ФАКТОРЫ ВЛИЯЮЩИЕ НА УДОВЛЕТВОРЕННОСТЬ ПОКУПАТЕЛЕЙ

Моисеева Ирина Игоревна
Российский экономический университет им. Г.В. Плеханова
студент

FACTORS INFLUENCING CUSTOMER SATISFACTION

Moiseeva Irina Igorevna
Plekhanov Russian University of Economics
Student

Abstract
The author has chosen as the main goal of this work to identify which factors influence the level of customer satisfaction. Additionally, the author provides recommendations, which are based on the literature and scientific works on this topic as well as on the results of the research conducted. The results obtained during the research include the description of customer persona profile, conducting of field research and calculating the sample size. Secondly, the author provides the results obtained from the primary data. They show that customer expectations are mostly coincide with the products of Black & Decker brand, but they do not have the opportunity to test the products before the purchase. As a solution, the author proposes to conduct master classes at technology exhibitions, where everyone can test any tool, they are interested in.

Keywords: business, customer, customer experience, customer satisfaction, international company, marketing communication, survey, target audience


Рубрика: 08.00.00 ЭКОНОМИЧЕСКИЕ НАУКИ

Библиографическая ссылка на статью:
Моисеева И.И. Factors influencing customer satisfaction // Современные научные исследования и инновации. 2022. № 3 [Электронный ресурс]. URL: https://web.snauka.ru/issues/2022/03/97795 (дата обращения: 29.03.2024).

Introduction

Today, it’s not a secret that satisfied and happy customers are the key to success for any company. Every business owner is wondering how to make a product that will meet the needs of customers as much as possible. [1]

Thus, buyers can be called the lifeblood of the business, as they are one of the main components in the chain of business processes. It is impossible to imagine any successfully developing company without them. It does not matter how well the product or service of a particular company is advertised and promoted, if there are no those for whom it will be produced or offered. However, it is not enough just to have buyers. It is necessary to take into account their interests and desires that they want to satisfy with the products and services offered to them. [2]

According to a PwC study, after several bad experiences, 59% of buyers will prefer to leave the company, and another 17% of the respondents stressed that they would stop using the company’s product or service after a single negative experience. That is why, in modern realities, companies need to constantly monitor how satisfied their customers are, what kind of experience they get from using their product or from interacting with the company.[3]

For this reason, the author of this article decided to analyze the factors that can affect customer satisfaction.

Literature review

First of all, it is necessary to identify the essence of customer satisfaction and why it is so important in modern conditions of doing business.

There are many different interpretations of the meaning of a satisfied customer, as they vary in different areas of the business. In general terms, customer satisfaction can be explained as the degree of compliance of their expectations with what the company promises to provide them with.[4]

American Society for Quality states that this is a measure that helps companies understand to what extent customers are happy with their product, service and potential capabilities. [5]

If the company does not focus on the wishes of its customers and does not try to make them come true, then their position in a competitive environment may deteriorate significantly, profits will fall, acquisition costs will increase, and all KPIs will not be achieved. These are one of several reasons why it is important not to lose contact with your customers and always listen to their feedback.

Therefore, despite the fact that each buyer may be looking for something special for himself, there are general truths that are suitable for the entire target audience of the company. They can be defined as the following factors:

Accessibility

It seems obvious that if it takes hours to find the right information about a company, product or service, then no one will want to deal with such a business anymore. Moreover, he will tell all his friends and acquaintances about his negative experience, thereby depriving the company of potential customers and creating a negative first impression.

To avoid this, it is necessary to simplify the process of interaction with customers as much as possible, to make available the opportunity to ask questions, report problems and evaluate their solution.[6]

Empathy

Without taking into account all the efforts on the part of the company, bad cases can happen and at this moment it is extremely important to show the client that this bothers company’s employees and they want to help him. Faced with indifference at a time when it is important for the buyer to feel that he is not alone with his problem, he or she will be disappointed in the company and will never return for a repeat purchase.[7]

Language

For each industry, there is a characteristic technical language, jargon or trade terms that may not be clear to their buyers. In this case, the company should make references to their explanations. But still, it is better to analyze what terms their target audience expresses and use them in describing products or processes of their manufacture or application. This will demonstrate the company from the good side, it will show. that she is interested in her clients and tries to convey information to them in a way that is convenient for them.

Response Time

If the customer has any problems with the product after the purchase, then he wants to solve them as quickly as possible in order to finally get the value for which he spent his money. And if he has to hang on the phone listening to annoying music or sit and monitor while his message is read by someone from the support operators, then this will significantly affect his mood and opinion about the company. In this case, it is useless to hope for good reviews and five stars from this client.

