How to Create Positive Customer Experiences for Your Business

Developing positive customer experiences is all about building relationships—and your reputation.

Jessica A. Kent

Think about a time when you had a remarkable experience with a business.

You may not remember every detail, but you probably remember the positive feelings around the product you got, the customer service received, or your expectations being exceeded.

Now, think back to a negative experience you had. Perhaps you felt frustrated or as if you were treated unfairly.Did you write a review or tell someone about the experience?

In both scenarios, these emotions often drive people to share their experience with others, whether virtually or through word of mouth. They fuel us to advise others to share in our joy or avoid our mistakes. If you’re a business leader in any industry, you know that creating helpful, engaging, and friction-free experiences for your customers can positively impact perceptions of your brand, increase purchases, and make loyal fans for life.

The following are several ways to improve your customer’s experience, and why business leaders need to focus on the customer experience to ensure continued growth and engagement.

What Is Customer Experience?

Customer experience (or CX) is how a customer interacts with and feels about your brand. Any time a customer has some kind of touchpoint with your brand, it’s added to the collection of experiences that makes up their perception of your brand. Essentially, enough positive interactions and they’ll be happy to remain a loyal customer; enough negative experiences and they may never consider you ever again.

Below are some of the types of experiences a customer can have with a business:

  • A customer steps into a retail store and is greeted by a friendly worker offering to help them find a product.
  • A customer follows a business on social media, and likes a post that teaches them something new.
  • A customer wants to pay for a product, yet stands in line for 15 minutes because only one cashier is working while the others chat among themselves.
  • A customer visits a business’ website and is able to easily learn about the services the business offers.
  • A customer calls a business’ service line but is treated rudely and doesn’t get their question resolved.
  • A customer returns to a favorite business because they love the ambiance and atmosphere.

Experiences typically are not neutral. Customers will feel either positively or negatively about a touchpoint, and that feeling and emotion can impact how much they’ll spend with you or how loyal they’ll be, today and into the future. The good news is that business leaders can control what types of experiences their customers have. But why is focusing on experiences so necessary?

Why Do Customer Experiences Matter?

Customer experience can make or break your business. It’s not just about whether or not they get the products and services they’re seeking; it’s also about reinforcing the value your brand brings and securing future customers.

Here are just a few reasons why investing in customer experience is important.

Experiences matter as much as products and services :   Customers place a high value on their experiences, and 80% of customers say that “ the experience a company provides is as important as its products or services .”

There’s higher retention for satisfied customers : Positive experiences make satisfied customers, and 90% of customers who are highly satisfied with a brand say they are highly likely to return to that brand to make more purchases.

Experiences impact revenue : Brands who prioritize offering great experiences to their customers will see the positive impact to the bottom line, as 84% of companies who improved their customer experiences saw increased revenue .

Focusing on experiences makes businesses more resilient : Businesses that provide great experiences for their customers are more resistant to market changes and recessions, and see “ a shallower downturn, rebounded more rapidly, and achieved three times the total shareholder returns in the long run .”

Customers will pay a premium for experience : If you offer your customers great experiences, they’re more willing to pay more for your products and services — upwards of 18% more .

Negative experiences have an impact, too : Brands looking to attract and retain customers need to focus on getting the experiences they provide right consistently, since it would only take  one bad experience for 32% of customers to stop interacting with a brand .

How can businesses get increased revenue and higher retention rates? By focusing on how experiences drive the customer journey.

How Experiences Impact the Customer Journey

The experiences that you create for your customers directly impact their customer journey, or the path they take from finding out about your brand to becoming a life-long fan. You can use experiences to further enhance and drive their journey in the following ways.

Awareness : The first step on the customer journey is gaining awareness of your products, services, and brand, such as hearing about the brand from friends, or reading a positive review. This means that they hear about your brand from the positive experiences others have already had.

Consideration : Once a customer has had some touchpoints with your brand, they hopefully start to feel positive enough about their experiences that they would consider purchasing from you. However, if a customer has a negative experience — the website is too hard to navigate, they can’t find someone in a store to answer their questions — they’re likely to abandon their consideration of your brand altogether.

Purchase : Enough positive experiences with a brand will increase their confidence that you’re the one they want to give their money to and will make a purchase.

Retention : After the first purchase, brands have the opportunity to continue providing positive experiences to their customers by reengaging them in new ways that provide value and increase their willingness to continue buying.

Loyalty : The final destination is long-term customer loyalty and retention. At this stage, customers feel positively enough about your brand to be a fan and evangelist, but this can only happen if you continue to provide positive experiences that reinforce their positive feelings about you.

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Four Steps to Creating Great Customer Experiences

Business leaders who want to create great experiences for their customers need to be deliberate about doing so. If you’re embarking upon creating a customer experience strategy or want to improve your current approach, here’s where to start.

1. Conceptualize Your Customer Experience Strategy

Start developing or improving your customer experiences by first creating a strategy or vision for how you want to impact the customer journey. For example, if your website has a high bounce rate or abandoned cart rate, overhaul your website experience. If your in-store purchases have dropped off, look at ways to increase foot traffic by improving customer service, offering more in-store technology, or streamlining the checkout process.

As you plan your strategy, ask yourself what experiences you could create that:

  • align with and further your brand
  • serve your target audience or customer base
  • make the customer journey more efficient and frictionless
  • create more convenience
  • provide more friendly and knowledge service
  • make paying for products quick and painless

Be sure to include in your strategy what success looks like for you, and how you’ll go about measuring success after rollout. Create clear objectives of what you want to accomplish, like more purchases, higher dollar amount per purchase, or more time spent on the website. Then, identify Key Performance Indicators, or KPIs, that you can track so you can determine if you hit your goals.

Finally, as you evaluate your overall customer experience approach, consider creating an executive role like a Customer Experience Officer (CXO) who could lead the creation, implementation, delivery, and measurement of your customer experiences.

2. Implement Your New or Improved Customer Experiences

Now that you’ve determined the types of experiences that will serve your customers and add value to their journey, implement them.

First, start small. If you want to implement augmented reality in your in-store locations, don’t roll it out across all locations at once, but pilot it in one location to learn how it will work and if customers are responsive.

Educate customers on new experiences as well. If you’re implementing new self-service ordering screens, have associates invite customers over to the screens and teach them how to use it.

Don’t forget to promote your new experiences across your marketing channels so that customers can get excited about the experience before they try it.

Finally, have a system in place for tracking data and customer feedback around your new experiences so that you can gauge their impact, and use Customer Relationship Manager (CRM) software to track customer touch points.

3. Measure Those Experiences with Data

Now, it’s time to measure how your experiences impact your business by gathering data from your KPIs and analyzing the results. Perhaps you revamped your website for a better customer experience, and found that your abandoned cart rate went down and purchases went up—achieving one of your goals. Or, if your data shows no change after your website revamp, you know that you need to investigate what else needs to be changed in order to hit your goal.

