Group 5 (1)

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Group 5 (1)

  1. 1. Creating Customer Value, Satisfaction, and Loyalty<br />By<br />Group No 5<br />AbhijeetJyotishi<br />Aparajita Bhatt<br />HimansuBehera<br />Karanti Kumar<br />
  2. 2. Contents<br />Customer Value<br />Organizational Charts<br />Customer Perceived Value<br />Customer Value Analysis<br />Loyalty<br />Total Customer Satisfaction<br />Customer lifetime value<br />Customer relationship management<br />Customer Retention<br />Loyalty Building<br />Database Management<br />
  3. 3. Difference between what a customer gets from a product, and what he or she has to give in order to get it.<br />“ the only value your company will create is the value that comes from your customers, the ones that you have now and ones you will have in the future. ”<br />Customer Value<br />
  4. 4. Organizational Charts<br />
  5. 5. Customer perceived value -difference between Prospective customer’s evaluation of all the benefits and all Costs of an offering and the perceived alternatives.<br />Total Customer Benefit- monetary value of benefits customer expects from market offering.<br />Total Customer Cost-cost customer expect to incur in evaluating, obtaining, using & disposing market offering.<br />
  6. 6. Determinants of Customer Perceived Value<br />Total customer benefit<br />Total customer cost<br />Product benefit<br />Monetary cost<br />Services benefit<br />Time cost<br />Personnel benefit<br />Energy cost<br />Psychological cost<br />Image benefit<br />
  7. 7. Identify major attributes and benefits that customers value<br />Assess the quantitative importance of different attributes and benefits<br />Assess the company’s and competitor’s performances on the different customer values against rated importance<br />Examine ratings of specific segments<br />Monitor customer values over time<br />Steps in a Customer Value Analysis <br />
  8. 8. Loyalty is a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.<br />Value Proposition cluster of benefits company promises to the customer.<br />What is Loyalty?<br />
  9. 9. Degree of satisfaction provided by the goods or services of a firm as measured by the number of repeat customers.<br />Dissatisfied<br />Satisfied<br />Delight<br />Total Customer Satisfaction<br />
  10. 10. Measuring Satisfaction<br />Periodic Surveys<br />Customer Loss Rate<br />Mystery Shoppers<br />Monitor Competitive Performance<br />
  11. 11. Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.<br />Conformance Quality<br />Performance Quality<br />What is Quality?<br />
  12. 12. Total profit (or loss) estimated to result from an ongoing business relationship with a customer over the life of relationship.<br />Pareto Law (80:20 Rule)– For most of the events, roughly 80% affects come from 20% of the causes.<br />Profitable Customer- a customer who over the time yields the revenue stream that exceeds by an acceptable amount the companies cost stream, for attracting/selling & servicing that customer.<br />Customer Lifetime Value<br />
  13. 13. Customer-Product Profitability Analysis<br />
  14. 14. CRM is the process of carefully managing detailed information about individual customers and all customer touch points to maximize customer loyalty.<br />Customer Touch Points- Any association on which a customer encounters a brand or a product from actual experience to personal or mss communication to casual observation.<br />What is Customer Relationship Management?<br />
  15. 15. Rural touch points<br />
  16. 16. Rural touch points<br />
  17. 17. One to One Marketing<br />Identify prospects and customers<br />Differentiate customers by needs <br />and value to company<br />Interact to improve knowledge<br />Customize for each customer<br />
  18. 18. Increasing Value of Customer Base<br />Reduce the rate of defection<br />Increase longevity<br />Enhance “share of wallet”<br />Terminate low-profit customers<br />Focus more effort on high-profit customers<br />
  19. 19. Acquisition of customers can cost five times more than retaining current customers.<br />The average customer loses 10% of its customers each year.<br />A 5% reduction to the customer defection rate can increase profits by 25% to 85%.<br />The customer profit rate increases <br />over the life of a retained customer.<br />Customer Retention<br />
  20. 20. The Customer Development Process<br />Suspects<br />Prospects<br />Disqualified<br />First-time<br />customers<br />Repeat<br />customers<br />Clients<br />Members<br />Partners<br />Ex-customers<br />
  21. 21. Interacting with Customer<br />Developing Loyalty Programmes<br />Personalizing Marketing<br />Creating Institutional Ties<br />Building Loyaty<br />
  22. 22. Frequency Programme: Frequent Buyers in substantial amounts.<br />Club Membership Schemes: Everyone or limited to an Affinity Group. <br />Loyalty Programmes<br />
  23. 23. Process of building, maintaining & using Customer Databases and other Data Bases ( product, suppliers, resellers) to contact, transact and build customer relationship.<br />Database Marketing<br />
  24. 24. Database Key Concepts<br />Customer database<br />Database marketing<br />Mailing list<br />Business database<br />Data warehouse<br />Data mining<br />
  25. 25. Using the Database<br />To identify prospects<br />To target offers<br />To deepen loyalty<br />To reactivate customers<br />To avoid mistakes<br />
  26. 26. The product is a once-in-a-lifetime purchase<br />Customers do not show loyalty<br />The unit sale is very small<br />The cost of gathering information is too high <br />Don’t Build a Database When<br />
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