Customer Value: Definition

Customer Value is ‘the performance characteristics, features and attributes, and any other aspects of goods and which customers are willing to give up resources’ (Robbins, Bergman, Stagg and Coulter, 2012). This broad definition highlights the fact that there are multiple aspects that contribute to create a sense of value within the customer.

Before i go further let me touch on a brief introduction on customer value, customer value can be defined as the difference between what a customer gets from a product and what he or

|Commercial |Providing good quality customer service will make the organisation successful and able to keep their |

Customers are the foundation of any organisation business level strategy. Organisation need to ensure that customers’ needs are met and satisfied, senior management needs to ensure these needs are met.

1. To succeed in today’s competitive marketplace, companies must be customer-centered, wining customers from competitors and keeping them by delivering greater value.

This report based on the study of “Customer Value Marketing” starts with introduction section. We have mentioned the contents of the study in objectives of the report section.

Adding value for customers – Excellent businesses continuously add value towards their customers by understanding and fulfilling the needs of their consumers’ expectations and outlooks.

This is an important part of the long-term growth potential; weed out those customers who are more effort-intensive and seek to increase their value to the company or reduce their impact on the workforce; have them buy more or don’t sell to them. This area also focuses on customers who spend more with competitors, so efforts might sway their loyalty. It’s all about customer lifetime value.

However, you get an opportunity to follow up with your most happy clients and to fix the problem with the most dissatisfied customers to retain their business. A happy customer is precious to your business, come back and makes repeat purchases of the service, and is less likely to defect to competitors

Armstrong, G. Brown, L. Burton, S. Deans, K., & Kotler, P. (2010). Marketing (pp. 4-40). New South Wales: Pearson

Evaluate your competitors ' strengths and weaknesses. Then concentrate on offering what your competitors don 't do well. Expand your marketing niche by offering speedy delivery, more convenience, better service, faster turnaround time, more value, or specialized services that your competitors don 't offer. Do whatever you can to rise above your competitors. 4 - Establish a complete customer profile database. You need good, up-to-date, and accessible customer records that contain information about your customer 's business, its history, purchasing habits, special needs, and so forth. A good customer database provides indispensable statistics and patterns that will suggest ways to market your product or service more effectively and at reduced cost. 5 - Give your good customers a little extra. Have you ever purchased a dozen cookies but instead received 13-the baker 's dozen? If so, you will most likely remember that vendor and purchase from it again. Being generous and thoughtful is a wonderful way to show your customers how much you appreciate their business. For example, a very successful neighborhood shoe-repair store gives a sample-size shoe polish with every major repair job; it outsells its competition by two to one. What could you do to give your customers a little extra? Think creatively. Could you offer discounts, small gifts, or extra services to make your best customers feel needed and

Marketing improves people’s living standard, according to a statistic state that the GDP of Australian has a growth rate from 2010 (2.25%) to 2014 (2.73%), and it is forecasting to increase in 2016 ("Australia - Gross domestic product (GDP) growth rate 2020 | Statistic", 2016). A growing trend of marketing creates more work opportunities for people. Based on that, more people operating marketing activities successfully for a business, and the total output of the business tend to increase significantly while the worker’s salaries increase. It rises the national income in a long- term ("Importance of Marketing for the Economic Development of a Country", 2013)

Research shows that “80% of your company’s future revenue will come from just 20% of your existing customers.” So, your team must focus on satisfying customers and ensuring they gain value.

The impact of customer advocacy on customer perceived value; written by Ying-Pin Yeh Published in The Journal of Business and Retail Management Research Vol. 8 Issue 1 October 2013, set out to research and analyze the effect of customer perceived value influences customer advocacy. Ying-Pin Yeh attempted to show the effects of customer trust, satisfaction, and perceived value in the telecom companies in Taiwan.

Customers are the proposal for your enterprise. Without the waft of their cash thru your company, everything grinds to a halt. Managers goal to maximize the waft of patrons money, but that doesn’t invariably mean securing as many consumers as possible. A boutique hotel, for instance, could focal point on serving really few excessive-paying consumers, even as a series resort makes a distinctiveness of the huge swath of people who are unwilling to pay excessive charges. Although every manufacturer ambitions clients who've certainly one of a sort needs, meeting those desires is equally imperative to their profitability.