There are a number of different metrics you can use to track the success of the experiences you create for your customers, which can include:

  • NPS : The Net Promoter Score (NPS) only asks one question: “How likely would you be to recommend this company to a friend?” Positive experiences lead to happy customers who want to tell others, and businesses can track that through their NPS.
  • Customer retention rate : This metric tells you at what rate you’re keeping customers, and who is continuing to engage with your brand. A high retention rate means that customers are continuing to find value in the products, services, and experiences you offer.
  • Customer churn rate : This metric tells you at what rate you’re losing customers. This can help you determine how and where engagement is dropping off, and whether it’s your experiences that are causing customers to leave.
  • LTV : The customer lifetime value (LTV or CLV) can tell you how much a customer has purchased over the course of their relationship with your business. If LTV increases, you know you have a loyal customer willing to continue purchasing with you.
  • Metrics specific to your experiences : Finally, track metrics that will be impacted by your experiences. For example, if you roll out an in-store experience that drives traffic to your website, track website visits, bounce rate, time on page, and daily visitors. If your experiences revolve around increasing the amount per purchase, turn to your POS data to track those numbers.

4. Optimize Your Experiences

Finally, use the insights you’ve gathered from your data to inform your strategy going forward. You can collect all the data you like, but if you never analyze that data for insights that can help improve your customer experience strategy, then what’s the point? Review your new initiatives and use the insights gathered to either keep up what you’re already doing, tweak your strategy, or go back to the drawing board.

Leveraging Design Thinking to Improve Customer Experiences

If you’d like to learn more about how to create and drive great customer experiences for your business, “ Design Thinking: Creating Better Customer Experiences ” can help you get there.

During this four-day training, you will learn the fundamentals of design thinking, including user research, journey mapping, and rapid prototyping. You will practice how to apply design thinking to your customer experience strategy to better recognize your customers’ pain points, better understand their journey, and create more impactful and engaging experiences that will make them fans for life.

Learn more about the course here  and register today.

Explore all Harvard DCE Professional & Executive Development offerings.

About the Author

Jessica A. Kent is a freelance writer based in Boston, Mass. and a Harvard Extension School alum. Her digital marketing content has been featured on Fast Company, Forbes, Nasdaq, and other industry websites; her essays and short stories have been featured in North American Review, Emerson Review, Writer’s Bone, and others.

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Why It’s Good for Business When Customers Share Your Values

In competitive markets, shared values positively influence customer choice and increase loyalty.

  • Corporate Social Responsibility

customer value essay

Carolyn Geason-Beissel/MIT SMR | Getty Images

Values matter. Too often, however, they are relegated to the realm of fables instead of finance.

Take honesty, for example. We tell our children the story of the boy who cried wolf to teach them that when someone is dishonest, others are less likely to believe them the next time. But if we look just a tiny bit below the surface, the financial cost of the boy’s dishonesty immediately comes into focus: It results in the loss of his family’s entire flock of sheep.

If we calculated the loss caused by the boy crying wolf, we undoubtedly would find that it dramatically outweighed the combined gains generated by strategies like using AI-optimized grazing patterns, feeding the sheep a high-growth diet, or using consultant-recommended wool-marketing strategies. And yet, while all those things would clearly be considered business decisions, acting on values is not. But that’s wrong.

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There is a very strong business case for acting on values. A $100 billion company I worked with discovered that there was a high return on investment from acting on its values and making sure customers knew about that. In fact, the return was many times greater than the ROI from its investments in upgraded technology or marketing campaigns. Yet the importance of technology and marketing are clearly understood as key areas of the business, while values-related impacts are left off of spreadsheets and are rarely — if ever — used to determine which actions have the highest ROI.

When I say values, I mean the kinds of values that are directed outward, toward doing good for the world and those who live in it. They include efforts such as combating the climate crisis, assisting people who have historically been excluded from job opportunities, and creating an open, inclusive environment for employees from different backgrounds.

These deeper values matter because they can be a key driver of business value in the domains of operations (increasing margins and reducing accident rates), risk (increasing resilience to crises), and employees (increasing productivity and innovation), as well as the more personal domain of leadership (making people more likely to follow you).

They also affect the behavior of customers. My company’s research has found that values:

  • Enhance customer preference. For example, in a study of U.S.

About the Author

Daniel Aronson ( @danielaronson ) is the founder of Valutus, a consulting firm that specializes in helping companies create value through sustainability and responsibility. He is the author of The Value of Values: How Leaders Can Grow Their Businesses and Enhance Their Careers by Doing the Right Thing (MIT Press, 2024), from which this article was adapted.

1. S. Kishan, “ ESG by the Numbers: Sustainable Investing Set Records in 2021 ,” Bloomberg, Feb. 3, 2022, www.bloomberg.com.

2. “ Overview of Initial Lazard Climate Center Findings ,” presentation, Lazard Climate Center, New York, December 2021.

3. D. Green, “ How Whole Foods Went From a Hippie Natural Foods Store to Amazon’s $13.7 Billion Grocery Weapon ,” Business Insider, May 2, 2019, www.businessinsider.com.

4. S. Worthington, “ How Many Advertisements Do We See Each Day? ” Telesian Technology (blog), April 15, 2014, https://telesian.com.

5. A. Harary and T. Ries, “ Competence Is Not Enough ,” Edelman, Jan. 19, 2020, www.edelman.com.

6. This example is drawn from a confidential company presentation at a corporate sustainability meeting in 2021.

7. “ Product Supply Chain Sustainability ,” Walmart, accessed Jan. 24, 2024, https://corporate.walmart.com.

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Marketing theory: understanding customer value

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Dani Mansfield

23rd October 2018

These days, brands must try ever harder to create and communicate value in everything we do. Customers have an overwhelming abundance of choice. They have high expectations and little loyalty to spare if brands fail to meet them. It’s very much a buyer’s market.

To communicate value to our customers, we have to understand what value really is, and more importantly, what it is not.

What is customer value?

Customer value is the satisfaction the customer experiences (or expects to experience) by taking a given action relative to the cost of that action.

The given action is traditionally a purchase, but could be a sign-up, a vote or a visit, while the cost refers to anything a customer must forfeit in order to receive the desired benefit, such as money, data, time, knowledge.

Think about the following definition of marketing:

Marketing creates, communicates, and delivers value to customers.

Your internal chain of sourcing, operations, processes, sales, marketing, and customer service all contribute to the creation of value. So do your support operations such as HR and accounting. All of these components affect your customers directly or indirectly in some way, informing their perception of you.

And this leads to the fundamental point: The results of your efforts to create value are measured in the customers’ perception of that value.

People do not buy things because you like them. They buy them because they like them, or need them.

More importantly, in this world of choice:

Customers compare their perceived value of similar products when making a decision.

Whether you are deciding on a restaurant to visit, your next car, or which digital marketing agency you want to use, there are choices available and many factors play a part in forming that decision.

Customer value is all about subjective perceptions, which can only be influenced, not controlled. This gives accountants nightmares. It’s why I love marketing!

Measuring Customer Value

There are many equations and models for measuring customer value. The simplest is this:

Perceived Value = Perceived Benefits / Cost

In other words, for a given set of benefits, as the cost rises, the perceived value drops.

This is an important point. Value does not refer to price. It refers to the perceived benefits stood to be gained in the context of price. Cost is only part of the equation. Literally.

