What is customer value management?

When you go to purchase a product or service, you usually think about the value it will bring to you rather than the desire or empathy you have for it, your loyalty to the brand or the price. This is why customer value management is central to any company and their marketing strategy.

What does the concept of customer value management include?

1. Researching what your target market looks for in their vendors.

2. How does your product or service bring value and positively impact your customers?

3. Deciding on the factors that will help you win customers, shareholders and employees over competitors.

4. Providing a consistent flow of data and information to keep your values aligned.

Why is customer value management important:

Nowadays, every business faces stiff competition and many other challenges including advancements in technology, increase in customer expectations and more. Customer value management helps to resolve some of these challenges and helps your company offer the best possible services and products to your customers. Not only this, measuring customer value also helps you to build actionable plans to improve marketing strategies to help to reach your business goals.

How to implement customer value management:

Here are four easy steps to implement customer value management into your business:

- Discover what drives value for your customers. The best way to do this is to conduct a survey with your customers and find out their reactions to your products and services. This is a great first step as it can help you to find out what is most important to your customers.

- Next, work out what value your specific product / service gives your customers and find out how much time they devote to using your product / service.

- Thirdly, get your customers to compare your product / service to other competitors. Do remember that they will have different perceptions of your product and how it compares due to factors such as their geographical location.

- Lastly, after all of your research, implement, change and invest in your marketing and sales strategy to target your most valuable customers. This is the best way to grow your business.

Many companies do not focus on customer’s needs and values to build on their marketing strategies to help grow their business, however this is key to growing any business. If you would like to learn more about how Shark can help with your customer value management please get in touch.