans, issuing of credits in other ways or making of investments, banks are expected to grow and generate profits. It is applicable by adding customers by selling bank products to them.
Further, the banks may include new products to their existing customer base. The banks can also sell the same products in various ways to generate value. More importantly, the banks should make their platforms more effective through the cutting of processing value, increasing productivity and improving risk adjusting margins to grow more profits.
Lastly, it is advanced analytics. Many financial institutions are attaining competitive advantage through using the information to better how they serve its customers. Advanced analytics, together with business intelligence, data management methods and management performance, can be used to forecast future events more efficiently. Advanced analytics is applicable in identifying opportunities which are later connected into the portfolio of growth drive. It provides advantages for the clients together with allowing the banks to reach their targets in growth. Benefits to banks include an increase in revenue as a result of client targeting, improvement of customer loyalty and transparency and lowering of costs of sales and client service cost.
Ways that a company can use to build a stronger customer relationship
The apple company has experienced much success in the mobile industry due to its marketing strategies. Their strategy entails its relationship with the customers.
First is emphasizing unique value proposal by avoiding price wars. Apple concentrates on unique value proposal which works right with smaller packaging. It is a marketing approach that gets support on social media and gives a competitive advantage to apple and its shares in the market. The power of apple is that it offers a retail design that resembles a showroom that attracts many customers as they know they’ll receive their value’s worth. Apple does not compete on price. An example is a customer will pay more for an apple product than for its rival’s version of a similar outcome. Thus, apple’s marketing strategy on the product’s cost is useful for its success.
Moreover, apple always posts a tip daily. These tips compel customers to appreciate their products more as it helps them discover characteristics that they may not have known. They also get individuals in the manner of engaging with their twitter account frequently. Apple frequently offers the tips with short videos and images, which are simple for the customers to understand and share to their friends across their social media platforms. The tips help people with apple products even when they are not looking for help. All this implies that Apple is not only concerned with making sales but also improving its customers see their product’s full capability. An example of the tips may include new features of the Apple products or new product release by the apple company.
Consequently, apple frequently answers the customer’s questions. Together with supporting account posting tips and tricks, Apple spends most of its effort in assisting customers in sorting out concerns with their apple products and services through its customer care platforms. Answering the customers add up to the majority of their tweets. The strategy is an effective method to do marketing without ignoring its relationship with the customers. The support account also creates a reliable communication pathway for customers. An example is valuing every kind of question, whether good or bad and answering them appropriately. By recognizing individuals who complement the company, and working to solve the problem, makes its customers feel valued.
Lastly is the creation of a store just for apple. Through creating a store only for apple products, the company has made excellent customer loyalty step. The apple stores are capable and friendly places where customers are encouraged to play with and survey the technology that the business presents. It also offers customer care services where clients can interact with the workers of the store and share ideas. Customers not only get services but also stick around with other people who enjoy Apple products as they do. The strategy encourages present and new clients to be excited about what the company offers.
Primary analysis process that can offer insight to Uber technologies incorporation what its users want
First are having safeguards in place to avert scandals. Although Uber has earned an exceptional reputation in recent years, it has also been faced with several scandals where customers have claimed sexual assault and being cheated out of money by the drivers. These scandals poorly reflect on the company’s brand image. The presence of many entrepreneurs and investors in uber business has led to the funding of the company’s activities which has, in turn, bring many profits to the company and investors. Thus, the company and its investors induced safeguards to prevent concerns from arising and abolishing any public vice that comes after. The same has reduced resistance and fear from the customers, thus returning the company’s brand to the forefront of transportation.
Uber came with a factor whereby it enables people in checking the location of the driver after they have booked the carriage by getting the notification of the time on the transportation during the return and the time the ride is cancelled. It was created due to the inability of individuals to getting a notification on the exact time of transportation. Such issue had made people face difficulties in their day to day activities, for example, arriving at their destinations on time. Long hours of waiting in traffic caused by jam, most of the people were caught on their roads. The huge challenge was the lack of knowledge of the short routes with less traffic by most of the people. Uber managed to realize such issue and was able to solve it, uber brought up an idea whereby they created an app that enables their drivers to have to shortest ways with less traffic jam hence avoiding congestion. Through Uber, app people were able to reach their places of work and even home with fewer difficulties.
The uber company minimizes its requirements for infrastructure. The strategy has led mainly to the growth of the company as it does not have overhead costs like its competitors. The feature has enabled uber to save more cash through the hiring of noncommercial drivers. The adjustment in expenses is essential in the management of a company. It idea also led to the introduction of many uber cars due to the demand of the people. Many people now lacked interest in traditional taxis as it had many limitations like waiting for a long time at the bus stop before the cab arrives. Increase in the uber business was also due to the constant, friendly and affordable prices to various destinations.
Most importantly, the uber app provides a platform where the customers can rate their uber drivers through their experiences. The customers can also report any allegations or misconducts by the drivers through the app. Moreover, the app has an active customer care account where clients can review their comments, concerns and suggestions on how the uber company can improve their services.
Uber Company came up with the idea where clients can see the profile and status of drivers before booking a car. The idea came up because the company noticed that the customers had a fear of unfamiliarity with the Uber drivers. Also, many individuals were uncomfortable riding with an unknown driver. Thus, customers can now look at the profile, ratings and past trips of the driver through the uber app. The strategy has dissolved the fear in the people as most of them have created connection with their uber drivers. Uber Company made it simple for its customers through the uber app by introducing the cashless payment method due to the concerns of people. The idea was able to prevent individuals who wanted to travel without cash.