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ACSI American Customer Satisfaction Index TM Customer Satisfaction: A Key Element for an Effective Business Strategy Click to edit Master subtitle style Forrest V. Morgeson III, Ph.D. Director of Research, American Customer Satisfaction Index

  1. ACSI American Customer Satisfaction Index TM Customer Satisfaction: A Key Element for an Effective Business Strategy Click to edit Master subtitle style Forrest V. Morgeson III, Ph.D. Director of Research, American Customer Satisfaction Index San Juan, Puerto Rico September 12, 2013 1

  2. 1. ACSI Overview

  3. Snapshot of the ACSI • Established in 1994, ACSI is the only standardized measure of customer satisfaction in the U.S. economy, covering more than 230 companies in 45 industries and 10 economic sectors; companies measured account for roughly one-third of the U.S. Gross Domestic Product (GDP) • A quarterly measure of the national economy’s health; complementary to measures such as productivity, unemployment rate, and inflation rate • ACSI results are based on interviews of consumers; database contains information from nearly 2,000,000 customer interviews

  4. Snapshot of the ACSI • Adopted in 1999 by the U.S. federal government as the “gold standard” measure of citizen satisfaction; state and local government services also measured • 100+ departments and agencies of the U.S. Federal Government measured on an annual basis • Results from all surveys are published quarterly in various media and on the ACSI website, www.theacsi.org

  5. Methodology Adopted Internationally United Sweden Kingdom Turkey Portugal South Korea United States Malaysia Mexico Singapore Puerto Rico Indonesia Colombia Peru Barbados Brazil South Africa

  6. 2. ACSI Methods and Models

  7. The Changing Economy The New World The Old World Increasingly Customized goods, Mass Production and services and information Consumption of Commodities

  8. Implications of the New Economy MORE … MORE … … buyer information … buyer power … global competition LESS … … services … monopoly power … market economies • The buyer drives the economy • The buyer drives the firm NEEDED: New Customer-Centric Measures • about the economy • about the firm

  9. Satisfaction Theory and Measurement • “Customer satisfaction” is a concept that has dominated marketing research over the past several decades • However, how to measure satisfaction precisely and accurately, and in a way that is operational and that maximizes its ability to predict future consumer behaviors is far more complicated • Customer satisfaction (ACSI) in the ACSI model is embedded in a system of cause and effect relationships. Survey items are included in the questionnaire measuring satisfaction, as well as items that influence and are influenced by satisfaction • The ACSI model produces variable scores to show “how the company is doing,” and variable impacts to show “how the company can improve”

  10. Why Measure Satisfaction? National Economy The Firm The Government • • • Measure and Measure and Measure and monitor national monitor firm monitor economic performance government performance performance • Forecast • • Consumer revenue/profit/ Efficiently allocate Spending and GDP stock market scarce government growth growth resources • • • International Industry Build trust and competitiveness competitiveness loyalty among citizens

  11. ACSI Sectors and Industries National ACSI Utilities Information Accommodation & E-Business Public Finance & Food Services Administration/ Insurance Government Retail Trade E-Commerce Transportation & Health Care & Manufacturing/ Manufacturing/ Warehousing Social Assistance Durable Goods Nondurable Goods Energy Newspapers Hotels News & Local Banks Utilities Motion Pictures Limited-Service Information Government Life Insurance Broadcasting Restaurants Portals/ Health TV News Full-Service Search Federal Insurance Software Restaurants Engines Government Property & Fixed Line Social Networking Casualty Telephone Insurance Service Retail Airlines Wireless Hospitals Personal Food Supermarkets Brokerage U.S. Computers Manufacturing Gasoline Telephone Travel Postal Electronics Pet Food Stations Service Service Cable & (TV/VCR/DVD) Soft Drinks Department & Express Major Breweries Discount Stores Satellite TV Delivery Appliances Cigarettes Specialty Retail Automobiles Apparel Stores & Light Athletic Shoes Health & Vehicles Personal Care Personal Care Cellular Telephones & Cleaning Stores Products

  12. The Latent Variables • Customer Expectations • Overall Quality – Product Quality (for selected sectors) – Service Quality (for selected sectors) • Perceived Value • Customer Satisfaction • Customer Loyalty • Customer complaints

  13. Customer Expectations • Customer Expectations are based on the customer’s anticipation of the quality of goods and services, based on expectations of: – Overall expectations (considering all things, how high were your expectations?) – Customization (will the goods or services fit the customer’s needs?) – Reliability (how often will things go wrong with the goods or services?)

  14. Overall Quality • Perceived Quality measures the customer’s evaluations of the experienced quality of goods or services: – Overall quality (considering all things, how high was the quality?) – Customization (how well did the goods or services fit the customer’s needs?) – Reliability (how often did things actually go wrong with the goods or services?)

  15. Perceived Value • Perceived Value measures quality received relative to the price paid , and vice versa: – Quality given price (given the price paid, how would you rate the quality?) – Price given quality (given the quality received, how would you rate the price paid?)

  16. Customer Satisfaction • Customer Satisfaction (ACSI) measures the customer’s cumulative satisfaction . Three aspects of customer satisfaction are measured: – Overall satisfaction (considering all your experiences to date, how satisfied are you?) – Confirmation of expectations (considering all of your expectations, to what extent has the company fallen short of your expectations or exceeded your expectations? ) – Comparison to ideal (how well do you think the company compares with an ideal organization?)

  17. Complaints and Customer Loyalty • Customer Complaints are the percentage of customers who voice their dissatisfaction. – This is the only single-item variable in the ACSI model, and is reported as a percentage • Customer Loyalty is measured by repurchase intention and price tolerance: – Repurchase intention (the next time you buy, how likely is it to be from the same company?) – Price tolerance (how much could the company raise its prices before you would definitely not be a customer any longer?)

  18. The Standard Model The original, standard ACSI model, designed to be generic enough to measure consumer satisfaction with a vast majority of consumer experiences Customer Perceived Complaints Overall Quality • Overall • Complaint Behavior Customer • Customization Perceived Satisfaction • Reliability Value (ACSI) • Price Given Quality • Satisfaction • Quality Given Price • Comparison w/ Ideal Customer Customer • Confirm/Disconfirm Expectations Loyalty Expectations • Overall • Repurchase Likelihood • Customization • Price Tolerance • Reliability (Reservation Price)

  19. 3. Results and Lessons

  20. 70 71 72 73 74 75 76 77 Baseline Q4/1994 Q1/1995 Q2/1995 Q3/1995 Q4/1995 Q1/1996 Q2/1996 ACSI National Quarterly Scores Q3/1996 Q4/1996 Q1/1997 Q2/1997 Q3/1997 Q4/1997 Q1/1998 Q2/1998 Q3/1998 Q4/1998 ACSI 1994 to Q1 2013 Q1/1999 Q2/1999 Q3/1999 Q4/1999 Q1/2000 Q2/2000 Q3/2000 Q4/2000 Q1/2001 Q2/2001 Q3/2001 Q4/2001 Q1/2002 Q2/2002 Q3/2002 Q4/2002 Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 Q4/2007 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013

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