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Creating More Customer Value

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Submitted By jen10
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As a company, we have to create more value in each one of our customers. Customer lifetime value is a powerful and straightforward measure that generates higher customer profitability. For existing customers, customer lifetime value helps companies develop customer loyalty and maximize each customer’s value. For newly acquired customers, customer lifetime value helps companies develop strategies to grow the right customers. If a customer understands all that our company has to offer then they have a more well-rounded idea of their options. You can never assume that a customer will spend money on only the items that they have inquired about. The strategies that I believe we should put in place are cross-selling and up selling. This depends on how well we develop our sales strategies. By implementing these strategies we will increase our customer value by teaching them all of what is available to them. The way to develop more value is by training our technical staff to be thoroughly knowledgeable about our product and the sales strategies that are successful. As a result, they can offer other solutions to customers when they inquire about issues they are currently having.

“Quality customer service is taking on a key role in competitive business strategy, and as customer expectations and needs continue to grow in complexity, selling organizations are finding that they can no longer depend solely on salespeople as the exclusive arbiter of customer satisfaction(Ingram, LaForge, Avila, Schwepker Jr., Williams 13-14).” The first thing we are going to have to put more focus on is preparing our technical staff to neutralize the situation. If a customer call upset they need to understand how to calm them down. We need our customers to be in a receptive mood if we are going to recommend them spending more money. This portion of the experience would be more successful

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