This chapter discusses how companies can build customer satisfaction, value, and retention. It addresses defining customer value and satisfaction, the characteristics of high-performance businesses, delivering customer value through the value chain and value delivery network, attracting and retaining customers through relationship management, and investing in customer relationships. The key aspects discussed are perceived customer value, satisfaction, lifetime value, relationship equity, and cross-departmental participation in integrating customer feedback.
CREATING CUSTOMER value, satisfaction and loyaltySajjad Sayed
Presentation, CREATING CUSTOMER value, satisfaction and loyalty, help the students to understand core concepts of how to make customer crazy to your products and offerings.
Customer Value Analysis: How Customers Make Purchase DecisionsEndeavor Management
Customers make purchase decisions by their perception of product quality versus price. Learn the key questions and tools needed to define their perceptions using our whitepaper: Customer Value Analysis: How Customers Make Purchase Decisions.
What Is a Customer Worth? Understanding Customer Lifetime ValueAdam Toporek
On November 29, 2011 we posted a “back of the napkin” guide for calculating the economic value a customer brings over their “lifetime” with a business. We designed Understanding Customer Lifetime Value: A Non-Geek’s Guide as a thorough, yet non-academic, approach to determining the lifetime value of customers
The step-by-step process of determining customer lifetime value seemed like a natural fit for SlideShare, so we decided to re-release the post in a presentation format.
Check out What Is a Customer Worth to learn more about Customer Lifetime Value and to make better decisions about marketing and retention.
Knowing your customer, Doing a regular follow-up, Interacting with them, Offering them the best most importantly simplifying work to get the best output....
CREATING CUSTOMER value, satisfaction and loyaltySajjad Sayed
Presentation, CREATING CUSTOMER value, satisfaction and loyalty, help the students to understand core concepts of how to make customer crazy to your products and offerings.
Customer Value Analysis: How Customers Make Purchase DecisionsEndeavor Management
Customers make purchase decisions by their perception of product quality versus price. Learn the key questions and tools needed to define their perceptions using our whitepaper: Customer Value Analysis: How Customers Make Purchase Decisions.
What Is a Customer Worth? Understanding Customer Lifetime ValueAdam Toporek
On November 29, 2011 we posted a “back of the napkin” guide for calculating the economic value a customer brings over their “lifetime” with a business. We designed Understanding Customer Lifetime Value: A Non-Geek’s Guide as a thorough, yet non-academic, approach to determining the lifetime value of customers
The step-by-step process of determining customer lifetime value seemed like a natural fit for SlideShare, so we decided to re-release the post in a presentation format.
Check out What Is a Customer Worth to learn more about Customer Lifetime Value and to make better decisions about marketing and retention.
Knowing your customer, Doing a regular follow-up, Interacting with them, Offering them the best most importantly simplifying work to get the best output....
Join this webinar with Peter Armaly, Senior Director and Adviser for Customer Success at Oracle, who will share his experiences, discuss some research, and offer guidance and opinions on the issue of Customer Success programs not being treated equal to its Sales peers.
Join this webinar with Peter Armaly, Senior Director and Adviser for Customer Success at Oracle, who will share his experiences, discuss some research, and offer guidance and opinions on the issue of Customer Success programs not being treated equal to its Sales peers.
Net Promoter is an increasingly popular method of measuring loyalty. This article describes the approach and why a single measure is not enough to improve business performance.
Leveraging the StoryVesting Framework to Achieve Breakthrough Business Transf...RocketSource
Business transformation happens when you're able to provide impactful experiences both to your customers and to your employees. StoryVesting is the framework that guides you to that goal, but if you're looking for a basic roadmap, this isn't for you. This framework is steeped in intelligence, behavioral economics, and journey analytics.
Slide share Institute for Quality Assurance London - QualityWorld Customer ...Dr. Ted Marra
Another classic article on Customer Focus - while a number of approaches have evolved over the years, the foundation elements remain unchanged. Again, many organisations 'talk a good game' when it comes customers, customer focus or customer centricity. But as we all know, 'talk is cheap' and 'talk' alone doesn't get the job done. One needs to understand the true requirements for being customer focused. One needs a 'strategic customer relationship management' system as discussed in other of my SlideShare uploads. Hopefully you will find that this article helps to continue to provide a 'directionally correct' viewpoint! Enjoy!
White paper - Customer Experience TransformationPablo Junco
This white paper highlights the business value of customer experience as a differentiator and explores three critical enablers to guide organizations embarking on the transformation journey.
Reviews: The Best Kept Secret to Landing Page OptimizationTrustpilot
Check out our webinar to see real examples of how IDWholesaler diminished customer hesitation with reviews to ultimately increase conversions and ROI from digital spend. They were even able to grow revenue by 315% for one of their key product lines, just by simply adding reviews to their landing page!
3 Essentials Every Event Marketer Should Be MeasuringPat McClellan
Event Marketers own some of the most immersive and powerful touchpoints in the customer experience landscape, which puts us under increasing pressure to demonstrate return on investment. But are we losing focus on the Customer Experience and how that is linked to ROI?