Two identical products with identical exposure can only compete on cost. Two differentiated products do not have to compete on cost. Products are not just differentiated by their features. They can also be differentiated because of their brand. If Toyota brings out a car, you may presume it’s reliable because one of its key brand features is reliability. If another carmaker releases a near-identical car, they may struggle to compete because they do not share the same customer perceptions.

The same applies to content marketing. For example:

Perceived Value of “ The Web Marketers Guide to Reddit ” = Learning / Time

The perceived value of your latest blog post can be measured by the reader’s perceived benefit of reading the content (e.g. learning) relative to the time it took for them to gain that benefit.

The Drivers of Value

Take this list:

  • Product function
  • Points of differentiation
  • Existing relationships or experience
  • Personal bias from experience and upbringing

These are drivers that impact a customer’s perception of value. Some you can control, some you cannot. For any individual customer they will rank differently in importance. Some people love brands. Some people only buy cheap. Some favor short form content. Some people treasure personal relationships.

I’ve previously talked about audience segmentation . The fragmentation of customer value is one of the primary reasons for segmentation. By identifying groups of people with shared values you can start to create products and messages that resonate.

What can you do?

The Customer Value Delivery Cycle

The Customer Value Delivery Cycle

  • Think of everything you do in terms of delivering value to your customers and audience with the understanding that they have choices and you are not the only choice.
  • Understand your market well enough that you can break it down into individual segments with unifying characteristics that will respond in the same way to a given value proposition.
  • Always look for the opportunity to create new value propositions. If you sit on your laurels, your competition won’t.
  • Look for avenues to communicate this value at the right time and in the right place.
  • Listen to your customers. Learn their perceptions about what you offer. Do not hesitate to change based on what you learn. The customer, in this case, is always right.

Finally, consider this article. It is my hope that these words give you something to think about, a simple takeaway that will impact your business in some meaningful way.

In other words, I am seeking to provide value, as do all the other authors at Builtvisible.com. By demonstrating expertise, and by sharing some of that expertise we are looking to influence your perception of us in a positive way.

Content marketing is, after all, nothing more than creating, distributing, and communicating value. And for the customer feedback, we have a comments section below!

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Customer Value Propositions in Business Markets

  • James C. Anderson,
  • James A. Narus,
  • Wouter Van Rossum

customer value essay

Examples of consumer value propositions that resonate with customers are exceptionally difficult to find. When properly constructed, value propositions force suppliers to focus on what their offerings are really worth. Once companies become disciplined about understanding their customers, they can make smarter choices about where to allocate scarce resources.

The authors illuminate the pitfalls of current approaches, then present a systematic method for developing value propositions that are meaningful to target customers and that focus suppliers’ efforts on creating superior value. When managers construct a customer value proposition, they often simply list all the benefits their offering might deliver. But the relative simplicity of this all-benefits approach may have a major drawback: benefit assertion. In other words, managers may claim advantages for features their customers don’t care about in the least.

Other suppliers try to answer the question, Why should our firm purchase your offering instead of your competitor’s? But without a detailed understanding of the customer’s requirements and preferences, suppliers can end up stressing points of difference that deliver relatively little value to the target customer. The pitfall with this approach is value presumption: assuming that any favorable points of difference must be valuable for the customer.

Drawing on the best practices of a handful of suppliers in business markets, the authors advocate a resonating focus approach. Suppliers can provide simple, yet powerfully captivating, consumer value propositions by making their offerings superior on the few elements that matter most to target customers, demonstrating and documenting the value of this superior performance, and communicating it in a way that conveys a sophisticated understanding of the customer’s business priorities.

Under pressure to keep costs down, customers may only look at price and not listen to your sales pitch. Help them understand—and believe in—the superior value of your offerings.

The Idea in Brief

If you sell products to other companies, you know how hard it’s become to win their business. Your customers—pressured to control costs—seem to care only about price. But if you lower prices to stimulate sales, your profits shrink.

So how can you persuade your business customers to pay the premium prices your offerings deserve? Craft a compelling customer value proposition . Research potential customers’ enterprises, identifying their unique requirements. Then explain how your offerings outmatch your rivals’ on the criteria that matter most to customers. Document the cost savings and profits your products deliver to existing customers—and will deliver to new customers.

The payoff? You help your customers slash costs—while generating profitable growth for yourself. One company that manufactured resins used in exterior paints discovered this firsthand. By researching the needs of commercial painting contractors—a key customer segment—the company learned that labor constituted the lion’s share of contractors’ costs, while paint made up just 15% of costs. Armed with this insight, the resin maker emphasized that its product dried so fast that contractors could apply two coats in one day—substantially lowering labor costs. Customers snapped up the product—and happily shelled out a 40% price premium for it.

The Idea in Practice

To craft compelling customer value propositions:

Understand Customers’ Businesses

Invest time and effort to understand your customers’ businesses and identify their unique requirements and preferences. Example: 

The resin manufacturer deepened its understanding of key customers in several ways. It enrolled managers in courses on how painting contractors estimate jobs. It conducted focus groups and field tests to study products’ performance on crucial criteria. It also asked customers to identify performance trade-offs they were willing to make and to indicate their willingness to pay for paints that delivered enhanced performance. And it stayed current on customer needs by joining industry associations composed of key customer segments.

Substantiate Your Value Claims

“We can save you money!” won’t cut it as a customer value proposition. Back up this claim in accessible, persuasive language that describes the differences between your offerings and rivals’. And explain how those differences translate into monetary worth for customers. Example: 

Rockwell Automation precisely calculated cost savings from reduced power usage that customers would gain by purchasing Rockwell’s pump solution instead of a competitor’s comparable offering. Rockwell used industry-specific metrics to communicate about functionality and performance—including kilowatt-hours spent, number of operating hours per year, and dollars per kilowatt-hour.

Document Value Delivered

Create written accounts of cost savings or added value that existing customers have actually captured by using your offerings. And conduct on-site pilots at prospective customer locations to gather data on your products’ performance. Example: 

Chemical manufacturer Akzo Nobel conducted a two-week pilot on a production reactor at a prospective customer’s facility. AN’s goal? To study the performance of its high-purity metal organics product relative to the next best alternative in producing compound semiconductor wafers. The study proved that AN’s product was as good as or better than rivals’ and that it significantly lowered energy and maintenance costs.

Make Customer Value Proposition a Central Business Skill

Improve and reward managers’ ability to craft compelling customer value propositions. Example: 

Quaker Chemical conducts a value-proposition training program annually for chemical program managers. The managers review case studies from industries Quaker serves and participate in simulated customer interviews to gather information needed to devise proposals. The team with the best proposal earns “bragging rights”—highly valued in Quaker’s competitive culture. Managers who develop proposals that their director deems viable win gift certificates.

“Customer value proposition” has become one of the most widely used terms in business markets in recent years. Yet our management-practice research reveals that there is no agreement as to what constitutes a customer value proposition—or what makes one persuasive. Moreover, we find that most value propositions make claims of savings and benefits to the customer without backing them up. An offering may actually provide superior value—but if the supplier doesn’t demonstrate and document that claim, a customer manager will likely dismiss it as marketing puffery. Customer managers, increasingly held accountable for reducing costs, don’t have the luxury of simply believing suppliers’ assertions.

