Creating long-term loyalty relationships - Building customer value, satisfaction and loyalty
7 important questions on Creating long-term loyalty relationships - Building customer value, satisfaction and loyalty
Explain the difference between the traditional organization chart and the modern chart.
- Managers that believe the customer is the only true "profit center" consider the pyramid in which the top managers are at the top, management is in the middle, and frontline people and customers are at the bottom.
- Successful marketing companies consider the inverted pyramid with customers at the top and top managers at the bottom.
What is customer perceived value (CPV)?
Explain the total customer benefit and cost.
- Total customer benefit: perceived money value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people and image.
- Total customer cost: perceived bundle of costs customers expect to incur in evaluating, obtaining, using and disposing of the given market offering, including money, time, energy, and psychological costs.
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What are the steps in a customer value analysis?
- Identify the major attributes and benefits of the customers value
- Assess the quantitative importance of the different attributes and benefits.
- Assess the company's and competitor's performances on the different customer values against their rated importance.
- Examine how customers in a specific segment rate the company's performance against a specific major competitor on an individual attribute or benefit basis.
- Monitor customer values over time.
What are the 2 alternatives for the seller at disadvantage?
- Increase the total customer benefit
- Decrease the total customer cost
What are the measuring techniques for monitoring satisfaction?
- Periodic surveys
- Monitoring customer loss rate
- Hire mystery shoppers to report on strong and weak points experienced in buying the company's and competitor's products.
What procedures can help to recover customer goodwill?
- Set up a 24/7 free hotline to receive and act on customer complaints.
- Contact the complaining customer as quickly as possible.
- Accept responsibility for the customer's disappointment; don't blame the customer.
- Use customer service people who are emphatic.
- Resolve the complaint swiftly and to the customer's satisfaction. Some customers are not looking for compensation as much as a sign that the company cares.
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