Opus Chief Strategy Officer Pat McClellan explores how best to meet audience needs, while making the experience easy and enjoyable. Citing emerging research, historical trends, industry thought leaders, and the recent paradigm shift of getting ketchup out of the bottle, McClellan provides tangible and thought-provoking tips and KPIs you can use on your next event.
Customer experience improvement can—and does— drive bottom-line results. So how can we prove that making customers happier can make you and your shareholders happier too?
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
1. Chapter 3Chapter 3
Building CustomerBuilding Customer
Satisfaction, Value, andSatisfaction, Value, and
RetentionRetention
byby
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byby
PowerPoint byPowerPoint by
Milton M. PressleyMilton M. Pressley
University of New OrleansUniversity of New Orleans
2. It is no longerIt is no longer
enough to satisfyenough to satisfy
customers. You mustcustomers. You must
Kotler on
Marketing
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customers. You mustcustomers. You must
delight them.delight them.
3. Chapter Objectives
In this chapter, we will address theIn this chapter, we will address the
following questions:following questions:
What are customer value and satisfaction,What are customer value and satisfaction,
and how can companies deliver them?and how can companies deliver them?
What makes a highWhat makes a high--performance business?performance business?
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What makes a highWhat makes a high--performance business?performance business?
How can companies both attractHow can companies both attract
and retain customers?and retain customers?
How can companies improve both customerHow can companies improve both customer
and company profitability?and company profitability?
How can companies deliver total quality?How can companies deliver total quality?
4. Defining Customer Value
and Satisfaction
Customer Perceived Value (CPV)Customer Perceived Value (CPV)
Total customer valueTotal customer value
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Total customer costTotal customer cost
6. Total Customer SatisfactionTotal Customer Satisfaction
SatisfactionSatisfaction
Customer ExpectationsCustomer Expectations
Defining Customer Value
and Satisfaction
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Customer ExpectationsCustomer Expectations
Delivering High Customer ValueDelivering High Customer Value
Value propositionValue proposition
ValueValue--delivery systemdelivery system
Measuring SatisfactionMeasuring Satisfaction
7. Table 3-1: Tools for Tracking and Measuring
Customer Satisfaction
ComplaintComplaint
andand
suggestionsuggestion
systems:systems:
A customerA customer--centered organization makes it easy forcentered organization makes it easy for
customers to register suggestions and complaints.customers to register suggestions and complaints.
Some customerSome customer--centered companiescentered companies--P&G, GeneralP&G, General
Electric, WhirlpoolElectric, Whirlpool——establish hot lines with tollestablish hot lines with toll--freefree
numbers. Companies are also using Web sites andnumbers. Companies are also using Web sites and
ee--mail for quick, twomail for quick, two--way communication.way communication.
Studies show that although customers are dissatisfiedStudies show that although customers are dissatisfied
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CustomerCustomer
satisfactionsatisfaction
surveys:surveys:
Studies show that although customers are dissatisfiedStudies show that although customers are dissatisfied
with one out of every four purchases, less than 5with one out of every four purchases, less than 5
percent will complain. Most customers will buy less orpercent will complain. Most customers will buy less or
switch suppliers. Responsive companies measureswitch suppliers. Responsive companies measure
customer satisfaction directly by conducting periodiccustomer satisfaction directly by conducting periodic
surveys. While collecting customer satisfaction data, itsurveys. While collecting customer satisfaction data, it
is also useful to ask additional questions to measureis also useful to ask additional questions to measure
repurchase intention and to measure the likelihood orrepurchase intention and to measure the likelihood or
willingness to recommend the company and brand towillingness to recommend the company and brand to
others.others.
See text for complete table
8. Would you feel more brand loyalty for aWould you feel more brand loyalty for a
company that tried to immediately resolvecompany that tried to immediately resolve
a complaint via Ea complaint via E--mail, or a company thatmail, or a company that
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a complaint via Ea complaint via E--mail, or a company thatmail, or a company that
had a customer service representative callhad a customer service representative call
within two business days towithin two business days to
resolve the problem overresolve the problem over
the phone?the phone?
9. Premier Dell.com is a special businessPremier Dell.com is a special business--oriented part of theoriented part of the
Dell Web site that allows customers to interact with Dell andDell Web site that allows customers to interact with Dell and
customize all phases of doing business with Dell.customize all phases of doing business with Dell.
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10. The Nature of High
Performance Business
HighHigh--performance businessperformance business
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11. Figure 3-2: The High Performance Business
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12. The Nature of High
Performance Business
StakeholdersStakeholders
ProcessesProcesses
ResourcesResources
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Core competencyCore competency
Distinctive capabilitiesDistinctive capabilities
Organization and Organizational CultureOrganization and Organizational Culture
OrganizationOrganization
Corporate cultureCorporate culture
Scenario analysisScenario analysis
13. Can you name a company that hasCan you name a company that has
changed the public’s perception ofchanged the public’s perception of
their corporate culture? Has thistheir corporate culture? Has this
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their corporate culture? Has thistheir corporate culture? Has this
effectively rehabilitated thateffectively rehabilitated that
company’s image?company’s image?