  • JA James C. Anderson is the William L. Ford Professor of Marketing and Wholesale Distribution at Northwestern University’s Kellogg School of Management.
  • James A. Narus is a professor of business marketing at Wake Forest University.
  • WR Wouter Van Rossum is a professor of commercial and strategic management at the School of Business, Public Administration, and Technology at the University of Twente.

customer value essay

Partner Center

What is Customer Value & Why is it Important?

The days of “you are selling it, and people are buying it because there is no other option” are long gone. Not only the business practices and marketing strategies have evolved, but customers are also more aware of their needs and preferences.

A customer spends money on buying your product or service. What does he/she want in return? Of course, he/she wants a value that justifies or exceeds the price he/she paid.

Customers have several options and alternatives today. So, the question is, how can a company please and retain its customers? The answer is simple; you have to give them value for their money. With that being said, the next question is, what is value? Or what is customer value?

Table of Contents

What is Customer Value?

Customer value is a measure to determine the worth of a product or service and its comparison with its alternatives. It is a tool that determines whether a customer feels that he/she got enough value for the money he/she spent. So, technically, it works as an insight into customer remorse. If your customer feels that he/she didn’t get enough value for the money he/she paid, it will create a feeling of remorse and vice versa.

In a nutshell, customer value means:

  • A product or service’s worth in the customer’s eye.
  • A comparison of cost and benefits of a product or service.
  • The level of satisfaction a customer gets after using a product or service.

Why Is Customer Value Important? 3 Major Reasons

Obviously, customer value is crucial because you can only retain customers if you give them the value they want or paid for. Apart from that, here are other top 3 reasons why is customer value important:

  • Generate More Resources. If you give more and more value to your customer, you will generate more financial resources. Then, you can use these resources for further customer acquisition and ultimately lead to sustainable growth.
  • Better Product Assortment. Once you know who your ideal customers are, you will be able to evaluate your best-selling products. This way, you can assort your product according to your customers’ preferences.
  • Access to Capital. The bigger the customer value, the better the lifetime value of a customer acquisition cost ratio is.

Components Of Customer Value

It is the customer’s perception that defines the value of a product or service. Customer value is a combination of four components:

Customer Value Drivers

The bitter truth about customer value is you cannot control it. However, there are specific ways to influence it. Here are some customer value drivers that can help you in making your product or service more valuable.

  • Price. It is a monetary element,  is one of the main factors that a customer considers before buying any offering. It has a massive impact on customer’s buying decisions.
  • Function Of The Product Or Service. A customer buys an offering as a solution to a particular problem. Therefore, a product’s functional features are an essential driver for a customer. If your offering is giving more features than a customer’s expectation, your product will have more perceived value.
  • Positioning. Positioning means how unique your offering is in a customer’s mind. It includes the sentiments, emotions, feelings, traits, etc., attached to your offering.
  • Quality. The extent or degree to which your product or service meets the expectations and needs of your customers. If your offering exceeds customer expectations, you are selling a high-quality product or service.
  • Service . Service means how do you facilitate your customer during the purchasing process. It includes the pre-purchase and post-purchase phases as well.
  • Current And Previous Customer Relationship. A firm’s relationship with a customer is also a major driving factor when it comes to creating value. If your customer had a pleasing experience, the intensity of perceived value would be higher and vice versa.
  • Branding And Marketing. A company’s branding or marketing strategies play a vital role in developing or influencing the perceived value in the customer’s mind. Empathetic and problem-solving marketing campaigns get better results.
  • Personal Attributes/Preferences. A customer’s personal, religious, or cultural believes also drive him/her to buy a certain product. If someone’s culture doesn’t appreciate the consumption of alcohol, he/she will devalue it.

Measuring Customer Value

Businesses use different models to measure customer value. However, here is a generally accepted formula and model for customer value measurement:

Perceived Value = Perceived Benefits / Expense or Cost Incurred

From the formula, you can clearly understand that if the cost of any offering increases for a specific set of benefits, the total perceived value will decline. That means a customer is happy to pay a particular price for specific benefits. If the cost increases while benefits remain the same, customer value will decrease.

Important Factors In Product Comparison

  • Cost-based analysis of two products is only possible when both of them have identical exposure.
  • It is impossible to compare two different products on the basis of cost.
  • Brand reputation also affects the comparison between two brands offering the same product.

Toyota is famous for its “reliability.” Therefore, if Toyota launches a car, it will be perceived differently in the market. However, if another car manufacturer launches a car with the exact same features, customer perception will be different.

Practical Examples of Customer Value

When a brand can at least justify the cost and benefit of any product, it can retain customers. That said, if you can give a value-added product that can justify the cost incurred by the customer, customer retention becomes easy.

Double Cheese Burger — Au Cheval

Au Cheval, a brand famous for selling mouthwatering burgers, can be an excellent example of providing full value for the money. The prices of Au Cheval burgers range from 10.95 USD to 12.95 USD. Now, these prices are way higher than many other famous brands such as McDonald’s, KFC, etc. For instance, McDonald’s and Au Cheval sell cheeseburgers, but the price difference is massive.

The question is, why do people pay these extra bucks to Au Cheval? Yes, the answer is simple. Au Cheval provides that value-added product that justifies its high prices. Au Cheval provides that taste which McDonald’s or KFC doesn’t offer.

Apple – The Trendsetter

Apple Inc had faced severe criticism in its early days. The criticism mostly came from competitors, consumers, and critics. However, later, those competitors started copying the features introduced by Apple inc. So, why do people pay “hefty bucks” for Apple products? Apple Is A Trendsetter That Always Brings Uniqueness.

Apple was the first company that introduced the concept of digital audio as a replacement for analog audio. Later, Google and Motorola followed the footsteps of Apple. Similarly, so many smartphone brands are blindly copying the iPhone X design.

Apple cashes on its uniqueness and innovation. It always amazes its customers with jaw-dropping features. That is why Apple can charge higher for its products.

Tips For Increasing Customer Value

As mentioned earlier, you have no control over customer value, but you can make things better. Here is how:

Asses the Customer Experience

If you want to better the customer value, the first thing to work on is your customer experience. You can make a customer journey map that covers all the steps from buying your product to the point of friction/conflict. This way, you can better the process and add value to your offerings.

Keep Your Focus on Other Things Rather Than Just Price

Yes, prices are a vital factor when you are competing in a competitive market . Sometimes, a business cannot lower its product prices due to static costs of production. However, you always have the option to add some value to your product. There are non-monetary benefits that can add value to what you are offering.

Be Loyal to Your Loyal Customers

You might be thinking that why work hard on a “loyal customer”? Well, if you don’t make your loyal customers feel special, you may end up losing them. Yes, you are already serving them with your valuable products, but you can reward their loyalty with additional steps.

For instance, you can start a customer loyalty program or greet them with gifts and warm wishes on special occasions. This approach can help you in certain ways. A loyal customer is your most robust marketing tool because word-of-mouth is still one of the most influential marketing channels.

