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The Millennium Bridge in London, the global financial crisis: a problem of shock ...

Jaulent Patrick, President of Balanced Scorecard & Performance Club Europe.

Mularski Philippe, Chief Financial Officer.

The title of this article has probably intrigued and you wonder what might well be the relationship between the Millennium Bridge London and the financial crisis we are experiencing. Before answering your expectations start with some reminders about this beautiful work of art. The Millennium Bridge (in English: Millennium Bridge) is a bridge to "lateral suspension" in London.

This is a steel walkway for pedestrians crossing the Thames to Southwark link on the left bank in the City on the right bank .
The bridge was inaugurated June 10, 2000 by the Queen in the presence of the BBC and several thousand people. If you check the archives the BBC you will find some awesome pictures and videos of this beautiful day. These immortalize an event that took place moments before the inauguration. The Millennium Bridge has started to wobble so violently that many pedestrians on the bridge have been held to railings to avoid falling. Two days later, due to a resonance phenomenon, the bridge swayed sideways unexpectedly. That day, a charity walk to cross the bridge drew many people. The swinging movements were caused by the large number of pedestrians (90 000 people the first day and up to 2000 people at the same time on the bridge). The first vibration encouraged and sometimes forced pedestrians to walk to the rhythm of the swing, which accentuated the oscillations, even early in the day when the bridge was still relatively light. The bridge was closed to the public to allow engineers to identify the causes of this phenomenon of resonance and remedy.

To identify the causes of this phenomenon engineers have put the bridge vibration using a special machine. They found that horizontal shaking of 1 hertz (cycles per second) triggered a oscillation similar to that observed with the thousands of people walking on the bridge. Knowing that normal walking is about one step per second, this means that every second one of our not hit the ground. Our legs slightly apart, your body sways from side to the other as we walk. Naturally, the probability that the 2000 people on deck come together to march at the same time is close to zero. But what would happen if the bridge was moving on, for example, a gust of wind. It's a safe bet that people on the bridge would react to their environment.

If the bridge is not stable through the people will naturally seek to adopt a position that maintains the balance. Thus, when the bridge will move people through it all at the same time seek a position that ensures balance. Pedestrians quickly realizing that it is more comfortable to walk together in sync with the swaying of the bridge.

They will walk and not as shown in the various videos available on the Internet, ignoring, not all is the army, we must avoid not to market on a bridge.

And therein lies the problem because the simultaneous movement of people to reach equilibrium provides an impetus to bridge that moves even more. The bridge moving even more strongly, people are looking at the same time a new equilibrium position. You understood it, the bridge between feeds and thus oscillation. This situation illustrated by the following principle (see the Fourier transform), will continue and grow even when the gale is long over.

What is the relationship between the Millennium Bridge in London and the global financial crisis?

The financial crisis we are experiencing like all the major crises resulting from the conjunction of several phenomena. There is however no doubt that the housing market in the U.S. is the epicenter. The size of the mortgage market in the United States is 13 000 billion. Imagine the impact of a modest variation: A variation of 5% is $ 650 billion in assets.

Scenario the market problem (the famous subprime ) is simple to understand as was that of the instability of the bridge rising house prices increases the value of the collateral and the ability of the borrower to incur more debt as net wealth increases. The self-reinforcing process in the manner of the Millennium Bridge: a rise in asset prices leads to an expansion of credit that fuels the demand for assets, resulting in higher asset prices, and so on. On the real estate market in the U.S. there was a doubling of property values between 2000 and 2006 and then there was this bubble burst.

 The Millennium Bridge moves -> Pedestrians on the bridge adjust their position -> The Millennium Bridge is still moving more -> Pedestrians ...

 Prices assets increase -> banks lend -> asset prices increase even more -> Banks lend further underestimating increasing the likelihood of a market downturn: archetype known as the "the face of disaster myopia."

