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CHAPTER-2-Customer-Service-and-Customer-Reltionship-.docx.pptx
- 2. What is customer service? is the assistance you provide to your clients before and after they purchase and utilize your goods or services. Why providing good customer service is crucial in business ensures brand loyalty one consumer at a time, which is essential for profitable growth.
- 3. Three P’s of Stellar Customer Service: ? Professionalism - refers to the attitude you take towards your customers. ? Patience - remembering that every customer is different. ? People First Attiitude - builds off of professionalism and patience. In addition, while automation of customer support systems has been the focus of recent developments, human interaction is occasionally essential.
- 4. Customer Driven Marketing Strategy is a marketing strategy that helps companies target and meet the need of a specific group of customers. ? B2B Marketing ? Business Market ? Buyer Decision Process ? Competitive Strategies ? Competitor Analysis ? Demographic Segmentation ? Differentiated marketing ? E procurement ? Market Segmentation Targeting and Positioning ? Micromarketing ? Niche Market ? Product Line ? Sustainable Marketing ? Undifferentiated marketing ? Value Proposition
- 5. Designing a Customer-Driven Market Strategy Retrieved from: Pearson Education, Inc. (2016)
- 7. What is Costumer Relationship Management (CRM)? is how a company runs its customer service operation and enables consistently great service experiences that drive customer loyalty. It includes everything from training new service reps, to optimizing support processes, to measuring service success. Objective - is to make the customer’s experience as smooth + painless as possible. You’ll quickly lose them if service falls short of expectations. Examples: ? Automating Consistent Responses (immediate response) ? Enabling Business Analytics (analyzing data) ? Managing Customer Feedback (track and respond to client inquiries left on all their social media accounts)
- 8. ? Tracking Customer Activity (what’s important to customers and what isn’t) ? Coordinating Between Applications (apps used to manage customer interactions) Costumer Relationship Management (CRM): Strategy or Software? refers to both a strategy, as well as a type of software (or system) for enacting that strategy. Strategy - guide your approach to your customer relationships. Software - help you implement it.
- 9. What is Customer Lifetime Value (CVL)? is the total amount of money a customer is expected to spend in your business, or on your products, during their lifetime. This is an important figure to know because it helps you make decisions about how much money to invest in acquiring new customers and retaining existing ones. Why is customer lifetime value important to your business? will help you find balance in terms of short-term and long- term marketing goals and demonstrate a better understanding of financial return on your investments.
- 10. How to Calculate Customer Lifetime Value (CVL)? The simplest way to calculate CLV is: CLV = average value of a purchase X number of times the customer will buy each year X average length of the customer relationship (in years) So a marathon runner who regularly buys shoes from your shoe store might be worth: $100 per pair of shoes X 4 pairs per year X 8 years = $100x4x8=$3,200 And the mom of a toddler might be worth: $20 per pair X 5 pairs per year X 3 years = $20x5x3 = $300 So who should you be paying more attention to? Clearly, the adult runners in your database.
- 11. The Value of knowing your Customer Lifetime Value (CVL)? Making business decisions is one of the key benefits of calculating the CLV for various clients. Knowing your CLV allows you to, among other things, ascertain: ? How much you can spend to acquire a similar customer and still have a profitable relationship ? What kinds of products customers with the highest CLV want ? Which products have the highest profitability ? Who your most profitable types of clients are Together, these decisions can considerably increase the profitability of your company.C
- 12. Successful Customer Relationship Strategies ? Build an Omni Channel Presence - It is easier for customers to purchase anything they are looking for and to obtain answers to their queries while they are on the road. ? Automate Customer Support - When clients are talking with actual agents, it effectively delivers prompt responses and lessens the annoyance of lengthy wait times. ? Social Media - respond on time through social media channels and reply to posts and social reviews to build customer loyalty and trust.
- 13. Successful Customer Relationship Strategies ? Target Customers - meeting the demands of the clients and offering them personalized solutions aid in the company's ability to boost sales.
- 14. Successful Customer Relationship Strategies ? Structurize Customer Journey – a map in understanding the journey and the different stages of the customers