Statistically, 93 percent of consumers make their purchase decisions based on the reviews given to a certain product or brand. So, please your customers and get new ones smoothly.

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The Customer Value Journey Explained in 800 Words or Less

The Customer Value Journey Explained in 800 Words or Less

Need more sales? Clicks? Engagement? If you want to improve your digital marketing , you need to understand the Customer Value Journey (CVJ).

Digital marketing is about helping customers move along this journey faster.

The Customer Value Journey is about turning strangers into super-fans. While other templates have been created, none are in-depth as the map we’re going to lay out for you.

The CVJ stands out among the crowd because it gives you a step-by-step process for attracting, converting, and keeping your best customers.

And because we want to give you a jumpstart on implementing this digital advertising strategy into your own business, we’ve made this explanation short and sweet (without cutting the important bits).

Keep reading for a quick overview and how to build the ideal Customer Journey for your brand.

The Customer Journey Defined

The Customer Value Journey is an 8-step path that people travel as they discover your brand, build a relationship with you, and become buyers and raving fans.

If you were to map it out, it would look like this:

Customer Value Journey Graphic

But here’s the thing…

No one finishes this Journey alone. Left to themselves, customers will get lost along the way, stall out, or forget they ever started on a path with your brand.

That’s why you need to create a strategy that walks people through all 8 steps, giving them a boost when they get stuck and encouraging them every step of the way.

Let’s look at each step of the Customer Journey to see how you might do that.

Step 1: Make Them Aware

You need to be on your prospects’ radar.

The first step is obvious. You need to be on your prospects’ radar.

That can happen through advertising , blog posts , events , word-of-mouth, social media , or any other channel that puts your products, offers, and solutions in front of your ideal prospects.

For this, create top-of-funnel content that gets people attention, and then entertains or informs them.

( NOTE: Learn more about top-of-funnel content and how to create it here )

Step 2: Get Them to Engage

Merriam-Webster defines engagement as emotional involvement or commitment. It’s about being in gear with someone, building or deepening a relationship with them.

As a digital marketer, this stage begins immediately after your first touch (or interaction) with a prospect and continues through their entire experience with your brand. It’s an ongoing conversation you have with them in multiple channels: blog, online community , email, customer support, etc.

Step 3: Ask Them to Subscribe

When someone likes their experience with your brand, trust begins to build. Once that happens, it’s time to ask for a small commitment—subscribing and giving you permission to email them.

You offer something they want, they fill out a form to get it. It’s that simple.

There’s just one problem. Today, people are careful about giving out their email address. You have to offer something valuable that makes it worth their while. Think webinars, free samples of a product or chapters of a book, demos, reports, and guides.

Step 4: Make Them a Customer

If your free offers have enough value (answering questions and solving problems), your prospects are often eager to deepen their commitment. They just need to know how.

The best way to do that is through an entry-point offer—a high-value, low-risk offer that lets them sample your wares without putting too much skin in the game.

To be clear, an entry-point offer is not designed to make you a profit. Its only purpose is to create a smooth transition from subscriber or follower to paid customer . You can focus on profits later in the Journey.

Now, you only need to ask for small commitment: say, $8–$20. Aim to cover your costs in acquiring the customer.

Step 5: Get Them Excited About Your Brand

Buying generates warm fuzzies. It’s a scientific fact.

Buying generates warm fuzzies. It’s a scientific fact. The dopamine from a new purchase gets people excited—which is why the fifth stage of the Customer Journey is to build on that excitement.

How do you do that? By giving your new customer a memorable experience.

Consider offering a quick-start guide… bonus features that surprise and delight… quick wins… any content that makes your new customers happy.

Step 6: Make Them a Multi-Buyer

At this stage, your goal is to generate repeat buys and real profits. While your entry-point offer was designed for conversions, your ascension offers should be geared for profits—because if you’re serving your customers well, they’ll want to buy again and again.

Ascension offers may be simple upsells made after that initial purchase… bigger, better solutions… or “done for you” add-ons.

Step 7: Ask Them to Spread the Love

Happy customers love to share their experience…

Happy customers love to share their experience, but sometimes they need some encouragement to do so. The cool thing is, once they do, they become even more loyal to your brand.

So, at this stage of the Customer Value Journey, ask people to share their positive experience with your brand by writing a review or sharing a social media post.

Step 8: Make Them a Promoter

Up until now, any “promotion” your customers have done has been passive. But in the promotion stage, your customers actively spread the word about your brands, products, and services. They tell stories, make recommendations, and share your offers because they truly believe in them.

Active promotion may be an affiliate or commission relationship—or just a free offer for sending some new customers your way. The point is, it’s a win-win for both of you.

How to Help People on Their Journey

Digital marketing is about helping customers move along this journey faster. That’s why you can’t use just one tactic or an ongoing series of unfocused marketing campaigns.

You need a plan that addresses every stage of the Journey. And you need to think in terms of optimizing that journey .

To get started, take another look at your Customer Journey. Find the gaps. And start putting together a strategy that gets people excited about being your customer.

customer value essay

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The Concept of Customer Value in Marketing

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Essay On Customer Value

Type of paper: Essay

Topic: Website , Business , Sales , Products , Customers , Marketing , Internet , Shopping

Words: 4250

Published: 03/13/2020

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The customers for our firm may be any individuals who may require custom made garments since the standard size may not fit them. This will be known as the Business-to-Consumer transaction. It involves direct interaction between the business entity and their customers. In this situation, the customers will place the order from any country. Timely delivery and accuracy of their order should be checked by the management. Another form of customers will be the wholesalers and retailers. They are interested in making bulk orders and are willing to have an extra lead time. This will be their Business-to-Business transactions. The wholesalers and retailers have a large customer base in the market. They take orders on behalf of their customers. Then, these orders are forwarded to the boutique business. It is their responsibility that they have to fulfill the instructions and complete the orders (Bruce, Margaret, Moore, Birtwistle). Customers have different but important needs when it comes to apparel decisions. Many of the needs are being under served or not being met at all. Our boutique aims to cater all such customer needs. We shall provide a large variety of options to compliment the customer’s body physique and shape. Besides this, we shall also be paying close attention to the customer’s personal preferences and their likes or dislikes will be given great priority (Hiebing, Roman, Cooper).

Developing the Pitch

When the customers are buying clothes, they often go through the troubles of finding an outfit that is according to their measurements. They have a few limited options in the form of standard products which are provided by the retailers. From the manufacturer’s perspective, the production processes are always designed in such a way that it may help in achieving economies of scale. When a standardized product is being produced in bulk, it is more convenient for the manufacturer in terms of costs, labor and mechanizations. Even though the customers sizes vary from person to person but the manufacturers do not consider this customization. To overcome this problem, our boutique is bridging the gap between customer expectations and product satisfactions (Hart, Cathy, Doherty, Chadwick). There is an increasing awareness in the popularity of customized clothes and do-it-yourself option. Many customers are now interested in designing their own clothes. Due to technological advancements, the distribution process has been made easier. Retailers and wholesalers have made their presence over the internet. It is very feasible for the customers to send their orders through the website. The major chunk of target customers will be those who have a difficulty to find clothes that may fit them accurately.

