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Customer Value

With so many brands for consumers to choose from, it is imperative that companies build lasting customer relationships and create superior customer value.  Instead of a company just promoting their brand or service to a customer segment, their goal should be to find out what each customer wants and needs, and then to set up an offer that will cater to that customer personally. To ask the customer: “What do you need from us?” and “How can we do it better?” will help companies to deliver those needs and wants.  This approach builds customer value in one-on-one relationships and constantly redefines those relationships based on new customer data and on an understanding of that data in the context of a 360° view of the customers for our business.

By evaluating and understanding each customer’s value, companies can better forecast what the consumer is likely to purchase from us not just today but also tomorrow and the next year and the next.  But that service and how companies communicate with customers should be upgraded for customers based on how valuable the customers potentially are to a company’s financial growth.

It is critical for companies to use Customer Relationship Management (CRM) tools to gather valuable information and “touch points” about each customer then create programs that will add a positive experience for them.  Companies should consistently communicate with their customers to find out what their changing needs are and what services we can improve upon to create loyalty.  This can be accomplished through multiple channels.  Creating surveys will allow companies to gage what their customers’ needs are and what areas as a company can by improve to keep customer loyalty.

Of course, everyone deserves and should get a basic amount of good service.  But that service and how companies communicate with customers should be upgraded based on how valuable the customers potentially are to a company’s growth. Programs and special offers that reward customers based on their spending will not only make customers feel valued by the company but is likely to increase revenue, as well.  Customers who are not receiving the best loyalty deal will desire to be a part of that “exclusive” club while customers already in the “club” will continue spending more .

Bottom line: Your loyal customers are the most valuable part of your business so creating ways to positively communicate with them will guarantee continued success.  Show the love, people!

February 6, 2012