The cost of retaining of a existing customer is much lesser than the cost of acquiring a new customer. In an economic recession, where organizations are focusing on costs, it makes perfect sense to enhance customer experience and retain existing customers rather than spending on business development.
In Asia‘s premiere Customer Experience event ´Customer Experience Asia 2009‘ organized by International Quality & Productivity Center (IQPC) in Singapore on 28th & 29th Oct 2009, Nilakanta Srinivasan (Neil), Principal of Canopus Business Management Group emphasized the need for improving customer interaction at touch points by analyzing what value organizations offer to their customers and what are the barriers to move the customer to next phase in Customer Life Cycle (CLC). Many times process standardization leads to inflexibility in the Customer Interaction Plans. As a result, organizations end up with unhappy customers in spite of investing in expensive technology and modern customer relationship tools.
More than 100 delegates from leading multinationals including Ritz-Carlton, Toyota, Starbucks, Canon, Alliance Financial Group, DHL and Indian companies including WIRPO, HDFC, IDEA cellular, Mahindra Holidays participated in the conference. The increasing role of Customer Experience in retaining customers, building superior brand, customer analytics and linking to long term business strategy were discussed in the forum. The event was sponsored by WIPRO. Its Global Practice Head of Customer Experience Consulting, Saurabh Mittal and Neil were the chairpersons for the conference. Neil helps Indian organizations achieve higher profitability by improving their Customer Experience and Process. Prior to setting up Canopus, Neil was the Head of Customer Experience for HSBC bank. He is also a certified Six Sigma Master Black Belt and has over a decade of experience in business transformation in financial and manufacturing sectors. He coaches Senior Leaders on business excellence, Lean and Six Sigma.