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Understanding the local business culture is an important pre-requisite for doing business in any foreign country. If you Google Indian business culture, you’ll find dozens of articles on the cultural sensitivities that foreigners needs to have, for doing business in India. Most of them talk about what I think is the relatively easy stuff that Emerging markets like India are the preferred destination for a variety of organizations – private equity firms looking for investment opportunities, corporations looking for new markets for their products, and asset managers looking for higher returns on their investments. But doing business in India is fraught with challenges, particularly for investors who are not familiar I am not going to repeat the “great” India story. Notwithstanding current problems, PE investors understand that India will grow substantially in the long run, and an under-served population of well over a billion makes this a market that cannot be ignored. However, this article is not about growth, but structural changes to the Indian Recently when I purchased a new car, the service executive at the shop asked me to sign a blank customer feedback form, that too before I got the delivery of the car! Being a research analyst and knowing the importance of the voice of customer, I was shocked and refused to sign it. Today, as global and local economies struggle to grow, traditional sales and marketing strategies are proving less and less effective. Companies are less motivated to take on new vendors or try new services, decision making is agonizingly slow, and pricing is cut-throat. In this situation, the RoI on sales and marketing has fallen There is no business in this world that can afford to ignore the voice of their customers. Time and again businesses have relied on Voice of Customer (VoC) studies to improve bottom line profitability, drive top-line revenue growth, come up with innovative product ideas, and benchmark themselves with their competitors. Critical input for increasing sales CSS and VOC – Two popular methods for customer feedback. The challenges to human communication are well documented. If communication between individuals can be so challenging, then what about communication between two organizations of at least a 100 people each! Clients usually ask us what’s more effective – Customer Satisfaction Studies or Surveys (CSS) or |
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