Capturing Value from Customers - Marketing Process, Marketing Management | Marketing Management - B Com PDF Download

According to Philip Kotler, “Marketing is managing the profitable customer relationship”. It signifies that businesses have to create customer value if they are looking to boost customer retention and profitability.

In order to sell a product or service to the potential customers, a business needs to create value which captures or caters the exact need or want accordingly. Satisfied customers will feel happy and will return to use your service again. Therefore, organizations must pick a worthy recommendation that should focus on customers, brand position and help them fill the void in the commercial center. Here are three useful ways to understand how customer value can be created and what measures can be taken to capture it in order to achieve successful business results.

Identify Your Customer Needs

Identifying customer needs must be the main aim of your business, whether it offers specifically to people or different organizations. For instance, the live chat support on an online store offers real time services to virtual visitors landing on its portal. A quick response from the live chat operators helps in retaining these visitors, whilst provision of correct information helps in converting them into customers. The operator manages to convert them into customers by correctly identifying their needs and providing the right solutions.  

This clearly infers online businesses can identify their customer needs by engaging them and live chat is the best medium to achieve the goal. Since extracting valuable information from visitors and customers can be utilized to generate sales leads and target potential customers. It will eventually enhance profitability, customer loyalty and help in gaining larger market share for the business.

Develop Marketing Strategy to Build Rapport

Structuring a marketing program to build customer relationships is the next step for companies to follow. It will open new opportunities for them and add more value to their product or service that will gravely influence customers’ buying behavior. Sending promotional emails and engaging customers via the live chat service should also be a part of your marketing strategy as informing customers about your latest offerings enable businesses to build strong rapport with them.

Offering discounts and rewards points is also a good way to tempt new customers and build strong bond with existing clients. By the same token, when companies organizes special events for their customers it makes them feel valued and appreciated. And when your clients feel valued they not only do more business with your firm, but also recommend you to others.

Resolve Customer Issues Instantly

Last but not least, nothing makes your customers feel more valued and important than when you resolve their issues instantly by dropping everything. By acknowledging the mistake, fixing the problem and giving a quick follow up, you are creating an opportunity to capture customer value.

More importantly, it’s an opportunity for you to ensure that it won’t happen again. The live chat service can play vital role in resolving your customer issues promptly. The chat operators are available to help you round the clock, which saves customers from bearing the pain of calling help desk.