IntroductionA balance of power between the customers and manufactures has over time been largely weighted to firms producing goods and services. This clearly indicates that consumers appreciated the opportunity rendered to them to purchase new products. Today, the pendulum for the marketing sector has radically shifted to the opposite direction where customers rather than producers hold a number of cards within the purchase transaction. Technological advancement, for instance, has paved way of customer-knowledge as well as insights that directs affect the bargaining power. Therefore, it is imperative that all companies, regardless of the industry in which they operate in, walk the line so as to track their performance from the continued discriminating eyes of customers.
On the other hand, measure of the consumer perspective is critical to enhancing customer satisfaction particularly when customer experience management approach is applied to solve the customer-related problems. In the new constructed customer perspective, measures such as customer satisfaction, brand audits, quality assurance as well as reputation monitoring have been proposed (Nick 2004). The study examines major problems associated with the current view of the Customer Perspective, discusses the new perspective constructed based on literature on customer value creation to overcome customers’ perspective problems and suggests a mechanism to measure the new components of the revised Customer Perspective based on the Core measures or indicators of customer perspective and Customer value proposition. A Balanced Scorecard and the integration of a company’s strategies and financial goalsSuccessful development of customer perspective, calls for companies to respond to three major questions when creating their Balanced Scorecard.
It involves answering who is the customers, what do such customers expect or demand from companies and what value proposition the company holds whilst responding to customers’ needs.
Studies indicate that a Balanced Scorecard performs well if measures in all the four main perspectives, customer, Internal Business process, finance and learning and growth are appropriately set. It is quite clear that each perspective covers various aspects of the business functioning within the internal as well as external environment. Therefore, the entire group of aspects is interrelated where a success in one aspect is directly influenced by the improvements achieved in the other. The customer’s experience goes beyond the actual purchase of a product or service to include the billing and accounts receivable, product performance, repair and maintenance of contracts, complaints handling as well as after sales services and warranty.
Therefore, customer perspective is an important aspect of marketing analysis because it addresses how the organization determines the needs, expectations and the preferences of customers so as to ensure the relevance of contemporary services creation of new opportunities, building of relationships with customers, involving in the measurement of the results of customers’ satisfaction and the performance of services (Prahalad & Ramswamy 2004). The Five major problems associated with the current view of the Customer PerspectiveSince customer is perceived as the ultimate value for business, it can be argued that customer perspective within the Balanced Scorecard implementation deserves due attention.
Today, marketing grows in popularity as businesses wage struggle to attract and retain customers, encourage customers to change brands as well as buy new products. As a result, companies work to stay in touch with their customers regardless of whether they are buying from them or not, a clear indication that loyalty to brands results in substantial profits particularly in the long-term performance.