As the air gets turbulent

These may be the three most dynamic sectors in the Indian economy as they seem to flood the news every day- retail and ecommerce websites, mobile telephony and airlines. Each day there is either the rise or fall of a new marketing tactic and sales promotions to drive revenues. I already tried to establish a symbiotic relation all the three are having where mobiles and telephone networks are driving people to the internet, online retail is building the aspiration for products and airlines are making overnight deliveries and satisfaction a possibility. In the last few weeks, the skies have turned murky and the airline industry is likely to face turbulent air. 

Spice Jet was showing signs of running on low cash reserves for a long time. In fact when they launched some astonishing discounts for flight bookings beyond six months from the day of flying; I sensed they were trying to stay afloat by selling a future beyond their reach. And so it happened one day that almost 1800 flights of December were grounded and fuel was now on cash and carry. As for the passengers, well you invested too far ahead on promises to fly on a carrier whose daily operating loss even while flying was in excess of 3 Cr.

This won’t be the first time this is happening with Spice Jet which saw a similar fate in its earlier avatar of ModiLuft, which ironically had also ran out of funds. So from a full service carrier that started off in 1993, Spice Jet turned into a Low Cost Carrier in 2004. Ina typical LCC style, Spice Jet always had its parking slots away from the terminal gates with flights at wee houses in the morning or late night and the buy off the cart catering service. A positive which I definitely noted was the aircrafts were always clean, young by age and more often than not; on time as well.

So how does the 2^nd largest LCC and one of the longest serving airline enter the whirl of failures? In my opinion, almost every airline in India has been suffering similar losses in a mad rush to woo customers by bare minimum fares and discounts which in most cases barely seem to cover fuel and airport charges. Spice Jet in its initial years was fighting Air Deccan on a price war of Rs 99 tickets (which after the taxes and surcharges used to come up to Rs 2300), but as far as buyer psychology was concerned, it scored heavy. All flights going full was a record that Spice Jet had in its initial years. The leadership was maintained until Indigo burst out on the scene and its offering of low cost and timely arrivals and departure made a big dent on the markets.

I had a sniff at the possible financial position last year when tickets at a cheap rate and more than 6 months beyond the flight date were being sold; a clear indication that cash flows were fast eroding and survival games have begun. The last reports have now indicated a possible government intervention to boost the airline off its blocks again. But lack of financial profitability has been the truth even with Jet Airways; which after the collapse of Kingfisher is rebuilding itself as a full service carrier and earn back its customers from the LCC’s. Adding to the mix is Air Asia’s entry into the LCC market, but its limited destinations at present makes its market position tough to decide. It now remains to see how the much awaited Vistara which is scheduled to fly from the next month will perform and affect the market.

A matter of debate may be, but one thing is happening for sure; the Indian skies are seeing turbulence and it might be only the financially fittest and consumer selected one’s which will survive the wind fall which is likely over the next few months. 

The brands that make every Indian wedding

Family has been a very intrinsic part of the Indian culture and value systems. No wonder the coming together of families through a wedding is also rated as a very big event. A new beginning of sorts is marked with a hell lot of new stuff which floats amongst the families. There is a lot of shopping activity that happens prior to the actual wedding and there are a few brands which have actually carved a niche for themselves as far as Indian weddings are concerned. Yes, there are a lot of local players in each category, but for some verticals- these brands stand as the gold standard primarily through the years of advertising that they have sincerely followed.

 Amongst the unwritten rule for the groom or the majority of the male population is to be dressed in a formal suit for the reception or some occasion during the wedding. At this point only Raymond’s can make a man complete. It may be tailored next door, at a Raymond’s Made-to- Measure store or be it a readymade, the fascination with a suit in Raymond’s fabric is like a must. In more recent times, Raymond’s has tried to make the man a sensitive father, a retiring teacher, a caring son and husband; but as a brand they also have an unmistakable connect with weddings. The man in Raymond’s has the charm to break a traditional sangeet into an impromptu ball dance, express his love in a manner suited to the shining armoured knights and also turn a reluctant arranged partner fall in love. (https://www.youtube.com/watch?v=87lrVrz3Pv0)

The domination of Raymond’s in this space is so high that competition like Siyaram, Grasim suiting’s, Reid & Taylor have all had celebrity endorsements and placed themselves in the office wear category to distinguish themselves from Raymond’s. People can be so particular in terms of the suit fabric that even a fabric worth over 10K or a final suit worth 30K is not looked upon as splurging.

