Differentiating at the right journey touchpoints is the key to value creation
Pre - purchase
During purchase
Post - purchase
Fair pricing and accurate lead times are key for customers during assessment
Q1 鈥� How was my experience before deciding on the purchase?
Voice of customer insights
听
Customers value honest reviews and testimonials during the pre-purchase stage 鈥�
- 鈥淚f I were to chooses a bigger brand, I would choose Brand A. They have the best quality TMT rods and steel, with good reviews from customers"
- 鈥淲ord of mouth is crucial for us, and customers appreciate the quality and price.鈥�
Brands have increased focus on fair cost and pricing and accurate lead times as customers value these during pre-purchase 鈥� 听
- 鈥淭he company provides best products to customers at competitive prices. They ensure timely delivery and prioritize customer satisfaction鈥�
- 鈥漈rust comes from availability and affordable pricing. Suppliers deliver whatever the requirement is, in whatever quantity, by the given date as per our quote鈥�
- 鈥淲e fix a delivery date and stick to it. If there's an issue, we communicate with the customer and resolve it.鈥�
Good overall performance in the purchase stage, with option to differentiate in pricing negotiation, logistics and delivery
Q2 鈥� What was my experience like while making the purchase?
Voice of customer insights
听
Brands must conduct regular quality assurance and testing to build trust 鈥�
- 鈥淭rust can be broken by delays and poor quality. Contractors will know if the product delivered is not strong steel TMT rod. If you deliver a low-quality product, it will surely break the trust鈥�
- 鈥淭hey should also handle Quality check issues promptly"
- 鈥淲e need to provide the best quality so that customers return, and contractors, who are key, will tie up with us and deliver the best. Contractors promise good quality to customers, so we need to deliver quality TMT rods to both contractors and customers鈥�
- 鈥淐ustomers are satisfied with both the price and quality. That's why they keep coming back to us through word of mouth. They come for the best quality at an affordable price.鈥�
Segment demonstrate an average performance with high variability on ratings across brands
Q3 鈥� What was the experience like after making the purchase?
Voice of customer insights
听
The segment on an average received high customer ratings on 鈥楩air billing and payment鈥�, indicating prioritisation of fairness by most brands
The segment has received low customer ratings on 鈥楨fficient inventory management鈥� and 鈥楽teady long-term partnerships鈥�, indicating poor internal management by most brands
High variability in customer ratings were observed on all parameters allowing for differentiation opportunity听
Striking the right balance between delighting customer and the cost of servicing them is key to maximising value
Performance of the segment on the prioritised experience attributes
TMT Bars have been delivering well on consumer experience around most of the parameters
Brands must rationalize investments around attributes the customer either have low expectations on, or is currently failing to avail the right benefits
- Discounts
- Point of sale experience
- Online browsing experience
- Social responsibility
Low performance of the segment across prioritized experience attributes can be mapped to low customer retention
Customer segmentation based on satisfaction and loyalty
(percentage share of respondents)
Customer retention is dependent on their satisfaction with the brand and their tendency to explore alternatives. 鈥楢mbassadors鈥� are highly satisfied customers who will keep contributing to the brand鈥檚 success. 鈥楽witchers鈥� on the other hand, are always seeking better options. 鈥楥ritics鈥� as the third segment, actively convey negative feedback about the brand, if not satisfied. Finally, 鈥楧ependents鈥� are customers who remain loyal despite low satisfaction due to lack of alternatives in the market.
63 per cent of the customer base are ambassadors as their brand of choice meets their expectations on
- Trust
- Value for money
Despite strong performance of prioritized experience attributes, 35 per cent of the consumers are likely to substitute their preferred brand if it fails to meet their expectations on
- Range of offerings
- Service experience
Key attribute driving both ambassadors and switchers is 鈥楢vailability of offerings鈥�
Despite highest weightage of 鈥楨xpectation鈥� pillar in defining customer experience, fulfilment on the requirement is lowest
Performance across the 乐鱼（Leyu）体育官网 in India's six pillars of Customer Experience听
(Weightage of the pillars to the overall experience requirements)
Expectation (20 per cent) and Integrity (15 per cent) are the key pillars of experience while making a purchase decision
Within expectation, the top attribute driving decisions is
- Consistent delivery of high-quality products/services with a range of innovative, engaging offerings
Within integrity, the top attributes driving decisions is
- The brand is well known and preferred amongst your social circle - family, peers, and influencers
The brand having the highest CX rating is leading on Expectation and Integrity pillars
Customers prioritize 鈥楨xpectation鈥� pillar and their willingness to pay a premium is higher for the same
The top 5 experience attributes influencing the customer鈥檚 willing to pay a premium
-
Consistent delivery of high-quality products/services with range of innovative, engaging offerings
-
Convenient tracking and guarantee of delivery of product/service as promised
-
Helping, respectful, and empathetic service from staff across online/offline channels
-
Complete delivery on the promises made on the experience provided by the product/service for the money paid
-
The brand is well known and preferred amongst your social circle - family, peers, and influencers
An individual鈥檚 willingness to pay a premium is driven by immediate needs. As the today鈥檚 customer evolves, the focal aspects of premiumisation has shifted from functionality to experience. These aspect may as well translate as personalized convenience, omnichannel browsing or even exclusivity in customer support.
Attributes under the 鈥楨xpectation鈥� pillar
- 33 per cent of the customers would pay more for product/service
- 29 per cent would pay more for value for money
Attributes under the 鈥楾ime and Effort鈥� pillar
- 31 per cent would pay more for reliable delivery experience
Attributes under the 鈥楨mpathy鈥� pillar
- 30 per cent would pay more for better service experience
Attributes under the 鈥業ntegrity鈥� pillar
- 30 per cent would pay more for trust factor
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