Customer Expectation Management (CEM) is the mantra of the 21st century to set, meet and exceed customer expectations. Customer Expectation Management links every part of the organizational strategy to adding value to the customer, setting customer expectation and exceeding the same. CEM encompasses all strategies that lead to reduction in costs, cutting down of expenses and investments that do not add value to the ultimate customer's satisfaction and increases allocation to any activity that disproportionately enhances customer experience. 21st Century's leading organizations like Google, Apple, Citibank, Bestbuy, FedEx, Virgin, BestBuy, Wal-Mart are the pioneers in using Customer Expectation Management as a Business Strategy in dramatically improving their standing in the market place and getting stronger every day.
Business is all about making commitments and delivering on the same in return for a consideration.
In any transaction that includes a delivery of a promise and a payment for the same in cash, kind or a returning action, a win-win approach will make the partners want to continue their dealings and value exchanges for ever.
Most important transactions for any business are:
A) Commitment of return on investment by the business to its shareholders,
B) Commitment of brand/ product or service proposition by the business to its customers & consumers from the quality of the product to redressal of their complaints if any,
C) Commitment of working environment, salaries, incentives and rewards to the employees and associates,
D) Commitment of profitable association to the trade partners promoting the products, services and the plans of the business to consumers and users,
E) Commitment of the business to Government, Society and the environment. &
F) Commitment to the vendors of inputs, necessary services and support required by the company, for healthy and prompt transactions including proper accounting practices and prompt payments..
In each of the above it is imperative for the organization to stick to its commitments as basic requirement, not only for survival, but also as an ethical and healthy practice.
Successful organizations make it a practice to strive for exceeding the expectations of their associates that results in the delight of their associates making them want not only to repeat the transaction again and again, but also to be an ambassador for the organization.
Exceeding the expectations thus becomes an important aspect of the customer experience that an organization should master.
How does an organization ensure that they consistently meet and exceed expectations of their partners, associates, stakeholders, employees etc..?
Great organizations invariably, do the following:
i) Believe in offering honest, credible and deliverable commitments.
ii) Have a thorough understanding of the situation in which the commitments are given,
iii) Are always transparent with the associates and the transacting party about the issues, limitations and risk factors affecting the delivery of the commitments,
iv) Arrive at an agreement with the transacting party for a sign-off of the commitment,
v) Always ensure that the commitments are recorded in writing to ensure no ambiguity. Though, it a common practice to boast of being a person of words who never goes back on his/her word, successful organizations never encourage oral commitments ass this will lead to adhocism and heart burns at times.
vi) Possess and reflect courage to loose business than fall short on commitments .
vii) Have a long term approach in favour of a short term approach.
While short sightedness and short term approach are thoroughly reflected in an urge on the part of the organization to undertake a transaction somehow, the long term approach takes into account the need to be associated profitably for a long time and should never end up in loss of face for falling short on commitments.
viii) A bias for a win-in approach as against, winner takes all or I win- You loose approach.
and finally,
IX) Give whatever it takes to deliver on the commitments and give more value than promised even if has to entail sacrifices on the part of the organization for the same.
Successful Organizations who consistently exceed expectations, endear themselves to the investors and always get a high rating from them, making themselves financially more viable than their counterparts who lack on this vital aspect. This is indeed a value enhancer.
Managing Expectations is thus a vital strategy and Customer Expectation Management is the biggest weapon in the armour of the 21st century's successful organizations.
For any queries and inputs kindly write to me at ms@mastermentors.in and follow us at http://www.linkedin.com/company/master-mentors-advisory-pvt-ltd
Business is all about making commitments and delivering on the same in return for a consideration.
In any transaction that includes a delivery of a promise and a payment for the same in cash, kind or a returning action, a win-win approach will make the partners want to continue their dealings and value exchanges for ever.
Most important transactions for any business are:
A) Commitment of return on investment by the business to its shareholders,
B) Commitment of brand/ product or service proposition by the business to its customers & consumers from the quality of the product to redressal of their complaints if any,
C) Commitment of working environment, salaries, incentives and rewards to the employees and associates,
D) Commitment of profitable association to the trade partners promoting the products, services and the plans of the business to consumers and users,
E) Commitment of the business to Government, Society and the environment. &
F) Commitment to the vendors of inputs, necessary services and support required by the company, for healthy and prompt transactions including proper accounting practices and prompt payments..
In each of the above it is imperative for the organization to stick to its commitments as basic requirement, not only for survival, but also as an ethical and healthy practice.
Successful organizations make it a practice to strive for exceeding the expectations of their associates that results in the delight of their associates making them want not only to repeat the transaction again and again, but also to be an ambassador for the organization.
Exceeding the expectations thus becomes an important aspect of the customer experience that an organization should master.
How does an organization ensure that they consistently meet and exceed expectations of their partners, associates, stakeholders, employees etc..?
Great organizations invariably, do the following:
i) Believe in offering honest, credible and deliverable commitments.
ii) Have a thorough understanding of the situation in which the commitments are given,
iii) Are always transparent with the associates and the transacting party about the issues, limitations and risk factors affecting the delivery of the commitments,
iv) Arrive at an agreement with the transacting party for a sign-off of the commitment,
v) Always ensure that the commitments are recorded in writing to ensure no ambiguity. Though, it a common practice to boast of being a person of words who never goes back on his/her word, successful organizations never encourage oral commitments ass this will lead to adhocism and heart burns at times.
vi) Possess and reflect courage to loose business than fall short on commitments .
vii) Have a long term approach in favour of a short term approach.
While short sightedness and short term approach are thoroughly reflected in an urge on the part of the organization to undertake a transaction somehow, the long term approach takes into account the need to be associated profitably for a long time and should never end up in loss of face for falling short on commitments.
viii) A bias for a win-in approach as against, winner takes all or I win- You loose approach.
and finally,
IX) Give whatever it takes to deliver on the commitments and give more value than promised even if has to entail sacrifices on the part of the organization for the same.
Successful Organizations who consistently exceed expectations, endear themselves to the investors and always get a high rating from them, making themselves financially more viable than their counterparts who lack on this vital aspect. This is indeed a value enhancer.
Managing Expectations is thus a vital strategy and Customer Expectation Management is the biggest weapon in the armour of the 21st century's successful organizations.
For any queries and inputs kindly write to me at ms@mastermentors.in and follow us at http://www.linkedin.com/company/master-mentors-advisory-pvt-ltd
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