Chap 5- Creating customer value, satisfaction & loyalty

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Chap 5- Creating customer value, satisfaction & loyalty

  1. 1. Top 2 Concepts Ch 5 and Creating Customer Value, Satisfaction & Loyalty <br />Joan Soliven<br />March 31, 2011<br />
  2. 2. Outline<br />A. Customer value & satisfaction<br /><ul><li> Measuring Customer Satisfaction</li></ul>B. Customer Loyalty<br /><ul><li>Maintaining Customer Loyalty </li></li></ul><li>1. Customer Value <br />Difference between what a customer gets from a product, and what he or she has to give in order to get it.<br />
  3. 3. 1. Customer Satisfaction<br />The number of customers of total customers, whose reported experience with a firm, its products, or its services exceeds specified satisfaction goals."<br />
  4. 4. Satisfying Customer should be the top priority of every organization<br />CUSTOMERS<br />CUSTOMERS<br />
  5. 5. Measuring Customer Satisfaction<br />
  6. 6. 2. Customer Loyalty<br /> Customer loyalty is all about attracting the right customer, getting them to buy, buy often, buy in higher quantities and bring you even more customers.<br />
  7. 7. Maintaining Customer Loyalty<br />Reduce the rate of defection <br />Increase longevity <br />Enhance”share of wallet”<br />Terminate low-proift customers<br />Focus more effort on high profit customers<br />
  8. 8. Companies that gained customer loyalty <br />
  9. 9. Maintaining Customer is better than Acquiring Customer<br />Acquisition of customers can cost five times more than retaining current customers.<br />The average customer loses 10% of its customer each year. <br />A 5% reduction to the customer defection rate can increase profits by 25% to 85%.<br />The customer profit rate increases over the life of a retained customer. <br />
  10. 10. Summary <br />The company should meet the customers’ needs and wants in order to satisfy them.<br />The company should constantly evaluate if the costumer needs & wants are met.<br />Maintaining customer is easier than acquiring new costumer.<br />
  11. 11. Conclusion <br />The heart of satisfying and maintaining customer is to meet their needs and wants, creating good relationship thus creates customer loyalty. <br />
  12. 12. Thank you! Ch 5 and Creating Customer Value, Satisfaction & Loyalty <br />Joan Soliven<br />March 31, 2011<br />

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