When we talk of traditional wear for men and women, it has been an area which was strongly dominated by local market players. The bling value on traditional clothing for both genders has always been different and varying as per the regions and customs that go around in every part. Not to mention for the ladies, sarees and their patterns have held traditional weavers as the highest authority. When it comes down to stitched wear, designers and tailoring shops still carry a high regard. It has again been a bit different for the guys as various styles of kurta are the only possible variations. Manyavar seems to be making a heavy in roads on this front. Apart from a very heavy team sponsorships in IPL, the brand has also made an impressive TV ad showcasing that they will lead the pack in organised occasion wear for Indian men. (https://www.youtube.com/watch?v=-I4Qd1wbAV4)

Now so much for men- the ladies segment has a whole lot of saree and jewellery stores which are local market chains like Roopmilan, Kala Niketan, Nallis or the PC and Ghanasingh jewellers and many more like them. Clothing somehow does not have one brand which has the kind of appeal that goes beyond the product and how it makes you feel. But jewellery has had a larger emotional and social angle in terms of brands. A bride without gold to adorn the dress is like unheard across socio-economic strata in India. So apart from the traditional and family attached jewellers, there are big jewellery brands like Geetanjali or TBZ which have added a touch of glamour and a royal appeal to wedding and occasion wear ornaments. But a national brand which may stand out in my opinion is Tanishq by Titan. I see them as a brand which had communication which went on a note that it could inspire the “not interested” to get in the marriage mode. Which other brand thought that they could also add a touch of glitter to a 2^nd marriage? (https://www.youtube.com/watch?v=jqggcpL79qw)

 While we are on Titan, watches were always a part of the accessories which could also be a gift for anyone in the family; father to their ward, amongst siblings, as a gift for send-off… but can you propose marriage with a watch? Well in a way, Titan just redefined that space occupied by a diamond ring with a watch in the most refreshing and ‘without words’ emotions. (https://www.youtube.com/watch?v=BYSvzmqD4fQ)

There are so many other examples I can think of which have become a part of the Indian wedding saga. The woman get a space of her own in a new environment and the first stage of trust in a new relationship is established by a Godrej cupboard. A whole lifetime of memories shifts to a new space safe and sound in VIP luggage. A lot of brands are trying to break into this wedding space; a lot have already owned this space for themselves.

There is nothing to deny, marriages in India is a big affair and with anything between a million and ten million marriages taking place every year and an average of four members in each family- it is also a considerably large sized market for brands to look forward to. Not restricted by economic conditions or political scenarios; the big fat Indian wedding is USD 40 billion industry which is here to stay and just boom on. 

When expressions find a way- the new media avenues

This weekend, one of my batch mate from college came out with a collection of short stories she has written over the year and compiled in a book. The book came out as a kindle e-book titled, “Do virgins taste better and other tales of whimsy”.  What has got me excited is the fact that she has made it to a point where her thoughts and ideas have been able to reach a larger audience circumventing the vicious nets and monopolies of publishers. The answer came in the form of Amazon and its CreateSpace service.

My class had quite a few talents with literary skills to write books and scripts, very few actually have taken it up as a full time profession. My roommate in college went into advertising, but had a compilation of photographs coupled with his feelings behind them expressed as poetry. The concept was too alien to publishers, and he was reluctant to share excessive details suspecting foul play. Another of my roommate is journalist who having extensively travelled in a riot torn UP has inside stories and anecdotes which no news channel will every carry. The works for both of the above have original ideas but the flight of expression is yet to find wings. I see the new avenues in media as a viable options in the days to come.

The story has been similar to many of the upcoming talents who have the ideas and concepts for a larger stage but find no takers. The Viral Fever (TVF) Media Labs is a sensation on YouTube as a channel which has a very steady and loyal bunch of followers. Their popularity is marked by the fact that a video from TVF crosses 100000 viewers in a day at max. But the origins of the second largest network of youth entertainment in India lies in the fact that the concepts presented by its founder, Arunabh Kumar, were rejected by MTV and other youth channels. By means of YouTube, TVF today has a reach so massive that online portals like Snapdeal, Common Floor or even movie stars like Shah Rukh Khan, Parineeti Chopra, Ayushman Khurana, Ranveer Singh have come on their shows to connect with youth and promote their movies.  