In the case of the Millennium Bridge, corrective measures were taken and the problem has been resolved, "before it breaks" by installing dampers and mass to control the horizontal oscillations and side. The work was conducted from May 2001 to January 2002. After a trial period, the bridge was reopened to the public February 22, 2002: since then no significant vibration has been reported.

In the case of the financial crisis, the regulatory measures have been taken "after the burst . Hopefully they can finally solve the "great vibrations" of the market. Like the shock of the bridge installed preventively and required nine months of work, the shock of the crisis created, a posteriori , will bear results for some time because the financial system heavily oscillated in the manner of the Millennium Bridge. Hopefully this time not too long.

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Customer Satisfaction : Our indicators are wrong?

All the studies show, Customers today are showing more and more demands in their relations with their suppliers and this phenomenon continues to grow. At the same time, companies report on the registration of a continuously improving their customer satisfaction rate.

Increase customer requirements, increased customer satisfaction rate, should we be the world champions of the customer relationship?

In our business, it is totally inconceivable to record a satisfaction rate of less than 80%. But with a satisfaction indicator above 80%, why do not we have 80% of loyal customers? With an indicator of satisfaction greater than 80%, why are there still "no clients"?

And if our indicators were misleading us? And if, unwittingly, we perceive that our indicators of what we want although they show us? And if studies of satisfaction which they come deceived us?

To set the scene, take the example of two criteria, both collecting 80% satisfaction rate in a study customer satisfaction and ask us questions. Which of these two criteria would prefer to join us?

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Customer Satisfaction: Our indicators are wrong?

NEED TO MEET FOR JUST GIVE THE CUSTOMER SATISFACTION?

It would simply raise the bar to a level altogether Median not to say mediocre. The objective is it to make customers "satisfied" or "very satisfied"?

Customer satisfaction is not an action is a perception, it is a state of mind and this is its true value because, according to its intensity, it inspires actions: purchase, loyalty, recommendation.

behavior is influenced by customer satisfaction and a neutral level of satisfaction, or just good, does not inspire action known. Only a satisfaction or dissatisfaction, intense can create action and action inspired by emotions is much more powerful than motivated by reason.

Until now we had the habit of reading a customer very satisfied or very dissatisfied could communicate his feelings with 10 other people. Today with the development of Web 2.0 and social networks (Twitter, blogs, forums and other exchange), the spread of information is much more powerful and amplifies the phenomenon of word of mouth. " This change in the balance of power between suppliers and customers require more than ever companies to be more attentive to customer behavior.

The objective of a customer-oriented strategy should be to provide intense satisfaction, customer delight, a delight for the customer it becomes a loyal customer, a prescriber, a sales force for further the company.

Generate customer delight, the delight the customer, what the Anglo-Saxons called the "customer delight" is a great way to stimulate growth, generate new opportunities for organic growth in Environment economic downturn that we know today.

In this context, a business become ambitious in terms of customer satisfaction is expected to display and not follow in his dashboard that the rates of customers "very satisfied" that some authors have termed the "top box".

Although satisfaction rates and retained will be much lower than those usually announced but the goal of a satisfaction survey is not to show others that we work well, it bring out internally areas for improvement to meet the customer expectations better and try to retain.

OBJECTIVES OF THE STUDY OF SATISFACTION

A satisfaction survey is a time of listening to the customer. It is an exploration phase of customer expectations that should allow to discover deposits of values that must operate and capable of acting. Such an investigation is not a simple questionnaire.

The goals and future use of the data collected must be very clearly defined. Otherwise, it is likely that the right questions, ones that will bring out the interesting indicators and direct action plans, will not ask.

Identify the right questions is to be able to respond in advance to:

- Why and for what purpose do we want to monitor the level of satisfaction?

- What do we measure?

- Who do we want to measure? All clients or a particular segment?

- Why not to focus the study on customers who complain or who have left?

(orientation in an interesting and effective target to enhance the quality and causes of defection).

Responses to give, after aggregation, to calculate an indicator of overall satisfaction and indicators by sector analysis. Again identification of areas of analysis must first be clearly defined, we will return.

