Customer Value Management Strategies
Added on 2020-10-23
12 Pages4005 Words303 Views
CUSTOMER VALUEMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Define the components which enables organisation to determine its CLV'S...................1P2 Define the concept of customers lifetime value to the enterprise.....................................2P3 Define the factors which works as to influence customer lifetime values........................3TASK 2............................................................................................................................................4P4 Description on differed kind of marketing strategies that helps to maintain customer base. ................................................................................................................................................4TASK 3............................................................................................................................................5P5 B2B and B2C Decision Making models and opportunities for Customer Value Creation..5P6 Analysing customer loyalty through different techniques................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONCustomer value management is one of the crucial aspects in terms to manage the all overthe activities. Thus, it can be said that it is one of the effective tool because it works as to connectthe connects the customer to the firm. With the help of this the buying behaviour of customer canbe analysed effectively. In this way present report will be inclusive of the activities of HomeBase, it is the retailer brand and situated in British. In this manner case study of firm will beanalysed in terms to determine the number of components of the firm. In addition to this it can beseen that there are number of beneficial aspect to the customers as it is assistive in terms to createthe brand image in the market (Christopher, 2014). In addition to this Home base will beinclusive of factors which will influence the process customer lifetime value. There are twomodels as are B2B and B2C will be discussed in terms to determine the profitability andproductivity of the enterprise. Furthermore, there are number of tools which will be used by thefirm in term to enhance the value of product and services of the enterprise. TASK 1P1 Define the components which enables organisation to determine its CLV'S.In this way it can be said that customer will always prefer to use those products whichwill be available to them in affordable prices and in good rates. According to the presentscenario, it can be seen that Home base enterprise get succeed in terms to meet with theexpectation of customer by analysing their need in the market. In this way, firm need tointroduce innovative product in the market so that customer will get attracted towards it. It isessential to understand the value of the customer in the market. By analysing the need anddemand of the customer the firm will get the effective performance (Goetsch and Davis, 2014).IN the firm like Home base it is very essential to have long-term customer retention in themarket. To maintain the sustainability of the customer is one of the most effective strategiesplanning. This kind of the process is helpful in term to meet with the expectation of the customerin the market. In this way, firm has taken the various steps in term to find out the best marketresearch which will helpful to gain the maximum perceived value (Hammer, 2015). Thecustomer used to give their major consideration towards the things as brand, sales, corporate etc. In this term it can be said that customer lifetime value is one of the crucial aspects which isessential in order to determine the mind set level of the customer in the market. 1
There are some merits in relation to the customer lifetime values and this all defined in thefollowing manner as are- 1.CLV is the one of the effective approach in terms to get provide help to the customer inrelation to have the retention in the market. If the firm is having the idea about the needof the customer than they are able to satisfy their need effectively.2.Innovation is the approach which very helpful in terms to gather the attraction of thecustomer in the market (Homburg, Jozić and Kuehnl, 2014). 3.With the help of better marketing approach by the firm is able to have the idea about theproduct and services in the market. They came to know about the current trends inmarket. This kind of approach are helpful in term to maximising the operation function ofenterprise. 4.By having regular contract with the customer they are able to maintain the brand loyaltyof firm in the market. With the help of attractive features as discounts etc. will beessential in terms to having long term sustainability of the firm in the market. P2 Define the concept of customers lifetime value to the enterprise.In the present competitive environment it essential to cope up with the rivalries of thefirm in the market. With the help of having better solution the enterprise can promotes itsservices effective in the market. In this way, they need to adopt the number of the strategies asare customer engagement, creations and understanding of the potential value of the buyers willbe helpful in term to manage and enhance the relationship among the customers available in themarket (Hsiao, Lee and Chen, 2015). In addition to this, it can be said that, CLV has supportedthe firm in order to make differed kind of strategies which will be helpful in relation to create thepotential value of the customers. This kind of function also helpful in relation to enhance thecustomer relationship effectively, hence, there are number of benefits of CLV are discussed inthe following manner as are- Effective segmentation of customers- In this it can be said that it is one of important factorwhich helps in effective customer identification. In this it is essential to target the customers andfind their potential value to the firm like Home-base (Keränen and Jalkala, 2014). Proper forecasting- In this manager of Home base will create a better services or products byhaving prediction of the future demand customer with the help of CLV. It is very assistive in theenterprise to manage its optimum investment in assets. 2
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