Presentación sobre la como las políticas de Satisfacción de Clientes en las empresas han servido para defenderse mejor de la Crisis Financiera del 2009. Claes Fornell las presentó en el Aula Magna de Esic el 25 de febrero de 2009.

1. Customer Satisfaction and The Financial Crisis Claes Fornell Chairman, CFI Group and The Donald C. Cook Professor, University of Michigan Madrid, February 25, 2009

4. What Is a Recession? GDP = Consumer spending + Government spending + (Exports – Imports) + Investments

5. The Cure: Monetary Policy (Friedman) Interest rates Print money

6. The Cure: GDP = Consumer spending + Government Spending Fiscal Policy (Keynes) Household Income Tax cuts New projects

7. How Customer Satisfaction Is Critical Macro Consumer Spending Credit Availability Consumer Confidence Discretionary Income Customer Satisfaction

8. How Customer Satisfaction Is Critical Loyal customers are the last to leave and the first to come back. Loyal and satisfied customers are a critical asset, but you will not find this on the balance sheet. Micro

13. ACSI: American Customer Satisfaction Index 1994 – 2008

15. Observations Assets on Balance Sheet Less Predictive Intangible Market-Based Assets (Customer Satisfaction) More Predictive Information Technology Globalization More Buyer Choice More Buyer Information Shift in Balance of Power Between Buyers and Sellers

16. The Theory + + Capitalizing on the Shift in Balance of Power Between Buyers and Sellers in Product/Service Markets Classical Economic Utility (Satisfaction)Theory Technology for Extracting Value-Relevant Information

18. Can You Beat the Market? Only if you know something that others don’t

19. The Premise Customers (in the aggregate) Have Certain Value-Relevant Information Before Investors Do

20. Investment Universe: Approx. 200 Large Cap. Consumer Companies Covered by ACSI “ The American Customer Satisfaction Index, the definitive benchmark of how buyers feel about what business is selling them.” - New York Times , August 8, 2004

21. Annual Returns: ACSI stock portfolio vs. S&P 500 April 2000 (Inception) - 2008 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Yearly Performance S&P 500 ACSI Stock Portfolio 2000 2001 2002 2003 2004 2005 2006 2007 2008 -13% 26% 9% 3% 14% 4% -9% 11% -6% 34% 14% 20% -19% -12% -23% -38% 36% 16%

23. CSat Market Neutral: Annual Returns After Fees 7.9% 17.6% 14.3% 3.0% 10.7% 8.8% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2003 2004 2005 2006 2007 2008 CSat Market Neutral

26. Marginal Analysis What to Do Personal service Merchandise assortment Facilities Waiting time Performance as judged by our customers Impact on customer satisfaction

27. Marginal Analysis What to Improve in Good Times Personal service Merchandise assortment Facilities Waiting time Performance as judged by our customers Impact on customer satisfaction

28. Marginal Analysis What to Cut in Bad Times Personal service Merchandise assortment Facilities Waiting time Performance as judged by our customers Impact on customer satisfaction

29. The Future: Some element of Non-rival goods + customer asset management Customers + Investors A New Alliance: Rising Cost of Time: Buyers will offload work on sellers Key to Success in:

30. Typical Rate of Return

31. Rate of Return: Customer Retention Customer Retention

32. Rate of Return: Non-Rival Goods Degree of Non-Rival Goods