In Beating the Market with Customer Satisfaction in the March 2007 issue of Harvard Business Review online, Christopher W. Hart of the Spire Group states:
"Leaders who do not actively work to increase customer satisfaction will be responsible for damaging their companies’ future earnings and shareholder value."
This article highlights results from the American Customer Satisfaction Index (ASCI) that correlate increased customer satisfaction with increased financial success. Stated in the negative, Hart states:
"Companies try to meet Wall Street’s immediate demands by cutting costs through automation and outsourcing—despite a growing body of research conclusively showing that customers are fed up with lousy service and that increased satisfaction has a positive impact on consumer spending, cash flow, and business performance."
For a company that wants to improve their market value, what does this suggest for the next product launch? A new product launch is a decisive time to incorporate changes.
Here are a few ideas for consideration for your next product launch plan:
- Create user manuals that are as compelling as the product brochure (for more information see Why Marketing Should Make the User Manuals! by Kathy Sierra, 29 August 2006, Creating Passionate Users blog)
- Co-locate product developers with the technical support team (for more information see Seven Steps to Remarkable Customer Service by Joel Spolsky, 19 February 2007)
- Ensure that a list of what is "in the box" is part of the online description of your new product. What is needed to achieve a working solution? Batteries? Cables?
I hope that these suggestions inspire you to design and deliver a high resolution product launch - one that has an outstanding product (or service) with "extras" like great training and post-sales support.
With the proliferation of consumer generated media in a Web 2.0 world, a smooth product launch is vital. The ASCI data suggests that when you create enthusiastic customers that have improved ways to solve old problems using your new product, one of the long term benefits is a better than average growth in your company's stock price.