15. Figure 3-3: The Generic Value Chain
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16. Delivering Customer Value
and Satisfaction
BenchmarksBenchmarks
Core Business ProcessesCore Business Processes
The market sensing processThe market sensing process
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The market sensing processThe market sensing process
The new offering realization processThe new offering realization process
The customer acquisition processThe customer acquisition process
The customer relationshipThe customer relationship
management processmanagement process
The fulfillment management processThe fulfillment management process
17. The Value Delivery NetworkThe Value Delivery Network
(Supply Chain)(Supply Chain)
Delivering Customer Value
and Satisfaction
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20. Saturn has gained a customer loyalty rateSaturn has gained a customer loyalty rate
of more than 60% by fundamentallyof more than 60% by fundamentally
changing the buyerchanging the buyer--seller relationship.seller relationship.
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changing the buyerchanging the buyer--seller relationship.seller relationship.
Can you think of another company thatCan you think of another company that
has made a change of similarhas made a change of similar
magnitude? Have theymagnitude? Have they
had similar results?had similar results?
21. Attracting and Retaining
Customers
Attracting CustomersAttracting Customers
Computing the Cost ofComputing the Cost of
Lost CustomersLost Customers
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Lost CustomersLost Customers
Customer churnCustomer churn
Lifetime valueLifetime value
22. On the Lands’ End Web site, customers can click aOn the Lands’ End Web site, customers can click a
button to talk with a customer service representativebutton to talk with a customer service representative
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23. Attracting and Retaining
Customers
The Need for Customer RetentionThe Need for Customer Retention
Measuring CustomerMeasuring Customer
Lifetime Value (CLV)Lifetime Value (CLV)
Customer Relationship ManagementCustomer Relationship Management
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Customer Relationship ManagementCustomer Relationship Management
(CRM): The Key(CRM): The Key
Customer equityCustomer equity
Three drivers of customer equityThree drivers of customer equity
Value equityValue equity
Brand equityBrand equity
Relationship equityRelationship equity
27. Attracting and Retaining
Customers
Forming Strong Customer Bonds:Forming Strong Customer Bonds:
The BasicsThe Basics
CrossCross--departmental participationdepartmental participation
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CrossCross--departmental participationdepartmental participation
Integrate the Voice of the CustomerIntegrate the Voice of the Customer
into all business decisionsinto all business decisions
Create superior offering for theCreate superior offering for the
target markettarget market
28. Organize and make accessible aOrganize and make accessible a
database of customer informationdatabase of customer information
Make it easy for customers toMake it easy for customers to
Attracting and Retaining
Customers
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Make it easy for customers toMake it easy for customers to
reach the appropriate personnelreach the appropriate personnel
Reward outstanding employeesReward outstanding employees
Adding Financial BenefitsAdding Financial Benefits
Frequency programs (FPs)Frequency programs (FPs)
29. The H.O.G. Web site presents the benefits of joining.The H.O.G. Web site presents the benefits of joining.
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31. Table 3-2:
Social Actions
Affecting
Buyer-Seller
Relationships
Good ThingsGood Things Bad ThingsBad Things
Initiate positive phone callsInitiate positive phone calls
Make recommendationsMake recommendations
Candor in languageCandor in language
Use phoneUse phone
Show appreciationShow appreciation
Make service suggestionsMake service suggestions
Use “we” problemUse “we” problem--solvingsolving
languagelanguage
Make only callbacksMake only callbacks
Make justificationsMake justifications
Accommodative languageAccommodative language
Use correspondenceUse correspondence
Wait for misunderstandingsWait for misunderstandings
Wait for service requestsWait for service requests
Use “oweUse “owe--us” legal languageus” legal language
Only respond to problemsOnly respond to problems
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languagelanguage
Get to problemsGet to problems
Use jargon or shorthandUse jargon or shorthand
Personality problems airedPersonality problems aired
Talk of “our future together”Talk of “our future together”
Routinize responsesRoutinize responses
Accept responsibilityAccept responsibility
Plan the futurePlan the future
Only respond to problemsOnly respond to problems
Use longUse long--windedwinded
communicationscommunications
Personality problems hiddenPersonality problems hidden
Talk about making good onTalk about making good on
the pastthe past
Fire drill and emergencyFire drill and emergency
responsivenessresponsiveness
Shift blameShift blame
Rehash the pastRehash the past
32. Attracting and Retaining
Customers
Adding Structural TiesAdding Structural Ties
Create longCreate long--term contractsterm contracts
Charge lower price to highCharge lower price to high
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Charge lower price to highCharge lower price to high
volume customersvolume customers
Turn product intoTurn product into
longlong--term serviceterm service
33. Customer Profitability,
Company Profitability, and
Total Quality Management
Measuring ProfitabilityMeasuring Profitability
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Profitable customerProfitable customer