WHAT THE CUSTOMER SATISFACTION?

satisfaction is generally defined as the feeling experienced by the customer as a result of the use of a product or consumption of a service. Satisfaction is therefore:

- the result of the perception of an offer (and not the reality of supply, it may be his superior),

- and on a comparative basis, the result of feeling that results from the comparison between perception and expectation (and not a desire, it can be higher than expectation).

Figure 1: Defining customer satisfaction

WHAT OUR SATISFACTION INDICATORS ARE WRONG?

THE PSYCHOLOGICAL PROCESS OF RESPONDENTS

If the client's psychological processes come into play in the perception of the offer, they also come into play when, response to research it must decide on their level of satisfaction.

It is found that when the gap between the perception of supply and the wait is not too pronounced, the response tends to be less harsh in its assessment and to minimize dissatisfaction.

This creates a tolerance zone which enhances the rate of false satisfaction of customers "satisfied."

THE CREDIBILITY OF THE RESULTS OF STUDIES

Many companies report on an indicator of overall satisfaction 80% or 85% if not 95%. What is the meaning of such a result? If market share is not at this level it is that we should not measure what should be or that they are wrong in the data that we aggregate and certainly in the assessments of respondents that are aggregated .

A satisfaction survey is purported to act, how much is left to the action with such high levels of satisfaction?

But maybe it enough to do nothing! I recently read an article that, in a tone of humor, predicted an improvement in indicators of satisfaction of our companies. The argument was simple but full of common sense in times of crisis, lowering turnover, the first customers to exit a business are usually the least satisfied.

TOWARDS A NEW APPROACH TO SATISFACTION INDICATOR

ON THE LEVEL OF APPRECIATION TO REMEMBER

All the above reasons, but one could find others, just to keep campaigning in the dashboard that the level of customers "very satisfied". The company and some will not rest on laurels nonexistent.

In this context, the study of satisfaction should not be perceived as a threat (by producing a lower rate), it is not to establish a threshold the results are deemed good or bad. Instead, the issues identified as merely "satisfactory" or concern must be considered as opportunities for improvement and not as problematic elements.

ON APPROACH OPERATING RESULTS

The satisfaction indicator reflects a gap between expectation and perception, but in a multidimensional approach to this gap (discussed in the next paragraph), it is possible to subdivide it into other differences may cause different action plans. It should then be included in the study of issues that will facilitate the identification of these other differences.

ON THE SAME OBJECTIVE OF THE STUDY OF SATISFACTION

We of repeating the data collected should enable it to act. We must therefore define the indicators of satisfaction to guide action plans and ideally can in turn be broken down into a balanced scorecard within the strategic map of the company. This goal requires a prior modeling objectives (discussed in last paragraph).

ANALYSIS OF SATISFACTION WITH A MULTI-DIMENSIONAL APPROACH

It should distinguish between technical quality of an offer supplier based on objective criteria and customer satisfaction, which itself falls within the realm of the subjective.

The correspondence between the perception of clients and what is regarded as fact just is not the rule. Nevertheless, the assessment from the viewpoint of customers, remains essential. It can effectively reveal the presence of various problems seeking differentiated action plans.

Thus, the satisfaction gap, which measures the gap between expected quality and perceived quality will reveal in a multivariate analysis:

- a problem of matching supply ( a gap waiting )

- a problem of quality of supply (a quality gap )

- a problem of perception of the offer ( perception gap ).

Figure 2: The multidimensional approach to the satisfaction gap

AWAY WAITING

This difference is revealed when the customer's expectations exceed the company's offer. Although the quality to which the company is made in accordance with good and flawless, it does not meet the expectation or the idea of supply expected by the customer.

If the difference of expectation can find an explanation in some misunderstandings customers have supply product or service, it can also be a problem regarding the balance between supply and customer expectations. It also raises a question as to the identity of the customer to satisfy, the choice of target.

In terms of improvement, the gap is therefore invited to communicate better and to clarify the offer to customers or to assess the relevance and change to better meet customer needs.

the quality gap

This gap is revealed when the supply of product or service was not made as agreed.

