Baseline Study
A baseline study is a strategic research project using customer feedback to measure and quantify the financial impact of a company's customer performance in the field of customer satisfaction and loyalty.
Customer loyalty survey
An in-depth quantitative survey drawing on all aspects of the customer's experience (e.g. problem incidence, contact behaviour, satisfaction/dissatisfaction, competitive appraisal, brand loyalty, etc.). Its purpose is to evaluate a company's business priorities in optimising customer retention and corporate profitability. From such a baseline study, TARP will also identify the key drivers of loyalty to be monitored on an ongoing basis (see Tracking Programme).
Economic modelling
TARP combines the survey findings with internal financial and marketing information relating to customer value as a basis for the following economic models:
- The market damage situation model calculates the overall profit lost due to product and service shortfalls and the estimated Return On Investment of remedial or preventative alternatives
- The market at risk calculation provides the scope to quantify, assess and prioritise areas of improvement down to individual issues.
- The profitability simulation model calculates the impact of current customer service operations (e.g. help desks, contact centres, etc.) to evaluate the role of customer contact management as a profit/loss centre. Additionally, it estimates the Return On Investment of specific contact management improvement actions.
Benchmarking
Having completed over 250 studies in Europe and North America in the last five years enables TARP to provide industy performance ranges to benchmark a client's results against. The make-up of these benchmarks (e.g. by industry sector) will be based on each client's requirements.
Usually used in combination, these three components provide clients with a robust and rational customer-driven framework to cost-justify, evaluate and prioritise ways in which they can improve corporate performance. |
