Growing customer value, satisfaction and loyalty
Building customer value, satisfaction, and loyalty
As marketing expert Don. Peppers and Martha Rogers say:
The only value your company will ever create is the value that come from customers-the ones you have now and the ones you will have in the future. Businesses succeed by getting, keeping and growing customers. Customer are the only reason you build factories, hire employees, schedule meetings, lay fiber-optic lines, or engage in any business activity. Without customers, you have don’t a business.
CUSTOMER VALUE: * The level of priority the customer gives to a product.
CUSTOMER SATIFACTION: * When the customer perceive expected value from the product is called customer satisfaction.
CUSTOMER LOYALTY: * the totality of feelings or attitudes that would incline a customer to consider the re-purchase of a particular product, service or brand or re-visit a particular company, shop or website.
Customer perceived value
Is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and perceived alternatives.
Total customers value- is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering.
Total customer cost- is the bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychic costs.
Customer value analysis
1. Identify the major attributes and benefits that customers value.
2. Assess the quantitative importance of the different attributes and benefits.
3. Assess the company’s and competitor’s performances on the different customer values against their rated importance.
4. Examine how customers in a specific segment rate the company’s performance against a