Falcon Fastening Solutions, Inc. is pleased to announce the results of our 2018 Client Satisfaction Survey. Falcon has the great privilege to serve clients in many different industries and with very different needs. Falcon clients range in supply requirements from occasional blanket orders to hourly point-of-use (POU) replenishment. We are thrilled that our loyal staff continue to ensure the satisfaction of each of our clients.
For our 2018 survey we again, tweaked our survey methodology and question structure to allow us to better gauge client satisfaction, and discover how else we may be able to help our clients to improve their performance.
Before we look at the results, we want to thank our clients for participating. Thanks to you, we received record breaking response in 2018!
Now, for a few of the survey highlights:
Top 4 Most Important Distributor Attributes
In the survey, manufacturers were asked to rate the most important performance areas to them. As seen in figure-1, far and away, the top 4 most important attributes to Falcon clients were quality, delivery, accuracy, and ease of doing business.
Falcon Vs Your Next Best Vendor
Survey respondents were also asked to rate Falcon against their next best vendor. As figure-2 shows, in each of the top 4 most important areas, the overwhelming majority of clients rated Falcon better or the same as the next best vendor they do business with.
As the graph reveals, zero respondents rated Falcon as worse than their next best vendor on quality. So, 100% of respondents rated Falcon among their best distributors. Unfortunately, in the 3 remaining areas of lessor importance, an average of nearly 4.00% of respondents ranked Falcon as worse than their next best vendor. Our goal is to be every client’s single best vendor, hands-down. For that reason, in addition to our 2019 plans to further improve quality, we’ll be investing further in also improving our performance across the remaining areas.
World Class Net Promoter Score (NPS)
Net Promoter Score (NPS) is a benchmarkable score used to measure the loyalty of a company’s customers, by asking the standard question: How likely is it that you would recommend Falcon Fastening Solutions to a friend or colleague?
Falcon’s NPS for 2018 was +74. Falcon’s score compares to an average of +26 for all manufacturers, according to Inavero’s Annual Industry Benchmark Study. Generally, an NPS above +50 is considered excellent while an NPS over +70 is considered world-class. With an NPS of +74, Falcon is thrilled to qualify as a world-class supplier.
World-Class Client Satisfaction Index (CSI)
Client Satisfaction Index (CSI) is another standard weighted score used to measure overall customer satisfaction. Falcon is again thrilled to report that Falcon’s CSI was 95.65 for 2018. While Falcon’s CSI is well beyond the industrial sector’s average score of 81.7 in 2018, as reported by the American Customer Satisfaction Index, Falcon’s 2018 CSI is also a significant improvement over its own 2017 CSI of 91.18.
Client Satisfaction and Total Cost of Ownership
Falcon’s superb client satisfaction ratings reflect the Falcon team’s relentless focus on continually improving its already highly praised performance in the areas of quality, delivery, and accuracy. Each of these areas contribute to a manufacturer’s total cost of ownership (TCO). While the direct acquisition cost of the typical production component accounts for only around 15% of the part’s TCO, the other 85% of TCO is comprised of an array of quality, delivery, and accuracy related factors. Falcon strives to reduce direct acquisition cost in addition to TCO.
The results of Falcon’s focus on reducing total cost can be seen in Falcon’s annual client savings which saw a year-over-year increase for the the fourth consecutive year in 2018.In 2018, Falcon achieved a whopping 19.50% savings for its clients.