Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"The first example indicates that 5 years from now, the results of a customer survey of the company'sperformance will show that 95 percent of the customers are satisfied. The second and third examplesindicate that in five years, a certain percentage of the clients on the books four years from now will stillbe customers in the fifth year. The fourth example combinesPage 100both repeat business and survey results, and the fifth example incorporates a visit-the-client strategy.Needless to say, customer satisfaction is a critical objective and should show up in your list of five-yeargoals.Another measure of customer satisfaction is customer retention rate, where a 5-year goal of 95 percentmight be set. Here you are looking back at the end of your fifth year and determining what percentageof your past customers are still with you from the previous year.EXERCISE 27: DESCRIBE YOUR FIVE-YEARCUSTOMER SATISFACTION GOALSUsing the examples shown in the preceding text, andreferring to the portion of your mission statement concerningcustomer satisfaction (customer benefits and customercommitment), document your five-year client satisfactiongoal in your business plan (see Appendix B).Conducting Customer SurveysYour mission statement most likely indicates that you are committed to customer satisfaction. Aspreviously suggested, a 5-year goal that indicates a high level of customer satisfaction is 95 percentcustomer satisfaction, as evidenced by surveys. One way to measure the degree of customer satisfactionis to perform a customer survey. It is strongly suggested that you begin to conduct these surveys face-tofacewith your customers. Mail or telephone surveys don't provide the necessary degree of personalconcern.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (114 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Figure 7.1 presents an example of a survey form to support the information gathering. As indicated, thelevel of satisfaction is captured in a quantitative fashion in Question 1. The criteria shown can bechanged to better match the products and services you provide. Questions 2 and 3 provide a qualitativeresponse to how you are performing, and Questions 4 through 6 have a marketing focus. A reasonable 5-year goal for customer satisfaction might be 95 percent. In other words, on the average, your customerswould give you a 95 percent satisfaction rating across the 6 criteria shown in Question 1 of Figure 7.1.Page 101file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (115 of 219)16.02.2005 13:54:23
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