Accordingly, Indian Customer satisfaction Index (ICSI) is being launched in India, for measuring consumer satisfaction based benchmarking of organizations’ within and across sectors. Hexagon Consulting is introducing Indian Customer Satisfaction Index (ICSI), a first of its kind and unique index (in India), in collaboration and partnership with the globally respected American Customer Satisfaction Index (ACSI), using the ACSI customer satisfaction survey and analytics methodology.
- This unique index will enable organizations’ and companies in India to be benchmarked across all aspects of customer experience with industry peers and eventually with best in class companies in other industries in India.
- The index will provide an objective scoring & ranking of organizations with their peers.
- Consumers will benefit by getting an objective & independent end customer satisfaction based measure on what matters to them most – i.e. end customer satisfaction.
- Organisations will benefit by getting an objective measure and also obtain diagnostics from Indian Customer Satisfaction Index (ICSI), to identify the specific levers they need to action, to improve customer satisfaction.
As Indian Customer Satisfaction Index (ICSI), uses the ACSI methodology already used in many countries across developed and emerging markets, this will allow & enable cross national benchmarking as well.
Customer Satisfaction based benchmarking is easier said than done.
Measuring & benchmarking organizations’ based objective measures of consumer satisfaction is however easier said than done. Measuring consumer perception, satisfaction or capturing overall consumer satisfaction is not a simple yes no answer or a response calibrated on a simple scale, rather it has many complex layers of customer perception and satisfaction integrated including parameters like:
· Customer expectations
· Perceived quality (of product & service)
· Perceived value(i.e. quality relative to price)
· Customer complaint handling
· customer loyalty
This complexity has been comprehensively addressed for India by the use of the established and globally respected methodology - American Customer satisfaction Index (ACSI) . This customer satisfaction measurement methodology has been developed & perfected over the last 2 decades. ACSI uses customer interviews as input to a multi-equation econometric model developed at the University of Michigan's Ross School of Business, which has being used and validated for the last 2 decades and used in over a dozen countries around the world such as US, UK, Singapore (and few emerging economies as well). The Indian Customer satisfaction Index (ICSI) will thus objectively and independently benchmark B2C organizations’ in India, across broad swath (manufacturing and services) of Indian economy covering both private and public sector.
ACSI methodology being used to measure Citizen Satisfaction of governments as well (both federal and agency). So we at Indian Customer Satisfaction Index (ICSI) have the potential opportunity to measure, score and rank citizen satisfaction with government Organisations as well.
While Indian Customer Satisfaction Index (ICSI) is planning to launch in India with “banking” sector, over time we plan to add more industries/sectors.
Consumer research on the Indian Customer satisfaction Index (ICSI) on the Indian Banking sector is right now already underway some of India’s largest banks (across private, public and foreign banks segments).
Credible and objective information on customer satisfaction based organizational benchmarking will help both consumers and organizations’ in India. Indian Customer Satisfaction Index (ICSI), will contribute to enhancing product quality, service delivery & overall end customer experience and thus contribute to improving the competitiveness of Indian organizations’, our economy and society.
Indian Customer Satisfaction Index (ICSI) – also a diagnostic tool for organizations’ to identify levers of improvement
Helps equity analysts/markets as well
Incidentally customer satisfaction measurement index scores are known in most equity markets to also be one of the lead indicators of future financial performance and profitability, growth of an organization or brand. Hence equity analysts can also benefit from such benchmarking – as various studies and research indicates correlation between customer satisfaction and organizational growth, profitability and improvement in company valuation.
· Customer satisfaction Index for measuring and ranking of organizations’ on consumer satisfaction exist in most mature markets but in India such an index is the first of its kind.
· If the goal is to help organizations’ improve on delivering superior customer satisfaction, then we first need to measure what we want to improve - and Indian Customer Satisfaction Index(ICSI) is the first objective and independent indexed measure for organizations’ across private and public sectors in India.
Indian Customer Satisfaction Index (ICSI), aspires to significantly benefit organizations’, consumers & society at large in India and we expect to contribute meaningfully to further transforming and maturing the Indian economy.
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