Sales and Marketing Goals

Our boutique will offer reasonably priced, customized clothing options for its customers (Hiebing, Roman, Cooper). Some of our goals and objectives are listed below: - We shall aim to receive at least a 50% profit within 12 to 18 months. - Our team will work solely to provide good quality to its customers. We want that 50% of our first-time customers should return for another purchase within 6 months. - We should be able to achieve a profit of $100,000 by the second year and $1,000,000 by the fifth year. - We want to facilitate customers who want to style themselves according to their own unique personality and physique. - Customers should be satisfied with the quality of products. They should be provided with after-sales services too. In case of delayed or inaccurate orders, the management of our boutique is responsible to handle customer complaints. - Our intention is to maintain at least a 70% market share. We are aspiring to become one of the most desired hubs of retail shopping. - We will try to sustain a profit margin of 10-15% by keenly observing the expenditures and costs of goods sold.

Sales Strategy

We will adhere to the strategy of providing high quality, made-to-measure clothing for our consumers. We are offering a service which many consumers are willing to acquire. We will be able to create an atmosphere where it is quite appealing and lucrative to the fashion conscious customers. Our basic sales strategy will be a great and memorable buying experience every time a customer gets something from boutique. When a prospective customer enters into the boutique, they shall be greeted and welcomed whole heartedly. Then, they will be asked to get seated comfortably on the chairs. Salespersons will assist them towards the clothing options which are available for them to get it customized. Our sales goal will be to make loyal customers who shall help us in generating repetitive business. It may also help in building a positive brand image in the minds of current and prospective customers. A strong word-of-mouth advertising will be formed due to a satisfied customer target market. In the clothing industry, positive word-of-mouth spreads very fast. Family members, colleagues, friends and relatives share their positive and negative reviews about their experiences (Bruce, Margaret, Moore, Birtwistle).

Sales Forecast

Our expected growth rate is of 3% annually. Our sales are expected to increase during Christmas holidays and in summer season. According to a research, it has been observed that customers are more likely to spend lavishly during the Christmas holidays and summers. Special sales promotions and advertising campaigns should be designed for this purpose. Maximum customers will be attracted towards buying from us in this peak season (Hiebing, Roman, Cooper).

Brand Strategy

Our boutique shall be known as a brand which is considered to be up-to-date, innovative, stylish, fashionable and classy. The name of the boutique will be “Stylish Cuts” and it will be operating in Los Angeles, USA. This will be a place where people will go for their own fashion sense and desire to dress. Stylists and image consultants will help them decide what will look good on them. They will guide them to order the right clothes for themselves. Our team will work together to educate customers about their suitable styles and latest fashion. People should perceive our boutique brand as the ideal brand which caters to their needs and provides the best quality in competitive prices than others (Hart, Cathy, Doherty, Chadwick).

Milestones refer to the desired procedure of how the business operations will be conducted. The purpose behind this is to keep reminding ourselves that what needs to be done according to the plan. This shows a brief overview of the upcoming tasks and the days assigned to completion of each task (Hiebing, Roman, Cooper). The tasks which are to be set as the milestones are listed below:

November, 2014

- Complete the business plan on time - Design and confirm the logo

December, 2014

- Apply for bank loan - Apply for business license and building permit - Hire an experienced builder - Confirm shop design with architect - Plan out advertising campaigns - Decide what promotional tactics to use - How to engage current customers in positive word-of-mouth advertising?

February, 2015

- Hire staff like stylists, consultants and salespersons - Plan the opening event for boutique

March, 2015

- Send invites for opening event - Arrange the event - Invite relevant media for public relations

Advertising and Promotion

For this purpose, we will rely on personal one-to-one interactions with our target market. Salespersons shall get in touch with the prospective customers. They shall be informed about the uniqueness of a self-designed outfit. They will know about the possible outcomes of getting a tailor-made clothing item which has been specially designed to fit their needs. They should also be aware of the possibilities that could occur if what they’re wearing does not suit their physique and personality (Hiebing, Roman, Cooper).

Besides this, various other methods of promotion shall also be used. They might include:

- Sponsored events related to fashion and style. This will be done to build up local and national public relationships. - A unique display will be changed every weekend. - Loyalty cards will be issued to customers who will buy more than 5 times from our boutique. After that, they will be given 15% discounts on their purchases. - Current customers will be encouraged to spread a positive word-of-mouth and share their experiences with their friends and families. - Direct mails or catalogues can be sent through postal addresses or e-mails. They will be targeted directly towards their target market. - Sales promotions may be done by offering discounts on original prices. New customers may like to try out a self-designed outfit in a reduced price package. - An online website can be made to keep in pace with the current technological advancements. People can make online orders by mentioning their instructions clearly. Size, color and style specifications should be explained. - Free demonstrations can be displayed in colleges and universities.

Assessing Effectiveness

It is important for any business entity to completely assess the pros and cons before starting up a new venture. Similarly, in the case of our boutique it is important to conduct a SWOT analysis. A SWOT analysis is conducted to have an insight about the possible strengths and weaknesses which the business entity may have in its internal environment. It also discusses the expected opportunities and threats that the business may face due to its external environment. It may include many factors such as socio-economic, political, legal and other environmental factors (Bruce, Margaret, Moore, Birtwistle).

A brief SWOT analysis has been done below with the perspective of our boutique:

Strengths Our clothes are known as chic and stylish because of the unique designs. Variations in style, color and design makes it impossible for a repeated outfit. Each item is unique in its own aspect. The inspirations behind these clothing items may vary from person to person. We are offering a facility of an in-house stylist who will help the customers to decide what suits them, which color boosts up their mood and which style of cut makes them look slimmer.

According to some customer’s perceptions, our boutique is considered to be highly priced and has limited brand recognition. This is due to the reason that when a standardized clothing item is being produced in a bulk quantity, it is less costly so it does not cost much. In our boutique, each customer is treated like a special one. When an order for customized clothing item is received, there are special preparations done to fulfill the instructions.

Opportunities

With the passage of time, there is a chance for our boutique to flourish rapidly. For this purpose of boutique extension, we should move on to expand our business operations online. A website should be developed to gain a large number of customers from other cities and countries. This may result in more profitability by expanding services into other countries as well. As our team has young blooded group of stylists and designers, it will facilitate in designing clothes for their customers according to the fashion adaptations (Hiebing, Roman, Cooper).

Some of the major threats to our business would be that our present customers may switch to some other competitive boutique. To overcome this problem, we need to keep an eye on our competitors’ operations to know whether they are offering lower prices or giving a better quality product than us. Secondly, the overall global economic crisis is affecting many countries economy. Many countries may not welcome our boutique’s expansion in their countries. Besides this, the competitors who already have a great international presence are more likely to be successful.