In terms of improvement, this gap calls for identifying the causes of poor quality, to implement a plan of improvement in business processes and evaluate the results.

the perception gap

This difference is revealed when the customer does not realize that the offer was made pursuant with good or that the offer is not in its correct position (price / quality).

In terms of improvement, the gap is invited to establish better communication with customers to provide better visibility to the offer made to either revise the price / quality ratio.

Orient action plans therefore requires otherwise process the information from the satisfaction survey to identify such individual differences potentially problematic.

A complementary approach is used to enrich even more the results obtained by declining the action plans in the strategy of the company, this step requires a model of customer behavior.

MODELING THE BEHAVIOR AND USE CUSTOMER SATISFACTION AS INDICATORS OF BASIC GUIDE TO THE STRATEGY OF THE COMPANY

Philippe Plantier , researcher in modeling consumer behavior, this approach more relevant than the use of satisfaction surveys.

It identifies the client in four fundamental behavior from which issues should be developed from the satisfaction survey to be conducted. The responses can identify four indicators of satisfaction.

This approach allows customers to move from behavior to behavioral indicators and these indicators of decline in operational measures that can be transposed into the strategic map of the company.

It occurred to me interesting to resume the outline of his analysis.

Figure 3: The transposition of the study of satisfaction with elements of the strategy map

THE FOUR FUNDAMENTALS OF CUSTOMER BEHAVIOR

- The first pillar of the "compliance" : compliance means that the offer meets the basic criteria promised. It is still reliable because compliance is more comprehensive and reliability is guaranteed (eg : In the supply of bank account management, it is inconceivable that any statement could be false, it must be reliable so that there can be no complete verification).

- The second pillar of the "availability" : availability means that the offer must be available (example of branch open on Saturdays. If it is not open on Saturday The proposed offer is not perhaps not in line with my expectations). It is still accessible to the product, ie the price (eg free the issuance of checks).

These two pillars represent the basic factors of quality that are essential but do not offer value for differentiation. These are the minimum requirements that cause dissatisfaction if they are not made and conversely not cause satisfaction if they are done. At this stage, the competitor makes an offer exactly the same.

These two factors certainly do not retain a client. Yet it is ironic that in many satisfaction studies, most of these questions relate to two basic factors: compliance and availability. We can then question the value of indicators of satisfaction that emerge and which merely reflect that the company is working correctly. Under these conditions a satisfaction rate of 80%, 85%, 90% or more must have nothing exceptional.

The source of a customer loyalty lies in the other two pillars of customer behavior.

- The third pillar of the "caring" : care that is caring, thoughtfulness, active listening, empathy, understanding, responding to requests or problems, ability to turn a negative into contact contact very positive. It is also targeting, segmentation to contact the customer so differentiated and therefore effective. It still inform, reassure, defused, convince customer satisfaction and loyalty.

- The last pillar of the "trust built" : Philippe Plantier defines it as "it is the pillar of the values held by the mark, the transformation into shares of each of these values by the employees themselves who embody this confidence built and all the values of the brand image. "

way to make sense of a satisfaction survey is do not forget to ask questions related to these two aspects of customer behavior, which themselves are the source of the customer loyalty.

INDICATORS OF SATISFACTION OF THE STRATEGY AL'ORIENTATION

Such modeling can identify four indicators of satisfaction remember having any real meaning and that will facilitate decision-making:

- the indicator of compliance,

- indicator of availability,

- the indicator of care,

- the indicator of trust built.

The issues of compliance and availability are problems manufacturing process or service. Problems refer to the level of managers and employees to organizational problems.

The issue of care, ie, the ability to listen to the customer the right questions and the ability to process the request is a jurisdictional problem individual. Problem refers to the level of managers and employees to problems learning and training .

The problem of the image, values, trust is built a problem of collective behavior that is of human resources and communication strategies consistent with a steering committee and based on a vision, a position expressed and understood by all. Problem refers to the level of managers and employees to joining a project and values elements that build collective behavior.

