As U.S. businesses slowly but surely enter into the welcome recovery period from the most recent recession, those companies poised to take advantage of the new economy realize that quality assurance programs must be an important part of their strategic planning for the future. In the past few years, many businesses cut costs to the proverbial bone while trying to stay in business. Now it is time to re-focus on the customer in order to grow the business.
Although consumer spending is posting monthly gains in 2010, customers are still very cost-conscious. Even as the customers start to purchase goods and services again, it is estimated by experts such as Alix Partners that Americans will spend only up to about 86% of pre-recession levels. It is incumbent upon businesses to adjust to the new economic realities and realize tangible ROI (return on investment) in every area of the company.
- Because they have so many more options, customers will gravitate to, and stay with companies who they perceive will give them the best value for their money.
- Because customer acquisition is estimated at ten times the cost of customer retention, businesses need to invest in the latter. That is where effective and cost-efficient quality assurance (QA) programs come in.
Not only do customers have more physical choices in products and services, they also have many more avenues to research purchases and “spread the word” about their experiences with a particular company. With the explosion of the Internet and social media, consumers can quickly and easily find the product or service that matches their needs, and also can “leave feedback” instantly about their experience.
The goal of quality assurance is to help understand what drives customer satisfaction and how each key indicator can deliver the customer experience that will help the company improve its positive customer satisfaction scores. Companies today want and need to know what to do and what not to do to retain their customers, build their company brand, and increase company loyalty. It’s been said that “perception is everything”, and a well-designed and effectively managed quality assurance program will help your business to manage the perceptions of your customers so they return to you and refer or recommend your products and services to others.
When you and your company partners with a leading business solutions team of experts (please excuse my gratuitous plug for American Unit), you are on the right track to carefully manage your costs while at the same time growing your business according to the “new rules” of this post-recession economy.
Tags: New Economy, QA, Quality Assurance
Categories: Quality Assurance
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