There is no doubting the fact that making a film is an expensive proposition and has a lot more in terms of financial hurdles. But some like another batch mate of mine, Faraz Ali, have taken up spending their time, effort and own savings to find a route to achieving things. The alternative he has found takers has been short film festivals. One of his first efforts, Mehrooni got a lot of critical acclaim after being shown at the Mumbai Film Festival and Royal Stag Large Shot films. The encouragement has taken him to make Makhmal this year which not only had big names like Jackie Shroff and Shafquat Amanat Ali attached to it, but also got opportunities in film festivals overseas (Including the New York 30 under 30) as an avenue to showcase his art to the world.

Another space where alternate media is making an impact is music. Recently, Vayu, a college junior of mine, launched a music video on YouTube of a song he had written and had composed almost 8 months ago. Apart from the fact that he is a lyricist having written for mainstream Bollywood, he had the desire to write about things he felt close to and ultimately wrote about dope. (https://www.youtube.com/watch?v=MtHf8QBJj0Q) The challenge he faces now is promoting his song but with no support of a big production house and only friends and well-wishers backing the video already has more than 62K views and becoming a cult in a small way.  Not to forget, platforms like Sound Cloud are also helping him gain more popularity. 

On the whole, the sphere of media has grown in a big way and is helping people to bypass the traditional road blocks and monopolies of publishers, music labels, channels and film producers and distributors. It is now up for the people with ideas to come up with the best of their own content. Success may be defined once people get to witness what you have, but a lot more avenues to help the right talents see the light of day. 

Wanna Date? Get the App!

Finding a partner- it might be the most primal instincts that keeps the human race still in touch with our evolutionary past. Nature possibly wrote this code with the idea of propagation of species; the human civilizations have refined it into a wonderful term named relationships. It is so true that we enjoy being with certain people, have feelings towards them (may be even as friends) and ultimately we assign them a unique place in our social ecosystem as long as it has an impact on our life. This is what I’ed say is my view of how we start and maintain our relations from an individual level.

The first level is usually the family where we are born, next is close and distant relatives. When it comes down to friends; we get them from school just by virtue of innocence- sitting on the same bench, sharing the same toffies, travelling in the same school bus or just nothing at all. As we graduate through school and college, we have a rolling account of friends and our first encounters with dating. But overall in most cases, dating is confined to people we know and to ones we are most influenced by in a group. In such cases, everyone knows everything about one another and where we don’t, we have a friend, acquaint or someone who knows this person in some or the other way and can help. The need to know something about someone is the amazing space which has given rise to social networks of today. (given if the movie Social Network is something to go by)

With the advent of internet in Indian households, chat rooms and messengers like ICQ were the first form of tools to enhance the social circles beyond the boundaries of the known people. But why do we have an inherent need to expand our social circles and get to know more people? The answer is pretty simple- what fun it is to answer an exam where you know every answer or play Prince of Persia with cheat codes. Dating is like being on a treasure hunt for the perfect match from a million around whom you do not know. It’s almost like taking command of the USS Enterprise and going boldly further than any man has gone before to know another person. In most cases, it also brings out a lot of self-awareness as you end up understanding more of yourself from an independent opinion from a person who only knows you as much as you can tell them.

The traditional dating forms like blind dating, speed dating etc. have been tried to a fair extent in India but little has actually caught on. I had heard of mobile led dating devices in some Asian countries but the recent explosion of smart phones in India has led to a large number of dating apps that have come in. Now honestly, I had only heard of Tinder and Bumble for some time and considering the fact that the online space had got creepy in a lot of ways, I was confident that this was just a passing phase. Not to mention, the final nail on Orkut did suggest that people has moved to Facebook and WhatsApp as a preferred choice. But recently I started hearing radio ads of some Indian dating apps gaining popularity. So I kind of decided to do some research.

On an overall I guess the apps have refined the art of internet enabled dating away from the weird friend requests we all get on Facebook (and the fraandsheep seekers on Orkut). Firstly, people are from within your geographical vicinities which eliminates you the chance of finding someone in Latvia, Ghana or Fiji. Also since the larger objective is for people to actually meet at some point, it is necessary that the geography is defined. It is also a great thing for people to just swipe around and take a call based on the first impression if it is worth exploring- there are no second chances and a reject is like permanent. I’m sure this gets rid of a lot of nuisance value and stalkers. The third is that you cannot make a profile on its own as they use Facebook as a reference platform for verification. So no more corny id’s like ‘waiting4u, 4uonly, hunkinslacks’ will every bother you.

