Lecture Marketing management - Chapter 4: Creating Long-Term loyalty relationships presentation of content: Steps in a customer value analysis, establishing value, measuring satisfaction, maximizing customer lifetime value, estimating lifetime value,... And other contents.
Trang 15 Creating Long-Term Loyalty Relationships
1
Trang 2Chapter Questions
What are customer value, satisfaction, and
loyalty, and how can companies deliver them?
What is the lifetime value of customers and how can marketers maximize it?
How can companies attract and retain
customers and cultivate strong customer
Trang 3Builds Relationships
Trang 4Figure 5.1 Customer-Orientations
Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-4
Trang 5Dell Reestablished
Its Commitment to Value
Trang 6What is Customer Perceived Value?
Customer perceived value is the difference between
the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived
alternatives.
Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-6
Total Customer benefit is the perceived monetary of
the bundle of economic, functional, psychological benefit customer expect from a given marketing offering by
product, services, personnel and image involve
Total Customer cost is the perceived bundle of cost
that customers expect to incur in evaluating, obtaining, using and disposing of the given market offering
including monetary, time and psychic cost
Trang 7Figure 5.2 Determinants of
Customer Perceived Value
Image benefit Psychological cost Personal benefit Energy cost Services benefit Time cost Product benefit Monetary cost Total customer benefit Total customer cost
Trang 8Caterpillar Maximizes
Customer Value
Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-8
Trang 9Steps in a
Customer Value Analysis
Identify major attributes and benefits that
customers value
Assess the qualitative importance of different attributes and benefits
Assess the company’s and competitor’s
performances on the different customer values against rated importance
Examine ratings of specific segments
Monitor customer values over time
Trang 10Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-10
What is Loyalty?
Loyalty is a deeply held commitment to
re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the
potential to cause switching behavior
Trang 11Top Brands in Customer Loyalty
Trang 12Establishing Value
Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-12
Trang 13 Monitor competitive performance
Customer satisfaction is feeling of pleasure or disappointment that result from comparing a product perceived performance and to
expectation
Trang 14Managing Customers
Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-14
Trang 16Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-16
Maximizing Customer Lifetime Value
acceptable a mount the company’s cost stream for attracting, selling and serving that customer
Describe the net present value of the stream of future profit expected over customer life time purchase
Trang 17Figure 5.3 Customer-Product
Profitability Analysis
Trang 18Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-18
Estimating Lifetime Value
Annual customer revenue: $500
Average number of loyal years: 20
Company profit margin: 10
Customer lifetime value: $1000
Trang 19What is
Customer Relationship Management?
CRM is the process of carefully managing
detailed information about individual customers and all customer touch points to
maximize customer loyalty
Trang 20Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-20
Framework for CRM
Identify prospects and customers:
Differentiate customers by needs and value to company: estimate customer value and customer time line value
Interact with individual customer to improve your knowledge about individual need and to build
stronger relationship
Customize product, service and message to
each customer
Trang 21Amy’s Maximized Word of Mouth
Trang 22Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-22
Attracting and
Retaining Customers
Reduce the rate of defection
Increase longevity
Enhance share of wallet
Terminate low-profit customers
Focus more effort on high-profit customers
Trang 23Figure 5.4 The Marketing Funnel
Trang 24Loyalty Programs
Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-24
Trang 25Database Key Concepts
Trang 26Copyright © 2011 Pearson Education, Inc Publishing as Prentice Hall 5-26
Using the Database
Trang 27Don’t Build a Database When
The product is a once-in-a-lifetime purchase
Customers do not show loyalty
The unit sale is very small
The cost of gathering information is too high
Trang 28For Review
What are customer value, satisfaction, and
loyalty, and how can companies deliver them?
What is the lifetime value of customers and how can marketers maximize it?
How can companies attract and retain
customers and cultivate strong customer