Basic Understanding About Marketing And Its Importance
1. MARKETING
• Define Marketing
• Importance and Scope of Marketing
• Developing Effective Marketing Strategies
• Exchange and Transaction
• Marketing and Customer Value
• Value Delivery Process
• Value Chain and Core Competencies
• Strategic Planning (Vision & Mission & SWOT Analysis)
11. What is Customer Value?
• Customer value is best defined as how much a product or service is worth to a
customer. It’s a measure of all the costs and benefits associated with a product
or service. Examples include price, quality, and what the product or service can
do for that particular person.
MARKETING AND CUSTOMER VALUE
12. Why is customer value important?
• Quality service can add customer value. According to Customer Experience
Trends Report:-
• 93 percent of customers will spend more with companies that offer their
preferred option to reach customer service.
• 90 percent of customers will spend more with companies that personalize the
customer service they offer them.
• 64 percent of business leaders say that customer service has a positive impact
on their company’s growth.
• 60 percent of business leaders say it improves customer retention
• 47 percent of business leaders report an increase in their ability to cross-sell due
to good customer service.
MARKETING AND CUSTOMER VALUE
13. MARKETING AND CUSTOMER VALUE
How to measure customer value
Customer value optimization starts with measuring it.
Ask customers a small set of questions
Determine customer benefits and customer costs
Determine if the benefits outweigh the costs
Customer value formula
• Total Customer Benefits — Total Customer Costs = Customer Value
14. EXCHANGE AND TRANSACTION
Tips for increasing customer value
• Personalize your support interactions
• Provide multichannel support options
• Create a robust onboarding program
• Prioritize customer success
• Address patterns in support issues
• Make sure customers know you’ve heard them
• Find opportunities to surprise and delight
• Acknowledge and reward customer loyalty
• Give your customers a sense of community
20. STRATEGIC PLANNING (VISION & MISSION & SWOT ANALYSIS)
Marketing Strategy Planning is as good as you make it.
• A good marketing plan outlines realistic marketing goals, strategies and actions
based on sound information and research about your practice in your company
but the plan is only as good as your commitment to implementing it.
• The Marketing plan should not be merely be written, written reviewed, instead
your practice marketing plan should be an evolving blue print that guides your
efforts and monitors your success.
• Marketing works when the dedication is there it is upto you