Not all companies can afford a large number of employees who could work around the clock and explain to customers sometimes such absurd things as checking whether the device is connected to the network. Chatbots are indispensable helpers in such situations. They analyze the words in the message of customer and send answers to frequently asked questions. This greatly simplifies the work of support assistants, helps clients get up-to-date information at any time of the day or night, and they also do not require large financial costs in maintenance. [8]

Convenience

Nobody will want to place orders in the company if the purchase procedure requires too many meaningless stages and a lot of time. It will be much easier to find a similar product from competitors and order it from them. In order to prevent customers from switching to competitors, it is important to make the entire purchase procedure as simple and convenient as possible. The ability to choose a method for purchase will only improve the impression about the company, since not everyone has the time and opportunity to fill out a form on the website. These persons would rather call by phone and place an order. In other cases, there are people who avoid talking on the phone and it is more comfortable for them to just leave a request. [9]

Choices

In continuation of the theme of providing a choice, buyers encourage companies and brands that have a wide range of products, different colors, the availability of different sets of functions and configurations. This gives them a sense of control over their choices and their buying experience. This also applies to the type and price of delivery. Someone prefers to spend time and effort to take the goods from the pick-up point, but for a cheaper price. And on the other hand, there is someone who would better pay a little extra for delivery to the door.

It is considered as a good idea to offer decorated sets or gift cards if the buyer plans to surprise someone from relatives or friends.[10]

Overload

Overload is the downside of a lot of choice. The buyer cannot decide which product to take, because he is offered models that are either almost no different, or he does not understand what he needs more. This should be taken into account when developing products.

Quality

Quality is one of the most important factors that influence customers’ decisions about further purchases in any company. This does not mean that a company should spend large sums on the purchase or manufacture of expensive materials, and then sell its products at a very low price in order to attract a lot of buyers. Such a company simply will not be able to function for a long time and will go into large debts. Also, you should not deceive customers that you provide them with luxury products, but in reality, their quality barely meets the requirements of the segment. Buyers only want the quality of the product offered to them to match its price and the company’s standards.[11]

Reasonable Prices

In almost every industry, there is a division by price segments into low, medium and high. There are many companies operating in such segments that produce almost similar products. To stand out from other companies, there are two ways: differentiation and price. When an organization uses the second method and tries to stand out with a price that differs from the price of other manufacturers, this is called price competition. To win it, companies need to monitor the prices of their competitors and set such a price for their products so that it is lower and more pleasant for customers, but also does not underestimate the high quality of the product. Overestimate the price is also not worth it, since it is important to understand how much your ideal buyer can afford to spend.[12]

Appreciation

Every customer wants to feel that the company appreciates that he cooperates with it. This is especially important if he is a regular customer and advises your products to all his friends. An example of such gratitude on the part of the company can serve as samples of the company’s products, a roulette in which customers can receive some gifts, discounts, contests and events every month, access to special content for their constant support.[13]

Community

Since people are social beings, they want to feel themselves as a part of something bigger. Having a place where customers can share their impressions of the product, learn something new about it, or just chat with those who also like it will help strengthen a good impression of the company.

Moreover, maintaining a page on social networks will help attract new customers and give them the information they are looking for. Also, the regular customers who are defenders of the brand will convince newcomers to purchase the product of their favorite company.[14]

At first glance, it may seem that it is very difficult or almost impossible to determine how much the buyer is satisfied with what the company offers him. However, this is absolutely not the case. In fact, there are many tools that can determine the level of satisfaction of people interacting with the company’s brand, for example it can be surveys among users.[15]

Methodology

At the beginning of the research, the author set out the following goal, subject, object and hypothesis of this work.

The purpose of the article is to identify which factors influence customer satisfaction and to provide recommendations how to deal with them.

The Object is Stanley Black & Decker company.

The Subject: Factors that potentially can influence customer satisfaction.

Hypothesis: In order to increase the level of customers satisfaction and provide them with the positive experience, Stanley Black & Decker should arrange special master classes.

Research Question:

“How does Stanley Black & Decker can achieve a great customer experience?”

Research Methods

Literature

The different sources of information have been studied and used by author of the article, in order to analyze the topic to a greater extent and provide Stanley Black and Decker with useful recommendations. The most part of the literature comes from secondary data, such as scientific articles, research papers and websites dedicated to this topic.

Practical tools

The author describes the profile of potential customer of Black & Decker brand. Additionally, the author conducted a survey among users of Black & Decker brand in order to understand how products of the company meets customers’ expectations and are they satisfied with them.

Findings

Before starting the research, the author describes customer persona profile, which includes a detailed description of who represents the target audience of the Black & Decker brand.

