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 Customer-perceived value (CPV) is the

difference between the prospective


customer’s evaluation of all the benefits and
all the costs of an offering and the perceived
alternatives.
 Identify the major attributes and benefits
customer value
 Assess the quantitative importance of
different attributes and benefits
 Assess the company’s and competitors
performances on the different customer
value against their rated importance
◼ The process by which you bring new client for
customers to your business.
◼ The goal for any company is to create
sustainable strategies that keep up with
industry trends.
◼ The last thing a company wants to do is spend
more on acquiring customers than the
customers spend.
 Identify quality potential customers

 Identifying the right acquisition channel

 Hire right staff


 Acquiring right customers in the cost
affective way.

 Helps the companies to grow.


 It means to provide value to customers
continuously and more effectively than the
competition is to have highly satisfied
customer
 Customer retention makes it in the best
interest of customers to stay with the
company rather than switching it to another
firm.
 Small reduction in customer defects
results in increase in profits because:

1. Loyal customers buy more products.


2. Loyal customers are less price sensitive.
3. Loyal customer spread positive word of
mouth.
Customer
CUSTOMERS ATTRACTING AND
Relationship
REVIEWS RETAINING
Management CUSTOMERS
RECOMMENDATIONS
 CRM enables companies to provide excellent
real-time customer service through the
effective use of individual account
information
 Although the strongest influence on consumer choice
remains “recommended by relative/friend,” an
increasingly important decision factor is
“recommendations from consumers.”With increasing
mistrust of some companies and their advertising, online
customer ratings and reviews are playing an important
role for Internet retailers such as Amazon.com and
Shop.com.
 Companies seeking to expand their profits
and sales must spend considerable time and
resources searching for new customers. To
generate leads, they develop ads and place
them in media that will reach new prospects;
send direct mail and e-mails to possible new
prospects; send their salespeople
 A deeply held commitment to rebuy or
repatronize a preferred product or service in
the future despite situational influences and
marketing efforts having the potential to
cause switching behavior.
 The whole cluster of benefits the company
promises to deliver.

 For example Volvo’s core positioning has


been “safety,” but the buyer is promised
more than just a safe car;other benefits
include good performance, design, and
safety for the environment.
 Set a ways to communicate with your
customers.
 Provide extra perks for your most loyal
customers.
 Consider different payment plans.
 Provide great customer service/ after sales
services.
 Listening to customer feedback.
 likelihood to use and renew
 likelihood to contribute
 likelihood to recommend.
 It’s part of our psychological makeup to believe that
new must always equal improved.
 The research demonstrated that:
 Acquiring a new customer is five times more expensive
than retaining an existing one.
 Increasing customer retention rates by five percent
increases profits by 25 to 95 percent.
 The success rate of selling to a customer you already
have is 60 to 70 percent, while the success rate of
selling to a new customer is five to 20 percent.
 Customer retention is crucial for forecasting
consistent growth in financial planning.