As we all know, the consumer is a fickle beast. As we all also know, a happy, confident customer is more likely to buy than an unhappy one. So marketers should pay attention to the American Customer Satisfaction Index (ACSI), a measure of household consumption experience created by the Stephen M. Ross Business School at the University of Michigan, in partnership with the American Society for Quality (ASQ) and an international consulting firm, CFI Group.
According to the survey, the news hasn't been good lately, at least through the first quarter reported in May. (Second quarter results are due in August.) The index reported a plunge for the second consecutive quarter, as consumers grappled with near-record oil costs and falling inflation-adjusted wages.
On a scale of 0 to 100, ACSI measures ten economic sectors, forty-one industries, and more than 200 companies and federal or local government agencies. In addition to the company-level satisfaction scores, the ACSI produces scores for the causes and consequences of customer satisfaction and their relationships. Consumers are interviewed by telephone and via the Internet.
Professor Claes Fornell provides commentary on the results, highlighting different industries and companies each quarter. Looking at the fast food segment—excuse us, Limited Service Restaurants—Fornell analyzed an uptick by Burger King while McDonald's faced increasing pressure. “After several years of difficulties, with many of its restaurants closing and with changes in ownership and chief executives, Burger King is turning things around. Customer satisfaction is up by 4 percent to an all-time high of 71,” Fornell wrote.
Although some in the White House and elsewhere would argue with ACSI's seeming prediction of an economic downturn, this measure is another tool to consider as you continue your quest to figure out consumers' needs and desires.