The last survey I posted asked two simple questions:
1. Are you dissatisfied, satisfied or Extremely Satisfied with the brand of your last purchase?
and
2. Will you definitely, without a doubt, buy this SAME brand again when you need a similar product?
Although the sample size of 25 is limited (too few of you like to take surveys), I still think its worthwhile sharing. Participants purchased a wide variety of products from beer to cars (hopefully not at the same time).
The results were interesting but not surprising, although I think most of those taking the survey must have already drank the XCS cool-aid:
Buy again?
Dissatisfied = 4 = 16% 0%
Satisfied = 17 = 68% 6%
X-Satisfied = 4 = 16% 94%
I think the first portion regarding how satisfied you were with the brand of your last purchase says much about a well balanced marketplace, where the vast majority (68%) were satisfied with the their purchase. An equally balanced 16% on each side were Dissatisfied and Extremely Satisfied, the two limits.
What is more interesting is that in this case (probably due to the small sample), none of the dissatisfied and only 6% of the satisfied participants said they were loyal to the brand as a result of their experience.
On the other hand, 94% of the XCS’d participants would be loyal to the brand based on their experience.
For at least 25 of you Extremely Satisfied may be the line that has to be crossed for loyalty to be reached.
[Please note that although fun to look at and discuss, you should not use this survey as a source of difinitive market tendencies due to its limited sample size and lack of industry segmentations].
Committed to XCS !
May 29, 2008 at 10:37 am |
I am surprised theat the data appears normal (symmetric). I have been reviewing customer sat survey data for more than 30 years and have yet to find a symmetric distribuition of responses. I think you may be correct when you suggest it ios the size of the sample. It might also be that the sample is not a probability sample.
May 29, 2008 at 7:56 pm |
Ddr,
thanks for your comment.
Yes, this is one of the reasons I initially questioned whether I should share the resutls or not. I believe the symmetry is the result of sample size. I’m sure if we had a larger sample we would have seen a lower weight in the propensity to repurchase of the dissatisfied segment.
I still thought it worthwhile sharing, since it begins to tell the story that Satisfaction is not the source of loyalty.
Thanks again for visiting the blog and sharing your experience and knowledge.
Rudy V
May 31, 2008 at 3:33 am |
As I have been telling my students lately, it is now prime time for those who offer over the top service to shine. Any market like today is a breeding ground for the best people have to offer. With product differentiation being so minimal in many industries (oil, banking, computers), it’s XCS that really makes the difference.
I drive out of my way to get coffee from my favorite coffee place because I’m “Mr. Robert” there. Yet a Starbucks is a Starbucks is a Starbucks. If one is there, I will go, but if there is another place where everyone knows my name, I’d just as well go there, or buy a box of tea and make it at home.
May 31, 2008 at 11:22 am |
Mr. Robert,
thank you for your comment and insight.
The advent of the Experience Economy is accentuating the importance of the experience vs. our old paradigm of importance on the product. Great product is now a “Minimum Busines Requirement”. What matters is the experience and emotion we feel when we consume it.
Robert, I believe we can change the world if we can show businesses the impact they can have on people’s quality of life and consequently on the bottom line.
Please let me know if I can assist you in any way, through material or data that can assist in the awakening of our student body to this important paradigm shift.
Thanks again for sharing with us.
May 31, 2008 at 12:55 pm |
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