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Building Customer Value. Satisfaction, and Loyalty
Transcript of Building Customer Value. Satisfaction, and Loyalty
M Lizardi hidayat K
Vicky Prema Rizki
Nursesra Sari Creating Customer value, satisfaction, and loyalty Building Customer Value. Satisfaction, and Loyalty Customer perceived value is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. What is Customer Perceived Value? Identify major attributes and benefits that customers value
Assess the qualitative importance of different attributes and benefits
Assess the company’s and competitor’s performances on the different customer values against rated importance
Examine ratings of specific segments
Monitor customer values over time Steps in a Customer Value Analysis The buyer might be under orders to buy at the lowest price
The buyer will retire before the company realizes that the Komatsu tractor is more expensive to operate
The buyer enjoys a long-term friendship with the Komatsu salesperson CHOICES AND IMPLICATIONS DELIVERING HIGH CUSTOMER VALUE includes all the experiences the customer will have on the way to obtaining and using the offering satisfaction is a person's feelings of pleasure or disappointment that result from comparing a product's perceived performance (or outcome) to their expectations. Total Customer Satisfaction MEASUREMENT TECHNIQUES.
Customer Loss Rate
Monitor Competitive Performance Monitoring Satisfaction Quality is the totality of features and
characteristics of a product or
service that bear on its
ability to satisfy
stated or implied needs. Product and Service Quality Total quality management (TQM ) is an organization wide approach to continuously improving the quality of all the organization's processes, products, and services. Total Quality Management Maximizing Customer Lifetime Value Customer Profitability
A profitable customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company's cost stream for attracting, selling, and servicing that customer.
Customer lifetime value (CLV)
Describes the net present value of the stream of future profits expected over the customer's lifetime purchases. Maximizing Customer Lifetime Value Cultivating Customer Relationships Companies are now moving away from wasteful mass marketing to precision marketing designed to build strong customer relationships. Cultivating Customer Relationships is the process of carefully managing detailed information about individual customers and all customer "touch points" to maximize customer loyalty.
Increasing value of the customer base Customer Relationship Management (CRM) The challenge is to produce delighted and loyal customers Attracting and Retaining Customers Four important types of marketing activities that companies are using to improve loyalty and retention:
Interacting with customer
Developing royalty program
Creating institutional ties Building Loyalty To reduce the defection rate, the company must:
Define and measure its retention rate.
Distinguish the causes of customer attrition and identify those that can be managed better.
Compare the lost profit equal to the customer's lifetime value from a lost customer to the costs to reduce the defection rate. REDUCING DEFECTION The steps in the process of attracting and retaining customers.
The starting point is everyone who might conceivably buy the product or service.
identify which potentials are really good prospects-people
converting the prospects into first-time customers, then into repeat customers, and then into clients people to whom the company gives very special and knowledgeable treatment. Retention Dynamic Customer Databases and Database Marketing A customer database is an organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for such marketing purposes as lead generation, lead qualification, sale of a product or service, or maintenance of customer relationships.
Database marketing is the process of building, maintaining, and using customer databases and other databases (products, suppliers, resellers) to contact, transact, and build customer relationships. Customer Databases and Database Marketing Data warehouse is the place where marketers can capture, query, and analyze it to draw inferences about an individual customer's needs and responses.
In general, companies can use their databases in five ways:
To identify prospects-Many.
To decide which customers should receive a particular.
To deepen customerloyalty-Companies.
To reactivate customer purchases-Companies.
To avoid serious customer mistalces. Data Warehouses and Datamining Four problems can prevent a firm from effectively using CRM.
Building and maintaining a customer database requires a large investment
Difficulty of getting everyone in the company to be customer oriented and to use the available information.
Not all customers want a relationship with the company
The assumptions behind CRM may not always hold true. Four problems can prevent a firm from effectively using CRM. Reference:
Thank you very much