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Customer Value, Satisfaction and Loyalty - PowerPoint PPT Presentation


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Customer Value, Satisfaction and Loyalty. The New “Managerial Paradigm”. Amazon epitomizes the “Customer-Oriented” Model. So does Jones Soda…. So does Threadless…. Value. Benefits (actual or perceived) Come from features or product attributes May be economic, social or personal

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Presentation Transcript
value
Value
  • Benefits (actual or perceived)
    • Come from features or product attributes
    • May be economic, social or personal
  • Costs (actual or perceived)
    • Economic/Financial
      • Money
      • Time
      • Resources
    • Social/Personal
      • Aggravation, worry, feelings of uncertainty, distress
      • Social embarrassment, inferiority
  • The Value Equation: Value = Benefits - Costs
the value proposition
The Value Proposition

The whole cluster of benefits the

company promises to deliver less the associated total cost.

loyalty
Loyalty

A deeply held commitment to re-buy

or re-patronize a preferred product

or service in the future despite exposure

to situational influences and marketing

efforts that have the potential to cause

switching behavior.

the customer development process
The Customer-Development Process

Suspects

Prospects

Disqualified

First-time

customers

Repeat

customers

Clients

Members

Partners

Ex-customers

question du jour
Question du Jour

Is it better to reward your most or least loyal customers?

customer satisfaction
Customer Satisfaction
  • Two components
    • Cognitive (thinking, reasoning, logic)
    • Affective (emotional)
  • Driven by Performance vs. Expectations Gap
  • Articulation Issues
    • Consumers can almost always articulate the reasons for their dissatisfaction
    • Sometimes harder for consumers to articulate why they are satisfied
measuring satisfaction
Measuring Satisfaction

Periodic Surveys

Customer Loss Rate & Returns

Mystery Shoppers

Word of Mouth

product and service quality
Product and Service Quality

Quality is the totality of features and

characteristics of a product or

service that bear on its

ability to satisfy

stated or implied needs.

quality
Quality

Conformance

quality

Performance

quality

customer acquisition retention
Customer Acquisition & Retention
  • Acquisition of new customers is almost always far more expensive than retaining current customers.
  • Consumers aren’t as brand loyal as they used to be.
  • Small reductions in customer churn can have huge implications for profit gain.
  • Customer profitability tends to increase over the life of a retained customer.
quality exercise
Quality Exercise
  • How do consumers typically define QUALITY for the following products?
    • Flights
    • Dinner Out
    • Cars
    • Computers
    • Medical Services
    • Artwork
    • Hotel Stays