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Customer Loyalty & Satisfaction 2006: Creating a Branded Customer Experience


Description: Overview

Creating loyal and satisfied customers doesn’t happen overnight — especially in the scientific market. Loyalty accrues over time with each successive interaction a customer experiences with your company. To build enduring loyalty, life science vendors must create a branded customer experience where the expectations of customers are consistently exceeded. From ordering and delivery through post-sale support, suppliers must understand what elements of product and corporate performance drive satisfaction. With successive positive experiences, scientists’ levels of satisfaction grow higher, and with total satisfaction comes enduring loyalty.

Customer Loyalty and Satisfaction: Creating a Branded Customer Experience will help suppliers understand current levels of customer loyalty and what factors to change in order to increase satisfaction. By applying research methodologies developed in consumer markets, advanced statistical techniques are used to measure the degree of importance that scientists attach to 18 critical customer touchpoints. This data lays the foundation for a series of comprehensive analyses of which touchpoints play the greatest role in a customer’s satisfaction with a supplier and how this translates into enhanced loyalty that drives repeat sales, higher profitability and word-of-mouth referrals.
Nearly 1,700 life scientists from around the world, representing all of the most significant segments of the market, including the all-important pharmaceutical and biotech sectors, completed the detailed questionnaire. These scientific customers ranked their experience with 24 of the industry’s leading suppliers to provide a comprehensive picture of the state of customer loyalty in the life science market today.

The enormous wealth of data from this survey is presented both in the aggregate and in the form of detailed profiles of 24 market leaders. The responses of these life science customers are combined, contrasted, and compared in order to create five essential models of customer loyalty and satisfaction:

- Customer Retention Rate
- Satisfaction Measures
- Buying Decision Process Model
- Loyalty Measures
- Customer Experience Index

Through this report, suppliers are able to benchmark their performance against those of their competitors to identify areas of both strength and weakness. Each of the five distinct models is comprised of numerical scores derived from the survey data to explore issues such as perceptions of performance, corporate competency and post-purchase professionalism.

Moreover, through dozens of detailed graphs and tables, regional and market segment differences in expectations and corporate performance are highlighted. The analysis concludes with ratings of the 'best' and 'worst' suppliers for each of the 18 critical customer touchpoints.

By examining the customer experience from vendor selection and ordering through product use and post-sale support, the report can be used throughout the company, including senior decision makers in Marketing, Sales, Customer Service and Technical Support.

As always the purchase of this report includes one complimentary hour of consulting with our experienced analysts who can describe how these advanced consumer research methodologies can be incorporated into your own satisfaction surveys and Customer Relationship management systems.

From the customer’s perspective, a purchase initiates a relationship. Scientific customers, especially those involved in complex, long-term experiments, usually want and need an ongoing relationship with a supplier. Too often, however, suppliers view a sale as the culmination of a long relationship, one that began as cold call, then a sales lead, then a quote, and finally a purchase. By adopting the customer’s perspective of the buyer-seller relationship, Customer Loyalty and Satisfaction: Creating a Branded Customer Experience shows suppliers how to create real value for their customers, build relationships and engender enduring loyalty


Report Objectives

From the perspective of life scientists, this report provides an in-depth analysis of the elements of a customer’s experience that contribute to building customer loyalty with 24 corporate brands in the life science market. This report fulfills the following objectives:

- Analyze the customer’s buying decision process in a three-step, quantitative model that provides a supplier with a comparative basis to evaluate their brand’s performance
- Rank over-performing and under-performing brands based upon 18 key attributes related to the pre-purchase, purchase, and post-purchase stages of the buying decision process
- Determine the average customer retention rate and customer life years on a brand-by-brand basis
- Assess customer satisfaction and customer loyalty with each brand based upon a comprehensive set of marketing performance metrics
- Measure the degree to which each brand compares to an ideal life science brand
- Estimate the likelihood to repurchase from specific brands
- Reveal respondents’ willingness to recommend a particular brand to one’s colleagues
- Provide supplier-specific profiles detailing customer satisfaction and loyalty metrics based upon detailed segmentation for each brand
- Calculate the Customer Experience Index, which summarizes the extend to which customers have bonded with a particular brand