While everything as an app might seem good with Tinder or an Indian one like Woo, there is and has always been an element of creepiness which is one obvious thing that floats around here. I mean when you name an app Thrill or Desi Crush; it somehow just doesn’t inspire that confidence to meet genuine and good people. But I guess this is the space where people have to change rather than apps and their filters. I do believe there will be people who will possibly mention their intent well and truly direct manner in their profile at some point. These apps are purely means to have more friends- just friends. Sadly this is something not very common in India for people of opposite genders to be just friends; our movies only preach a bunch of guys exclusively or girls exclusively who can sing a song on being friends. Also we love to promote the myth that friends turn life partners eventually.

In my view, more than anything, people have to understand what really is dating. In plain simple terms, dating (unlike flirting) is merely a casual interaction between two people who meet, talk about areas of mutual liking and possibly share things about their life. There is no space for any malicious intent or involved. Since there is no accord to meeting someone again, people usually do open up without the fear of being judged. Though this might not be a primary use of dating apps, I’m already hearing of people who are using Tinder as a business tool to meet people who might be from a particular field of work with a business proposition. And most certainly, a dating app is not a Shaadi.com app or some escort service in disguise.

In an era when I see more and more people involved in activities which actually disconnect them from one another, where the bonds in our social circles, time spent with friends away from work etc. are dropping to a new low, these apps can actually be a breeze of fresh air. A technology connecting people in real. 

The Indian e-commerce juggernaut- it’s mobile

I have often noticed this fact typical to the Indian Consumer- considering their restlessness and the variety of choices available in the market, they are ruthless in terms of giving failures another chance.   Chances for recovery when a particular car model fails to appeal or when a mobile network fails to deliver on its promises are very bleak. But there is one area where they have been immensely patient and forgiving so far. This is the magnitude of impact the lower pricing of e-commerce has had on the Indian shopper.

If recent events like the Flipkart Big Billion Day and Snapdeal Big Savings day are to go by, it has exposed the lack of attention to the backend and delivery systems. People I know are still sceptic of buying shoes and clothing online as long as the manufacturing and size standards are not established. Big budget purchasing of furniture through e-commerce is not recommended in my opinion as their prices are still higher than what a large scale furniture retailer might offer. Not to mention, it is always advisable to verify the quality of material and workmanship along with exact dimension (which I found do vary in reality) of the units.

If all these do make my sentiments towards e-commerce a bit negative, I am still one of the millions in India who is fuelling this huge wave of ‘internet enabled shopaholics’. And if the data from last week’s Google annual online shopping growth trends report is anything to go by, (http://www.business-standard.com/article/companies/google-says-indian-e-commerce-market-to-hit-15-bn-by-2016-114112000835_1.html) India will have 100 million online shoppers by 2016 and the market will be worth a whopping USD 15 billion from USD 3 Billion today. Also, the report mentions that Mobile phones emerged as an important access device for online shoppers with 1 out of 3 online buyers transacting on their mobile phones in Tier 1 and Tier 2 cities. In terms of numbers, 50% queries come from mobiles and this was at 24% in 2012. A key driver for the rural consumer is the social elevation offered by the access to the best brands sitting in their own towns and the ability to order over mobile internet.

Experts are now ready to acknowledge the fact that what happened in many other global market by virtue of desktops is happening in India via mobile phones and apps. This is the space where we have to acknowledge the fact that by December 2014, India is poised to become the 2^nd largest market with mobile phone subscribers in the world. With 300 million subscribers, India will launch past the United States and yet be short by half to the 600 million in China. But the point to note in this case is the rise in numbers of the rural consumers. It is this mass segment which is now the driving force in e-commerce. (http://www.afaqs.com/news/story/42537_India-to-cross-300-Million-Internet-Users-by-December-2014) Imagine the numbers- internet users have increased by 39 per cent to reach 101 million in October 2014. It is expected to reach 112 million by December 2014 and 138 million by June 2015.

It just takes my mind back to the actions by the Ministry to Communication & IT in 1999 when they implemented the Universal Service Obligation. Under this, all telecom operators were required to develop the rural telecom infrastructure at a minimum of 10% of its urban presence as well as further licenses were issued in accordance. The seeds sowed then are bearing fruits today with a 100 million new customers added in just one year as we went from 200 to 300 million.

If we correlate the two reports, there is a definite synergy between the rise of e-commerce in India with the rise of internet access via mobile. Much as India never had a dominant industrial revolution as in the West before the service based economy took shape, we have skipped the dominant phases of the desktops, landlines, land based internet and directly arrived to the highs of the mobile phones and mobile internet. The penetration of retail in the form of shopping malls is limited, but the penetration of mobile app based e-commerce is on the rise.