Go to the Market Strategy

The market entry mode is important for the success of the whole business plan. A successful entry mode enables the company to reach out the target market in a perfect way (Hart, Cathy, Doherty, Chadwick). The selected entry modes for the boutique are discussed below:

Retail Store

A state of the art retail outlet will be opened for the boutique which will enable customers to come and interact with the helping staff. The customers will have direct approach to the design personnel where they will be able to suggest their own designs. The design personnel will guide them through the trending fashions, colors, textures and the dressing accessories. Then after the design, the customers will be able to select the fabric, embroidery and other add-ons. After that a tailor will take the measurements and they will be notified about the price and the delivery date. This whole procedure will involve interaction of customer with the staff at each step, making this store more interactive than the traditional ones. The interior in of the boutique will have discreet outlook. However, in pursuit of creating a discreet outlook the traditional concepts will not be ignored. It will be accommodating and warm as well. The space will be managed appropriately. The dressing rooms will be decorated with wood doors so that the privacy of the customers is not compromised. The more focus will be on classy interiors decorated with wood to give a classy and stylish look. The stores will have separate sitting areas for coming along friends to sit and wait (Hiebing, Roman, Cooper).

Electronic Marketing

The company will also exploit the advantage of the dot com revolution. The customer today is very busy and turns towards their computers to search, gather information and purchase their daily living products. Customers want facilitation while sitting in their own homes, offices and while traveling. This is huge opportunity for the businesses as it opens them to more and more potential customers beyond the geographical boundaries. The customers are becoming more and more prone to the internet revolution and it is becoming their instinct to turn to computers for the informational purposes. If the information flow from a business is proper, it leads to the sales. However, there are still some problems associated with the electronic marketing.

The website will also serve the informational purpose for the visitors. It will be also taking orders for the returning and new customers. The privacy of the customers at the website will be managed through secure user logins. The boutique plans to launch the website with the official launch of the business. There are short term and long term plans for the electronic business as well. The plans for the first year of operation include the search engine optimization, online advertisements and maintaining online customer databases. In the long run stylish cuts aspire to develop editorial content for the website along with introducing customization facility on the website using interactive java and flash tools (Simová, Jozefína). The basic principle followed in creating the website will be that customers are facilitated, and are provided with all information they need. The website will give information about the basic services of the business, a contact page and an interactive store front. The editorial content will be guiding thorough the fashion industry trends, newest arrivals, their utility and innovative dressing ideas about different occasions. The additional services provided by the website will be the reservation forms, shopping appointments, workshops, request for closet assessment and expert opinion on dress code. The website will also depict the brand personality and identity of the Stylish Cuts. In this way, it will also help in positioning of the brand. The names of the products and product lines will depict the style, about and concept of the boutique. The purpose of online website is to provide all the information that is necessary to articulate online and offline sales at the store (Hart, Cathy, Doherty, Chadwick).

E-Marketing Strategy

The boutique is operating in Los Angeles. LA is famous for the film companies and has an influence of Hollywood as well. The e-strategy of Stylish Cuts will be mainly focused on the celebrity endorsement. The boutique will fully utilize the opportunity of being circled by the film companies and stars. However, Stylish Cuts will also not ignore the email marketing strategy. The company will stick to the perspective of customer privacy. The customer data will be secured by all possible means, and it will be ensured that the customer may not get bombarded with extra emails. It will be made possible that each customer at data base gets no more than 2 emails monthly. Excessive emails will be considered as spamming and will reduce the effectiveness of the marketing program (Hiebing, Roman, Cooper). The email marketing strategy and word of mouth have shown outstanding results in case of retail businesses. Therefore, these strategies will not be ignored by the Stylish Cuts and will be incorporated into the marketing plan from very start of the business operations. It is evident from different researches that mostly customers turn to the websites for the purpose of information. The strategy of the Stylish Cuts is to provide as much information to the potential customers that it holds their interest as well as generating sales. The website will be advertised by traditional media as well as online advertising at different blogs and websites. The other efforts for this purpose will include emails, receipts, in-store advertisement, magazine advertisements and word-of-mouth. According to researches it is evident that television commercials, advertisements of print and other media trigger the need of information about the product. The customer then turns to the internet for more and more information. It creates an interest and quest to know about the product. If the information flow is proper and customer queries are satisfied then the chances of purchase increase. Most of the times, customers love to hear the comments of other users about the product. The reviews of other consumers act as social guarantees and they are most important in strengthening the decision of purchase. The reviews coming from the other customers are considered as unbiased, and are trusted by the customers. Therefore, the value of word-of-mouth can never be undermined. Moreover, websites act as a source of testimonial. The other customers can share their positive feedbacks on the website which leads to the purchase decision of many other visiting customers (Bruce, Margaret, Moore, Birtwistle).

Development Requirements

The web development will lead to additional costs, and finance will be needed to cover these costs. The company will need dedicated designers and web developers. All these services will be outsourced to external service providers. However, extra cost will be incurred on this outsourcing. A summary of incurring costs on web development are given below:

One Time Cost

- Website Design - $3,000. - Site Implementation - $ 2,000

Long Term Costs

- Web Hosting - $ 50 per month - Domain Registration - $150 (Five Years) - Registration at Search Engines – 250 per year There will be other costs associated in changing the design of the website. These changes will include the photos, dress designs and new product arrivals. All these expenses will be part of marketing and promotional costs (Simová, Jozefína).

Customers of the Boutique

The profile of the customers of the Stylish Cuts is discussed below: Customer Profile The primary customers of the Stylish Cuts are working men and women with a net household income of more than hundred thousand dollars yearly (Too, Leanne, Souchon, Thirkell). The main distinguishing features of these customers are discussed below: - Professional men and women of age 30-55 - Level of educated in minimum college pass-outs - Yearly Income of more than $10000 - Hails from upper-middle class and elite class - Lives in Los Angeles - Have a knowledge of computers and internet - Acknowledges the Art - Listens to NPR - Watches trending and fashionable channels like HBO, BBC and Bravo etc. - Has an insight into fashion industry - Follows fashion icons and magazines. - Spends a lot of money on fashion products and focuses on quality as the core product benefit - Spends time in personal grooming and purchases fashion items - Has an urge to look good and presentable at workplace. Therefore, spend a lot on

Shopping Behavior

The shopping behavior of the target customer is given below: - Shops at boutiques and fashion stores like Banana Republic etc. - Touchy about the dress fittings and sizes - Spends more than 25 percent of their yearly income on personal care and clothing etc. - Buy western tops, shirts and formal dresses - Value both classic and trendy items in their clothing

Customer Conversion

The customer conversion in new businesses is low. The conversion calls for the number of visitors to a store or website actually turning into customers by making purchases. The conversion rate for online websites is even low due to trust issues involved in the online business. The Stylish Cut aspires to achieve a conversion rate of 10 percent by relying on advertisement and promotion efforts. This conversion rate will be achieved in first year of operation. It will go on increasing and will reach at 30 percent by the end of fifth year of operations. The information flow between the customers and the company increases the customer conversion rate. Therefore, the company will try to disseminate all the possible information for converting potential customers into returning customers (Simová, Jozefína).

Operational Hours

The store will remain open on all the working days for 12 hours. The operational time during week days will be 11A.M to 11 P.M. However at weekends and local holidays the closing time will be 2 in the morning. The weekends and holidays are possibilities of increased customer influx as the office going people are free in these times (Bruce, Margaret, Moore, Birtwistle).