Fig. 1 “Customer persona profile of Black & Decker”
Source: created by author

If we consider the target audience of the manufacturer of power tools for the DIY sector as a whole, it can be highlighted that these are mainly men aged 30 to 45 years. They have the status of husband and father of one or more children.

Although Stanley Black & Decker is an international company, but only citizens of the Russian Federation, and specifically Moscow and Moscow region, participate in this research. Their average annual income is 955 thousand rubles. They are home craftsmen or as they are also called DIY enthusiasts. Also, it is characteristic for them to own a country house with a garden, which they take care of and where they often carry out repair and construction work. Considering all these factors, Black & Decker offers them a wide range of battery and mains power tools, garden equipment and home care products.

The next stage of the research was to conduct a field study in which the author interviewed 100 people and asked them the following question: “Have you used the power tools of the Black brand & Decker before?”

As a result, it was revealed that 80 out of 100 people used Black & Decker power tools and garden equipment. In order to determine sufficient sample size, the following formula was used:


where t – confident rate,

W – the proportion of positive answers,

– standard error of the proportion.

Hence,

W= 80/100 =0,8

= W*(1-W)= 0,8*0,2=0,16

t=2

=0,1

n=4*0,16/0,01=64

Consequently, based on the results of sampling size estimation, at least 75 people should be asked.

Fig.2 “Results of the survey among Black & Decker users”
Sourse: created by author

After collecting respondents profiles, the author have got the following results. The proportion of customers who had the experience of usage Black & Decker instruments is 57% men and 43% women. Users whose age vary from 35 to 44 predominate among the respondents. The part of the respondents aged from 45 to 54 makes 26 percent of the whole group. The rest audience aged 25 to 34 takes the smallest share of 22 %.

Almost all survey participants, namely 95 %, own a cottage, which means that they can probably carry out repairs both inside the house and outside or in the garden. The average annual income of the respondents was just under a million rubles.

In the next several questions, the participants were asked to rate on a five-point scale how satisfied they are with the following characteristics of the products of the researched brand: quality of the product – 4.7, length of life of the product – 4.3, design of the product – 4.9, consistency of quality – 4.5, range of products – 4.8, processibility – 4.4.

At the end of the questionnaire, the author posted an open-ended question about how the company can improve the customer experience. The answers of the respondents varied, but they managed to be categorized into three main groups. On the third place, it was proposed to change the configuration of several specific instruments. On the second place, participants voted to add new features to old models. Finally, the majority suggested that the company could give them an opportunity to test various tools in order to make it easier for them to decide on the purchase.

Discussion & Conclusion

Based on the survey described in the previous part, the author’s recommendation to Stanley Black & Decker company is to arrange special master classes at technological exhibitions.

This decision will cover several factors that can help to increase customer satisfaction. Firstly, a lot of tools will be accessible for customers. Also, they will have an opportunity to ask questions and get answers from company’s representatives in the real time. It makes the process of interaction easier and faster, because clients do not have to wait long for a response, as it can happen when contacting the online support service.

Furthermore, this will show that customers’ opinion is important for Stanley Black & Decker and it wants to improve the user experience. Customers will be able to fill out special forms and express their suggestions about adding unique features for products and different useful variants of kits.

Additionally, company’s representatives may distribute small souvenirs with company logo, for example magnets, figures for the keys or badges. The company can also sell branded T-shirts, caps and bags for tools. It will give buyers the feeling that they are part of the company. On the other hand, the company will get profit from sales.

For the project implementation, several plots must be rented for the following categories of products: power tools, garden equipment and household products. At each such point, several company representatives should be ready to demonstrate the tools in action, describe their characteristics and answer visitors’ questions. Also, their responsibilities will include assisting buyers during the testing of models they like.

To do this, it is necessary to provide customers with protective equipment, consumable materials such as wooden blocks, fittings, brick slabs, natural lawns, wood branches, accessories.

Invitations can be sent by e-mail, on the website in client’s personal account or they can be distributed in hardware stores such as Leroy Merlin, Petrovich, Obi, Castorama.


References
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  2. What Factors Influence Customer Satisfaction? [electronic source]. – URL: https://commence.com/blog/2020/08/08/customer-satisfaction-factors/
  3. Tom Puthiyamadam “Experience is everything: Here’s how to get it right” /PWC/ future-of-cx, 2018, p. 8
  4. Marta Szyndlar “Customer Satisfaction: Why It’s Still Important in 2021” [electronic source]. – URL: https://survicate.com/customer-satisfaction/importance-customer-satisfaction/
  5. American Society for Quality (2021) “Customer satisfaction definition” [electronic source]. – URL: https://asq.org/
  6. Rebekah Carter “15 Key Factors Influencing Customer Satisfaction” [electronic source]. – URL: https://zoovu.com/blog/customer-satisfaction-factors/
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