Pune based business consulting and solutions integration company Nihilent has developed a web-based tool for the Micro, Small and Medium Enterprises (MSMEs) that incorporates the patented Customer Loyalty Evaluation (CLE) methodology and the 14 aspects of customer loyalty. Titled ‘14Signals’ (www.14signals.com), it provides tangible results in the form of Predictive Loyalty Index (PLI), Stimulation Index and Experiential Index.
Nihilent has partnered with the Indian Statistical Institute (ISI) for their expertise in delivering detailed and valuable findings using a wide range of statistical analysis methods. The company plans to publish loyalty benchmark reports for various industries that will help companies to benchmark their own against the industry.
Speaking about the new development, LC Singh, CEO of Nihilent said, “Conventional customer loyalty surveys invariably capture the superficial and on-the-moment mindset of the customer without attempting to uncover facets of the promised experience or the insight into what the customer is really expecting. With these surveys, it is practically impossible to predict the future course of action of the customer.”
“We are focusing some specific sectors like auto, airline and banking. CLE is based on the analysis of the ‘experience’ of the customers in comparison with their ‘expectations’ for a service. Through our new patent, which we believe is the first in the category worldwide, businesses can calculate the PLI of customers, forecast trends and preferences over a period, track areas of improvements, and identify the opportunities for innovation”, he added.
Subrata Rath, Head, Statistical Quality Control and Operations Research (SQC & OR) Unit of the Indian Statistical Institute, Pune said, “CLE lets you design a customized customer loyalty survey for your organization and creates an index to benchmark from. Its innovative and scientific model helps establish and track performance based on the critical elements found to drive loyalty. ISI is proud to partner with Nihilent by bringing our expertise in the application of statistics, assisting in defining the survey objectives and scope, formulating the sampling methodology."
According to Nihilent, 14Signals evaluates the value experienced by customers against their expectations, identifies the focus areas to improve customer loyalty, suggests the possible reasons of sustainable customer loyalty. It also determines the cost customers are ready to incur for products and services and provides insights about trends and customer preferences.