Contents: Section 1. Analysis and Interpretation of Survey Results

Executive Overview

Part I: The Buying Decision Process
- Model Overview
- Degree of Attribute Importance
- Pre-Purchase Evaluation Stage
- Overall Brand Performance
- Top Brands Presented by Attribute
- Purchase Decision Stage
- Overall Brand Performance
- Top Brands Presented by Attribute
- Post-Purchase Support Stage
- Overall Brand Performance
- Top Brands Presented by Attribute
- Brands that Best Meet Customer Needs

Part II: The Overall Customer Experience
- Customer Retention Measures
- Customer Satisfaction Metrics
- Customer Loyalty Metric
- Customer Experience Index


Section 2. Study Methodology and Demographics

- Methodology
- Definition of Terms
- Demographics
- Questionnaire


Section 3. Presentation of Survey Data

Brands currently used

Evaluating Brand Alternatives
- Importance of brand reputation when evaluating a new brand
- Importance of specific attributes in evaluating products
- Best and worst suppliers in pre-purchase attributes

Making Your Purchase Decision
- Importance of helpful customer service when purchasing from a new brand
- Importance of specific attributes in purchasing products
- Best and worst suppliers in purchasing attributes

Your Post-purchase Experience
- Importance of specific attributes when using products
- Best and worst suppliers in usage attributes
- Likelihood of repurchasing based on a favorable experience

Your Brand Purchase History
- Type of product most recently purchased from a given supplier
- Number of years using products from a given supplier

How Satisfied Are You with Your Life Science Suppliers?
- Overall satisfaction with supplier
- Extent to which supplier meets expectations
- Comparison of supplier to an ideal life science supplier
- Comparison of experience with supplier to experiences with other suppliers

Do Life Science Suppliers Deserve Your Loyalty?
- Likelihood of purchasing from supplier in the next 3 months
- Likelihood of purchasing from supplier in the next 12 months
- Likelihood of recommending supplier to colleagues

Demographics

Section 4. Appendices

- Insights and Perspectives
- Cross-Tabulations of Survey Data


Methodology 1,692 scientists completed a 21-question survey conducted between June 14 and 20, 2006. The electronic questionnaire was fielded to registered members of The Science Advisory Board, an online community of more than 30,000 scientists, physicians and healthcare professionals from around the world. The Science Advisory Board is divided into two panels (Research and Clinical) and “convenes” regularly via the World Wide Web (www.scienceboard.net) to voice their opinions on a wide variety of issues relating to biomedical research and clinical technologies. These experts—representing all aspects of the life sciences and medicine—have agreed to make themselves available to participate in our online research activities. The Science Advisory Board members who participated in this study were drawn from the Board’s Research Panel. In Question 1, respondents were asked to indicate which brands they currently use. If only one brand was selected, the respondent answered Questions 8 through 16 in relation to that brand. If multiple brands were selected, one of their selections was “auto-filled” into Questions 8 through 16 allowing the respondent to answer these questions as they specifically relate to the “auto-filled” brand. Demographics Market Segment Respondents=1,692 Academic 848 50% Pharmaceutical/Biotechnology 306 18% Hospital or University Medical Center 243 14% Government 190 11% Contract Research 40 2% Private Research 28 2% Medical Device/Diagnostics 23 1% Commercial Testing Lab 14 1% Job Position Respondents=1,692 Staff Scientist 341 20% Post Doctoral Fellow 321 19% Principal Investigator 319 19% Lab Director/Supervisor/Coordinator 232 14% Graduate Student/Research Assistant 196 12% Professor/Teacher 191 11% Laboratory Technician 63 4% Department Head 16 1% Production/Manufacturing 10 1% Medical Technologist 2 <1% Bioengineer 1 <1% Geographic Region Respondents=1,692 North America 979 58% Europe 480 28% Asia 140 8% Australasia/Pacific 51 3% Central/South America 21 1% Africa 21 1%


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