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.
The Relationships Between Web Design, Reliability, Privacy, Service Quality, and Purchase Intention of Customers at E-Commerce Business An Empirical Study