The wave of e-commerce is like a juggernaut- with the ability to breach the divides of physical limitations and access. The driving force here is the ever growing number of mobile connections and mobile internet capabilities at the hands of millions of Indians; which is paving the road at a super pace. 

Brands have Emotionale

A visiting faculty to my college, Sumit Roy, gave us this powerful statement, which opened my mind to better understand the difference between a brand and a product. Anything that can be put on to a paper and floated around is what a product is. But when it comes to a brand, it is a far greater and closer to heart feeling that people carry towards the brands in their home. It is this feeling that people possess which leads to big words like brand loyalty and cults. The higher order attachment is actually the defining moment in the journey between a brand and its consumer.

Honestly, this is nothing new and people across the management verticals talk about this is ways more than one; basically there is nothing new that I can add here. But there is a critical part of this brand-consumer association which more often than not is the first level of this relation- we call it the brand experience and until recent, this was the biggest area of focus for retailers and brand to concentrate on. Everything that a brand put across to the consumer across all the mediums has a uniformity in terms of content and tone. The visuals and merchandise are in sync with all this. Lastly, it is about a sentiment a person has, an unfulfilled need at times, which a brand experience satisfies.

Brand retail- both as brand shops or Shop- in- shop (SIS) have their own charm. Walk into a Nike or Adidas store and even if you are not a hard core sports freak, you start feeling like one. Shelves full of shoes, jerseys, sports goods and accessories suddenly channel a rush of adrenaline. Spot a Federer or Bolt on the wall or just a face in the crowd out for a run on an empty road inspires one to just grab a pair right there to cherish that dream to get into shape. The sight of a man dressed in crisp formals at an Arrow or Raymond’s section builds the aspiration to make that impression in the meeting room. At the perfumery or the cosmetics section, all brands have testers for people to try it on and then decide what suits them in what kind of a look. Not to forget, at each stage, you have a personalized attendant to show you more options, recommend better products and even in case you are hell bent not to take his words seriously; no one hates if that person shares you a compliment. Feels like magic isn’t it?

Retail is a refined art. It is designed to stimulate your senses in every possible way. Attractive colours and themes on the displays, bright interiors with immaculately put up shelves with neatly arranged wares and smiling sales persons. Even the air within the store is pepped up with aroma candles and oils to make the people feel wanted and cared. Say for the look, an Apple store is expected to be in all white with the silver coloured machines and the staff in black Tees. A Samsung Smart Café or a Mercedes Benz showroom will look the same all across. It is all a part of giving you that distinguished brand experience. The entire affair with the look and feel is so great that clients hire specialized agencies as the people who will build this experience. These are the people who specialize in areas like retail window displays, the look for a season or festival as well as the overall retail design to catch our eye.

No matter what; this aspect of the retail experience is something which I believe cannot be easily duplicated in an online retail environment.  The convenience of shopping sitting in your lazy chair just does not have the charm of walking around in the isles, trying on stuff in a trail room to see how it fits you or at times, make you feel that you are shopping against surfing sites for the best deals. I agree that brands are putting in something very close to the SIS kind of arrangements on sites like Myntra, Flipkart and Jabong, but even with the banners and livery visible on the screen, it sincerely does not inspire the same sentiments. How can holding a pair of Ferrari Puma shoes in your hand be compared to seeing it online? How does one gauge the power dressing rush coming from an Arrow shirt by seeing some firang model wearing it unless you can touch the fabric?

It is good to know that brands are taking cognisance of this and keeping a distinction about what it sells through an online SIS as compared to its own online portals and physical outlets. They are ensuring that their products through a multi-brand online retailer is more aimed at brand penetration through these channels and maintaining a watch on the degree of discounts being offered to ensure there is no cannibalization. For all the pricing games and wars which happen every day on the online ecommerce retailers, there is much need to respect the sanctity towards loyalists through the traditional channels.   

Consumers live by experience. Comfortable, easy-to-use, convenient and ergonomic are what products are designed to be. Brands have a higher order of satisfaction- it is the aura, imagery, style and the ‘feeling-good’ factor added in. This is what makes brands, the emotions it invokes and wins consumers for life. 

