Managing Customer Value: One Step At A Time

This book is written for an advanced student of business and the practicing manager. It presents an integrated view of the marketing function, focusing on all the activities that a firm engages in to create and manage value. It links the traditional views of customer value with the finance, accounting, human resources, organizational behavior, information technology, and operations functions of the organization. It draws on the science of behavior change and the data sciences to present a contemporary view of the customer value function. The content is meant to be prescriptive, analytical, theoretical, yet empirically driven, and urges the reader to think about the customer value function to be organized along activities that the firm would like the customers to engage in, not activities that the firm engages in. It presents a framework that is conceptually driven and has a sound mathematical basis.

Format: Hardback
Length: 416 pages
Publication date: 11 June 2022
Publisher: World Scientific Publishing Co Pte Ltd

The process of transforming a new customer into the best possible customer is a crucial aspect of marketing and business growth. It involves a systematic approach that involves understanding the customer's needs and preferences, building a relationship with them, and providing exceptional value and service.

To begin this process, it is important to understand the customer's journey. This includes understanding their needs and pain points, their preferences and behaviors, and their decision-making process. By understanding the customer's journey, businesses can tailor their marketing efforts and communication strategies to meet the customer's needs at each stage of the journey.

Once businesses have a deep understanding of the customer, they can begin to build a relationship with them. This involves providing exceptional customer service, responding to their inquiries and concerns promptly, and offering personalized solutions to their problems. Building a strong relationship with the customer can help to create loyalty and trust, which are essential for long-term customer retention.

In addition to providing exceptional customer service, businesses can also offer value to their customers through their products or services. This involves offering products or services that are high quality, innovative, and relevant to the customer's needs. By offering value, businesses can differentiate themselves from their competitors and attract new customers.

To optimize the value of their customers as assets, businesses can also consider pricing decisions. Pricing decisions can be complex, as they involve balancing the need to generate revenue with the need to attract and retain customers. Businesses can use a variety of pricing strategies, such as penetration pricing, skimming pricing, and value-based pricing, to optimize the value of their customers as assets.

In conclusion, transforming a new customer into the best possible customer requires a systematic approach that involves understanding the customer's needs and preferences, building a relationship with them, and providing exceptional value and service. By understanding the customer's journey, offering value to their customers, and optimizing the value of their customers as assets, businesses can create long-term customer loyalty and drive business growth.

ISBN-13: 9789811240799
Edition number: Second Edition