How does an organization create customer value Essay

merchandise experts Don Peppers and Martha Rogers tell Without guests, you dont arrive at a business. It is such a simple, nevertheless, a scary thought. We live in a solid ground of consumerism, in which the clients complimentss and desires greatly exceed their basic needfully. redden though many see this concept as a menace to modern world society, it has make waterd the extremely competitive grocery storeplace for businesses. The companies atomic number 18 competing routine to win everywhere as many customers as possible by offering products that create irreplaceable apprise and benefit to those customers. Many companies leave alone succeed in getting the customers to buy into their respect and benefit however, the admittedly success of a business is not linked only to getting juvenile customers. It is considerably linked with keeping those customers around and winning over the customers from their competition. Companies work hard to develop creative marketin g schemes for their products so that the conjunction is recognized and perceived as worthful and beneficial to the customer. However, I cogitate that all strong companies start from the same point listening to the customer. The droll merits of information technology, such as the internet, cell phones, social media, television, radio, and so on fill made the world we live in a global village. convey to the information technology, distance has never been less of an obstacle to communication amongst people. technology has made information essentially accessible to everyone, everywhere, at any clipping making consumers, more educated and informed than ever. They have the tools to verify companies claims and anticipate out superior alternatives (Kotler & Keller, 2009, p.121). Consumerism and technology have made it possible for the customer to be heard. They can share interests, as considerably as compulsory and negative reviews for others to see. Companies follow and act upon those interests and reviews. They analyze all the information and research to create a product that bequeath satisfy the consumers interests and understate the negative reviews. The creation of a quality product or a inspection and repair that satisfies a great number of the customers necessarily and wants will create competitive advantage in the marketplace for the beau monde and will make the product or service of process valuable to the customer. Ultimately, it will create an valuable experience. Positive experiences create loyalty towards that product and, profoundly held commitment to rebuy or repatronize a preferred product or service in the future despitesituational influences and marketing efforts having the potential to evidence shift behavior ( Kotler & Keller, 2009, p.123). Negative experiences on the other hand can cause dissatisfaction with the product and cause a customer to defect and go to the competitor. When forsaking happens companies seek other ship c anal to retain current customers, gain new ones, or even stop dissatisfied customers from defecting. Some of the other ways companies make themselves valuable to the customer are speed of service, discounts and rebates, warranties, loyalty programs, gifts, etc. SaleSaleSale 20-70% off entire store 2 for 1 All these marketing schemes, discounts, and rebates are used to promote protect in the eyes of the customer. Customers like to use phrases like I want more for my money, or, getting more for less.One of the scoop ways that companies show they are valuable to customers is lowering the price of their products. The value created for the customer is satisfaction and a olfactory perceptioning of success. Meeting customer needs with a product is great, save the real measure of success cannot be measured by the product made, but by the feeling that the customer gets after acquire it. That feeling of satisfaction or dissatisfaction after purchasing the product will affect the customer retention base, customer loyalty, fellowships image, and ultimately the bottom line. Many companies today compete on price and try to create value for the customer by adult them more for less. No matter how good the product or service is, mistakes will happen and the customers will complain. Many people dont like to hear complaints, but when thither is money involved there will be complaining. The first step in making the fellowship valuable to the customer is by making complaints easier and more accessible. By doing this the companionship makes it personable, consequently creating the value of importance for the customer instead of making them effective a number. Benjamin Franklin said, Well done is better than well said. Companies cogency say they will make it personal and conciliate the issue, but then you are put on hold for thirty proceeding when you call in for a complaint, or your car might have to stay in the shop two days longer than anticipated. When inconveniencin g the customer in moments like these, any effort to help the customer resolve the issue thereafter may be futile. That may very well be the last cartridge clip the company will deal with that special(a) customer. The second step in creating value for the customer is the speed at which the issue will be resolved. Itmight sound clich, but time is money, and an attorney that has to be on hold for thirty minutes might have lost the opportunity to earn two hundred dollars. He might take it personal and go to your competitor. According to Kotler & Keller (2009), Of the customers who register a complaint, between 54% and 70% will do business with the fundamental law again if their complaint is resolved. The figure goes up to a staggering 95% if the customer feels the complaint was resolved quickly (p.129).Therefore, it is not just resolve the issue that makes the customer value your company, it is the speed at which that issue or complaint is resolved. The desire of each marketing pers on and each company, per se, is edifice a strong and loyal customer base. Quality products and services create satisfied customers, and that satisfaction creates a relationship between the customer and a brand. If the customer is repeatedly content with the benefits from the particular product or service, it starts edifice loyalty. Once loyalty is established companies continue creating value for the customer thru festering of loyalty programs that provide customers with extra rewards and benefits, making them feel more valuable since they are not getting those benefits anywhere else. The company has created ultimate value for both customer and themselves when their customers become their clients. According to Kotler & Keller (2009), Customers may be unnamed to the institution clients cannot be nameless. Customers are served as part of the mass or as part of the large segments clients are served on an individual basis. Customers are served by anyone who happens to be available c lients are served by the professional charge to them (p.140). Companies create competitive advantage in the market by set the customers wants and needs ahead of everything, understanding that without their customers they would not exist. In todays world of consumerism and information, every company is capable of creating a valuable experience for their customers. However, the difference between the leaders in the market and others is that the leaders are constantly making their customers feel valued. Leading companies listen to their customers, they resolve their customers complaints and concerns in a fast and effective manner. They make customers feel valuable by create personal relationships thru numerous loyalty programs, and ultimately deepen that relationship by making their customers into clients.