Nihilent, a leading global consulting and solutions integration company, launched a complete service based on its newly patented predictive ?Customer Loyalty Evaluation? (CLE) model, at the ?Customer Retention Satisfaction & Loyalty in Financial Services India 2010? conference here today. The patent titled ‘System for Evaluating Customer Loyalty’ helps businesses to successfully identify loyalty drivers and drive customer retention.
CLE is a unique model developed to make customer loyalty measurable and predictable. It determines an index for loyalty termed the ?Predictive Loyalty Index? (?PLI?). Within the next few weeks, CLE is further being incorporated into a web-based tool named ?14signals? (www.14signals.com) for Micro, Small & Medium Enterprises (MSMEs), which will be collaborated by Nihilent?s consulting practice. 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. Nihilent plans to publish loyalty benchmark reports for various industries that will help companies to benchmark theirs own against the industry.
Speaking at the launch, 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.? ?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 further added.
Prof. Subrata Rath, Head – Statistical Quality Control and Operations Research (SQC & OR) Unit of the Indian Statistical Institute 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, etc.?
Nihilent has already signed non-exclusive partnerships with Britehouse Holdings (A Dimension Data Company) and DaVinci University, Johannesburg, who will offer the service to their customers in South Africa. Pilot projects are currently underway for a dealer management software company and a mobile services provider.
Addressing conference delegates comprising top executives from the financial services industry, LC Singh spoke about why and how companies need to listen to the right signals from their customers, and accurately measure customer loyalty. He also shared the loyalty benchmark findings for the banking and financial services industry.
Nihilent?s portfolio comprises a range of consulting-led services based on its proprietary MC3 TM framework. These services span business verticals like BFSI, Supply Chain & Logistics, Mobile Computing & Telecommunications, Media & Entertainment, Government & State-run Enterprises, Technology & related services, Healthcare, and Small & Medium Enterprises (SMEs).
