Published by MBA Skool Team, Last Updated: March 18, 2015
What is Enhancement?
A change or the process of change, brought about, to improve a product or service and to increase its value, is known as enhancement. A variety of enhancements can be used in business to increase the efficiency and effectiveness of different processes and functionalities.
Here, we will focus on some of the important enhancements, commonly used in the industry.
Enhancing customer experience:
Better the customer experience, more is the customers’ loyalty towards a brand. Enhancing the experience of existing customers is preferred to finding new customers, because of the cost-effectiveness and profitability factors. Some strategies employed for the enhancement of customers’ experience are:
• Organize delivery schedule to deliver the products on time, as per the requirements of the customers
• Problems should be identified and resolved as quick as possible
• Building relationships, on a personal level, with the key customers
• Using technology, wherever possible, to improve the service quality offered to the customers
• Giving adequate customer service training to the staff on a regular basis
• Use social media as:
a. Run promotions and contests
b. Reply to feedback online
c. Create relevant and engaging posts
Enhancing customer value through CSR activities:
The CSR activities have the potential to create a wide variety of customer values. These values play an important role in improving the perception of customers towards the company which in turn enhances customers’ loyalty. Some strategies used for enhancing customer values are:
• Diversifying the CSR portfolios
• Prioritizing product-related CSR activities over philanthropy and business practices
• Off-setting value trade-off of multiple activities
• Build CSR brand with the coherence of CSR activities
• Tie CSR activities to utilitarian and functional products
• Increase the processing speed
• Error repair and handling
• Coming up with additional features
Hence, this concludes the definition of Enhancement along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 2000 business concepts from 5 categories.