Question

Choose a company that has an online sales segment; it can be a company that operates entirely online or a brick-and-mortar store with online site. Assuming a balance scoreboard approach, identify five specific measures that the company could use to measure performance from the customer perspective. For each measure identified, indicate how that information will be obtained

Answer 1

A Balanced Scorecard is a measure of a company or unit's performance. It has four perspectives:

1. Financial
2. Internal processes and practices
3. Learning and Development
4. Customer

One of the most important and strong pillar perspective is the 'Customer'. As always said ' Customer is the king'.

Now, as in the question, being in an online store how can we accomplish the customer perspective is a big challenge as we are not in face-to-face conversation with the customer. Some of the most important aspects of this perspective are customer acquisition, retention, satisfaction.

Some of the measures through which we can measure customer perspective are:

1. Number of visitors: Access to the online store can be given by entering the name and email ID of the visitor. This will be prospects and these leads can be converted into customers by giving them special offers or customizing their requirements.

2. Ratings/review of products: Once a customer buys our product, we should ensure that he rates our product and services on the site.

3. Customer engagement: Invite customers to actively participate in opinion polls of related subjects. Send emails on promotions and offers so that they will return to us for purchase.

4. Feedback calls: Call the customers and get a feedback.

5. Monitoring TAT and handling escalations.

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