Projected Market Share

According to Local Marketing Profile there are currently more than 1000 boutiques working in the region and only 200 are offering customized clothing. The boutiques offering customized clothing contribute $1.2M to sales. It is assumed that these sales will grow by 5 percent annually. The projected sales along with the market share are given below *Calculations Based on Suppositions

Customer Relationship Management

The staff working at the store is a direct contact between the company and the customer. The behavior of the staff to the customer will affect the customer conversion as well as the repeat purchase behavior of the customer. Therefore, dedicated training efforts will be carried out for the staff working at the store. Moreover, a telecommunication team will be performing the job of taking orders from the customers. This team will also serve the purpose of CRM, customer facilitation, queries and complaints. A separate CRM department will also be in place dealing with the customer complaints and returns of the products. There will be a clear cut policy regarding product returns so that dissatisfied customers can return the products to ensure their trust in the boutique (Hart, Cathy, Doherty, Chadwick).

A written marketing plan is a must for boutique. It gives direction to the marketing efforts at every instance and helps to achieve the set goals. The marketing plan creates a value for the efforts put. This brief marketing document for the boutique “Stylish Cuts” can be concluded as the customers for our firm may be any individuals who may require custom made garments since the standard size may not fit them. Customers have different but important needs when it comes to apparel decisions. Many of the needs are being under served or not being met at all. After considering the customer needs the marketing and sales goals are defined. The goals are very important before putting any effort into the marketing of a brand. The sales strategy is discussed and it has been ensured that quality does not get affected by the decision of increasing sales on yearly basis. The customers are defined along with the customer conversion rate and business hours. The need of Customer Relationship Management and it’s important for the business has also been discussed. All these things are vital in performing marketing activities of the firm.

- Bruce, Margaret, Christopher Moore, and Grete Birtwistle, eds. International retail marketing: a case study approach. Routledge, 2004. - Hart, Cathy, Neil Doherty, and Fiona Ellis-Chadwick. "Retailer adoption of the internet–implications for retail marketing." European Journal of Marketing 34.8 (2000): 954-974. - Hiebing, Roman G., and Scott W. Cooper. The successful marketing plan. NTC/Contemporary Publishing Group, 2000. - Too, Leanne HY, Anne L. Souchon, and Peter C. Thirkell. "Relationship marketing and customer loyalty in a retail setting: a dyadic exploration." Journal of Marketing Management 17.3-4 (2001): 287-319. - Simová, Jozefína. "Conceptual models of customer value: Implications for clothing retailing." E+ M Ekonomie a Management 12.1 (2009): 88-97.

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Customer Value: e-Bay Essay

Connected activities, works cited.

The firm offers an automated, well organized website that gives the customers easy time when transacting businesses online. Those selling items are able to display their goods and every detail including prices on the site. Auctioneers have found it easier to use e-Bay since it helps them perform every step involved during auction as well as providing completed transaction to both the seller and the bidder.

The company offer buyers free browsing time, this provides cheap channel for buyers to access high quality goods while on the other hand sellers are able to access large market with rich customer base (Tang 371- 376; Feng et al 467-503).

The company has protected its customers from fraudulent activities that may occur in the process business transactions. It provides its clients with insurance for the first $200 of every transaction performed through its site. They give the customers opportunity to socialize freely using their site. They offer clients the opportunity to choose one station where to list their inventories (Tang 371- 374)

The e-Bay company entered into partnership with several other companies which formed the basis of its expansion (Tang 371). The company is currently involved with products that have ready market. There is also involvement in vertical channels that sees the company sell automobiles and other industrial goods boosting the company’s revenue. The company partners with outside vendors to offer to clients additional assistance services.

The firm offers education to its users and this help in improving the customer’s proficiency in online activities. The company has created several sub sites that helps in the sale of some goods like used cars, Kelley Blue Books helps the firm in advertising prices and information regarding commodities on sale (Tang 376-377).

The firm has adopted the use of non-auction methods to sell off products. It also created the program that enables buyers to win auctions as fast as possible. The firm uses a strong brand name which has been one of the driving forces behind their success.

They use the brand name to attract new customers through partnership and advertisement in the internet. It partnered with American Online which led to co-branding of the auction sites; this gave eBay a good base to market its products. It also incorporated its activities in MSN through partnership with Microsoft Corporation.

The firm has further partnered with several service providers to offer enough space and good inventory management for the big businesses to channel their products (Tang 377). The company acquired PayPal to help in improving the level of the non-auction services. This offers the clients maximum security and efficiency on their transactions.

The firm uses public relations effectively and uses it to provide stories to its customers. It offers its services to United States where it operates local sites in the regional markets. The local sites enable the users to locate products that are sold within their reach; this is more eminent in Los Angeles, Honolulu, Oklahoma and Miami all in the United States. The American Online digital City enables the customers of e-Bay to access city guide services and Newspapers all over the region (Tang 376).

The firm has expanded its services to twenty seven countries, these include; United States, Brazil, Canada, Argentina, Chile, Columbia, Ecuador, Mexico, Uruguay, Venezuela, Austria, European countries, Australia and some countries from the far East. In some countries like Germany it offers services on acquisition of online auction houses.

It offers customers wholesale markets, developed retail options and structural efficiencies (Tang 388). The firm offers sellers free listing services and heavy sales promotion in Japan. The firm’s stores have been used by big companies as preferred channel to sell their products. The state governments also find it convenient to auction their vehicles through e-Bay (Tang 376-377).

Feng, Froud, Johal, Haslam and Williams. “A New Business Model? The Capital Market and the New Economy”. Economy and Society , Vol. 30, No. 4, 2001: 467-503

Tang, Scott, e-Bay: growing the World’s largest online Trading Community . United States. 2003: 371-383

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    Customer retention rate: This metric tells you at what rate you're keeping customers, and who is continuing to engage with your brand. A high retention rate means that customers are continuing to find value in the products, services, and experiences you offer. Customer churn rate: This metric tells you at what rate you're losing customers ...

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    Customer value is a measure to determine the worth of a product or service and its comparison with its alternatives. It is a tool that determines whether a customer feels that he/she got enough value for the money he/she spent. So, technically, it works as an insight into customer remorse.

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    In business, 'Customer Value' refers to the entire benefits attained by a customer against costs incurred to acquire a particular product. This incorporates the total costs offered by the market compared to those of the other competing offers (Pride & Pride 2010, p.45). We will write a custom essay on your topic 807 writers online Learn More

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  19. Customer Value: Definition

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    Essay On Customer Value Type of paper: Essay Topic: Website, Business, Sales, Products, Customers, Marketing, Internet, Shopping Pages: 15 Words: 4250 Published: 03/13/2020 ORDER PAPER LIKE THIS The customers for our firm may be any individuals who may require custom made garments since the standard size may not fit them.

  22. Customer Value: e-Bay

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  23. Customer Value Marketing Free Essay Example

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    Customer value is a customer's perceived preference for an assessment of those products, attributes, characteristics, performance and outcome emerging from utilize, that encourages (or block), accomplishing the customers goal and objective in use situations. Woodruff (1997)