This approach shows that it is the whole company that is involved in a customer-centric strategy. It can decline satisfaction indicators and action plans in the balanced scorecard of their business and add indicators of ad hoc actions.

Customer satisfaction does not guarantee loyalty, but one does not go without the other. The dynamics of loyalty stems mainly from two streams: the satisfaction and image. But we realize that the pursuit of customer loyalty is not always seen as the main objective in all businesses. The purpose is itself a provocative but nothing is still certain truths as it is true that winning a new customer is often promoted as a former customer loyalty:

- it is true that if gain a new client is visible and measurable, the loyalty of a former client is invisible and its gain drowned in a turnover already acquired.,

- it is true that if the gain from a new customer is rewarding and sometimes paid the loyalty of a former client is considered altogether normal

- it is true that if the gain from a new customer is considered a victory over the competition, retention of a former client is a non-event,

- Etc ...

News the moment suggests to me that monitoring of the indicator of customer satisfaction should not obscure the monitoring of other key indicators. From the press:

- "For the fifth consecutive year, Toyota finished No. 1 manufacturer overall in the study of customer satisfaction. "

-" Customer Satisfaction Survey France, Toyota leader "

What do you think?

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resolutely customer-oriented strategy?

Most European organizations firmly believes that customer-oriented strategy is the main growth driver (recent study conducted by the firm Mercuri Urval).

The result of this study Rams open doors you say? How many times have we heard or read these expressions "the customer is central to our concerns" , "We are conducting a customer-centric strategy initiatives" .... ?
Yet how many organizations in their presentation on their corporate websites, they really aimed at their customers?

From words to deeds

Extract from the presentation of a company on its website:
"With over 50 years experience, we became a leading partner for the world of xxxxx. We are a subsidiary of Group A, our vocation is to design and distribute ... .. .

Admittedly, many sites of organizations adopt in their presentation that speech without type differentiation: "We are the leader in our market. We carry the best products for our customers through an ambitious strategy of innovation, research and development. "

Where is the customer focus in these speeches? Where is the creation of value for the customer? The customer is central to our concerns, our strategy but we only talk about us: "we are ..." , "we do ..." , "our vocation ..." . When I was younger, I was told that you should never start a sentence with "I" or "I am" ! Have we forgotten these values?

This tendency to talk about themselves rather than going to his client actually is, curiously, still more prevalent in service companies where there is, in presentations on their websites A list of know-how more or less undifferentiated relative to competitors.

An example of differentiation

I'll probably make some enemies, but take the example of a company providing management solutions transitional world that sensitizes me today, a presentation that I found on internet s 'states as follows:

"initiator Transition Management, X is now the leader of the International Emergency Management, from its offices worldwide yy. Zzzz with missions to his credit over 20 years, X has the best network of highly experienced leaders immediately available.

know-how X is built on three pillars:

- an unparalleled field expertise, acquired over two decades of history,

- a global network of offices yy spread over 4 continents, working in close synergy

- a unique methodology: the acceleration of change. "

If the organization is a leader in its business two decades since it usually has been able to differentiate in the perception that its customers in its value creation and in its image. So do not hesitate to explain and to address its non-client today to induce to become a customer of tomorrow.

course this is only an institutional communication service, the drivers of customer strategy at age 3 but remain confidential communication is a vector of organizational strategy.

What do you think of this presentation (which I certainly some arranged) another company of this same activity on the net and who also qualifies as a leader (!):

"Your business process suffers no interruption. You want a know-how and tailor your actions.

The success of your performance needs of the projects on time by professionals, experts accustomed to driving and accelerating change, the optimization of all your processes.

Our leadership position gives you access to highly qualified managers for a high quality service. "

Communication is the customer-oriented, it is for the client and he gives the impression of a company also customer-oriented, who understand their expectations, needs, gaps.

speech What do you think has the best chance to bring to the "customer delight"?

I said "take it to the customer delight" ?

This will be the next section.