6th Feb 2017
Reacting to the news that Toyota’s latest results show a 24% decrease in financial performance, Jo Causon, CEO of The Institute of Customer Service, says that “today’s update suggests that Toyota needs to drive through changes in its service strategy if the company is to improve its reputation amongst customers and the City.”
As figures show a net profit of $12.7bn for the nine months to December (24% down on the same period last year), data released by The Institute of Customer Service reveals that although there has been an increase in customer satisfaction for Toyota over the past year (from 80.9 to 81.6 out of 100), customers are less accepting that the organisation is focused on their needs. Asked whether they believe the company cares about them, for example, customers scored 8 out of 10 this year, compared to 8.2 in 2016. They also scored 8.2 out of 10 when asked if they are able to get in touch with the company in their preferred manner – down from 8.5 a year earlier.
The figures lead Causon to say: “Customer satisfaction across the automotive sector has remained static over the past 12 months so it is encouraging to see a small rise for Toyota. However, this good news is tempered by the fact that customers are showing signs of frustration with key elements of the service they receive. If this trend is allowed to continue the organisation risks damaging its reputation and trust in the brand – something that the sector can ill afford to happen.”
According to the latest UK Customer Satisfaction Index, Land Rover and Mini are the top performing organisation in the automotive sector. Causon adds: “Established players in the market such as Toyota cannot afford to ignore the impact that service has on satisfaction. There is a clear correlation between customers’ experience, their loyalty and their willingness to recommend. In a competitive climate organisations ignore this simple truth at their peril.”
Notes to editors
For further information please contact:
Ellie Scott, Bethan Davies or Rebecca Stevenson
E: [email protected]
T: 020 7010 0831 (Ellie Scott), 0207 010 851 (Bethan Davies), 020 7010 0810 (Rebecca Stevenson)
About The Institute of Customer Service
The Institute of Customer Service is the professional body for customer service delivering tangible benefit to organisations and individuals so that our customers can improve their customers’ experience and their own business performance. The Institute is a membership body with a community of over 500 organisational members – from the private, public and third sectors – and over 4,000 individual memberships. For more information about the Institute of Customer Service go to www.instituteofcustomerservice.com.