Customer Value refers to the technology and processes that an organization uses to refine its efforts made towards creating, developing, and maintaining a healthy and long-lasting relationship with its customers. Giving value to customers is to manage and deliver excellence on both external and internal relationships by professional means with individuals at all touchpoints throughout key stakeholder ecosystems.
Provide Excellent Customer Service
>A lousy customer service team will result in suffered reputation and loss in support of existing customers and possibly turn away potential customers as well. Customer services are a great solution for company to improve their ethical value.
Get Data on Consumer Needs
Both Computerized Technology and Human Strategy combined together create a driving force with the focal notion of a customer Value centric strategy. Additionally, data can be updated from time to time and used to segment the customers and analyze specific inclinations such as their habits, following trends, purchasing power, etc. The use of these insights is very helpful for organizations to personalize enhancement which finally increases customer value.
Customer Values help Increase:
· Sales Leads
· Sales Opportunities
1. PROVIDE AUTOMATED SERVICES
As the new normal era, it is imperative to Introduce digitally automated services which visualizes the product to customer interaction through aspects like budget, needs and satisfaction among the other gambit of customer demands. Automated accessibility through the digital website or a personalized app, it’s just a click away from anywhere, anytime. A way of Life integrated for the customers.
56% of consumers would buy more of a particular product if the process was easier.
In-house digital tools that facilitate easy and quick services help to provide even greater convenience for customers.
72% of consumers would visit online stores more often if the buying process was improved.
Customers don’t want to wait to get in contact with brands. The App assists them to get answers, all which are essential to their buying concerns.
When customers have questions or concerns, they want resolution right away—especially for a large purchase like a car. This device will provide the facility to give options and choices with specifics of each model that the customer delves interest into.
Reduce Customer Response Time
For a quick and immediate response, the company’s Value elevation comes into play with a built-in centralized collection of data systems that provides customer information in a manner that eventually speeds up the time without any delay in replying to queries.
Ready-made email templates and pre-filled FAQ response dossiers can be used for fast facilitation of inquiries and concerns.
The priority of every progressive company is to avert the risk of losing a potential or existing customer. Misunderstandings only lead to altered perceptions and unlikely friction between them and companies, which should be avoided at all costs. Furthermore, a survey revealed an observation: 62% of companies didn’t respond to customer support emails at all or have staggered response time of more than 24 hours!
EXAMPLE: Qantas - The national carrier of Australia
The COVID-19 lockdown instilled a spike in customer queries especially for airlines and hospitality sectors in general.
The first of Qantas reactive responses went beyond the baseless ‘we are with you’ emails. Qantas thought more proactively about their communications and quickly announced they would extend customers’ status for 12 months without review on all accounts of membership ties.
Helpful ‘Here’s something to help you’ message gave a keen sense of reassurance to their clients that the crisis would not impact their loyalty and frequent flyer programs.
Increase Customer Satisfaction: Productivity and Profitability
Companies who always aim to put Customer Satisfaction first enjoy increased sales, because even First-time customers will feel content in what they are being offered. Happy customers will keep doing business with you for years. They become loyal advocates of the company, referring to friends, which is additional sales in return.
Improve Customer Loyalty
Loyal customers are an extremely valuable asset to any business. They deserve the “loyal treatment” as 67% of repeat customers who choose the same business to buy from spend more on the product/service than a new customer.
People tend to weigh in heavily on recommendations in their buying decisions and this is where loyal customers act as the best marketers for the company itself.
Companies dedicate a lot of effort in procuring true value of their offering in order to gain loyal customers. Why? Because these customers are unknowingly having a great impact on others through word of mouth, testimonial ads, referral codes, goodwill and trust.
Gain by Customer Retention
Customer Retention and Loyalty are both very rewarding. The connect needs to overlap as it is a part of the buying journey and it should be part of the core sales and marketing strategy. Customer Retention can be defined as strengthening customer patronage further by offering customer rewards, like the use of percentage or fixed discounts, prizes, and bonanza goods. Businesses can offer customers rewards based on bulk orders. ease in payment, length of relationship, or even wholesale discounts on their cumulative spend.\
Addressing Customer Complaints
For a customer, there is nothing better than a quick response from an organization’s side to his/her grievance or complaint. Customer Complaints are more significant than other features as it is important for the company to stop the conversion of a complaint into a dissatisfied customer. This will definitely tarnish image and reputation and competitors will notice this and take advantage to upscale their own business.
Customer Complaint Solutions
Reaction:Remember, the Customer prefers online communication when it comes to solving their problems and handling their complaints.
Rebound:Time taken to address an issue is crucial. So, a tactful addressal reply which rebounds effectively helps a long way.
Recollection:Recollecting the trust back through givebacks/discounts is of utmost priority of this entire process upon reaching a solution.
Reimagination:Reimagine ways in which such situations can be avoided even before they become an issue of concern in the first place.