We are Customers- we need Caring

Customer is King- one of the most basic things we all are taught in a B-School. The justification for this super gyan is often that they are not an interruption to our regular work but the reason we have work and businesses exist. We will often find theories where people will talk of customer retention or how delighted customers stay loyal, but an essential key to all this is something most people tend to ignore: what is that your customer really wants.

Last week my father, a loyal customer and even a promoter of Reliance Communications for the last 12 years decided to opt for number portability and shift to Vodafone. Leading up to his decision was a rush of missed service opportunities to retain his loyalty. Reliance CDMA did not have the apt smart phone options which resulted in a shift to GSM. The GSM network was not having the desired penetration. Adding to this were service woes with the closure of their customer centres and online requests were going unheard. Not to mention that while billings were being cleared by ECS, neither a physical copy nor an online one was being shared. It would not take an expert to question why the shift was obvious; but the Reliance call centre while confirming the request to shift did seem appalled.

Retaining customers seems to have now deemed to be a low priority activity against building new customers acquired through sales. This is actually a very surprising aspect when we are still taught that 80% revenues come from 20% customers or the fact that building a new customer takes 7 -8 times more effort (both time and money) than retaining an existing one. Take for instance the fact that in a service oriented sector like aviation, only Jet Airways and Air India currently have a loyalty programme as an added benefit for frequent flyers. The rest I believe are making their run for customers purely by virtue of pricing wars.

My first job was a field service engineer of GE Medical Systems and as famously said by one of my manager’s then, “the service team should be the first and hopefully the last person the machinery owners should see for any of their needs. You are the man of the hour and along with your training, you have the final authority to take a call of what needs to be done”. Service at that time was looked as a key differentiator after technical specifications and in many cases, service assurance compensated for the lows on specs or high on price comparisons against competitors. Needless to say, we had 5 sales persons and 15 service engineers. We took pride in the fact that we attended most all within the assured 24 hours after the service call was reported. Faith was so high that we actually had to route our customers to the Toll-free number for the call centre to lodge calls since our variable was linked to response times. Things have definitely changed a lot since.

Today, the first step for most mid-sized companies to claim they are customer oriented is to register a 1800 – toll free number and run a backend call centre with 3-6 seats. The organic reflex as the load increases is an IVR system with a menu for language and service options where there is a facility to hold a customer in a waiting queue. When this gets loaded, certain routine actions are automated through key-in responses over the phone. Though if the customer base is increasing exponentially, the number of call centre seats usually do not go up in the same ratio and then we start to experience what I call the ‘King to Suffering’ phase. This is the phase when you are on hold for minutes on the IVR and yet unable to get the required information or job done to satisfaction.

Just take a small example- suppose you have a payment reflecting in your online bank statement and need some additional information towards accounting. A typical bank IVR works in this fashion: 1- language option, 2- bank account or credit card transactions, 3- enter the desired account number (this is read out and verified), 4- customer id and password, 5-account balance, ledger balance, uncleared funds, 6- repeat information or more information or any other account, 7- options to call for a cheque book, stop payments or talk to a phone banker, 8-wait in the queue and hope for a response in a few minutes. It can take about 4-5 minutes before you hear a human voice which can possibly understand your problem and offer a solution or escalate the matter to the right person.

So why did it take me 8 steps to hear a human voice from a bank where I am a customer against the 3-4 unsolicited calls I get every day (not counting the 10 e-mailers) for me to become their customer? No to mention, the power residing with a phone banker is so limited that they are actually incapable of immediate action beyond giving me a complaint number. It is thereby not a surprising that a common response can also be, we will get back as the delegation of power in such cases in questionable.

Considering India is a hub for BPO’s, I was checking on some global best practices IVRs and Customer Care and almost everyone mentioned that the choice to talk to a customer service agent should ideally fall around the 3^rd step. To get some additional data point on are customers satisfied with services, I picked up a global report on banking customers (yes, money matters most) surveyed by Capgemini. (http://www.capgemini.com/resource-file-access/resource/pdf/wrbr_2013_0.pdf).

What is astonishing though is that globally, just about 51.3% people trust their banks and only 37% feel their bank actually knows them and their needs. And these are the stats when we talk of terms like ‘Customer Centric Approach’ in the corporate PPTs.

I guess it is high time the gyan moves from the board rooms and presentations into actual action. IN an era when there is no dearth of options, consumers will shift and the right trade-off between long term gains and short term doses of Viagra on the sales graphs. A customer may change by their needs; but the inherent feeling of being cared for, managed well and appreciated will never die.