5. Creating Customer Value, Satisfaction, and Loyalty

 With the passing of time and the evident developments met within our society, as well as technology, we observe a consistent wave of new wants and needs originating from a global customer base. Essentially, these profound wants and needs, are oriented around value, satisfaction as well as loyalty; concepts which derive from notions such as globalization and the apparent effect of personalization.

The primary two main subjects which I will be exploring today, is the concept of value analysis as well as customer - product profitability analysis; two tools, that aim to provide organizations with the necessary information, in order to provide the best available quality of their products as well as services.

Being involved within the environment of a competitive industry, the concept of customer value can evidently provide you the necessary information in order to set up and imbue your marketing management plan with value. By identifying the attributes that are important to the customer base as well as the competitor's base, metrics and data reveal the very next, crucial, steps of your company; enabling your marketing, planning and services development sequences, to possess a unique perspective, imbued with competitive advantages.

Specifically, the concept of customer value analysis, is defined by a thorough set of activities, aiming to identify attributes and benefits, assessing the qualitative difference of benefits and attributes, evaluation of the company's as well as the competitor's performance in ratio to their offered values, examination of results and last but not least, the consistent monitoring of the provided value, over time.

On a rather small scale, the concept of customer value analysis, can be implemented within the environment of KAMK.GG - Student owned (evident connection), professional event development, consistent promotion of news; League development (professional teams competing under KAMK.GG brand with competition, that is either surpassed or collaborated (KOVA Esports)

But, what about Customer profitability analysis?

In the very same spectrum and goal orientation as customer value analysis, customer profitability analysis focuses upon the numerous activities and expenses which are observed during the process of servicing a specific customer; while both concepts wish to attain a better understanding in regards to the relative value generation upon the customer and the products/services offered, customer profitability analysis analyzes the profit per customer rather than profit per product, as observed above.

While the process itself is considered to be one of the most common exercise  for the purpose of customer value, satisfaction and loyalty development, the selection of data must be done within a very tight timely frame, as information and statistics, vary within a hefty extend.

Evidently, the two concepts above are merely a lacking representation of the development process for value, satisfaction and loyalty, as the implementation of the above, requires a specific and unique perspective upon the case and circumstances that surround it. (“Customer Profitability Analysis: Definition, Formula, Benefits - SmartKarrot,” 2020) 

References: 

Creating Customer Value, Satisfaction, and Loyalty presentation - Strategic Marketing Management course - KAMK. Retrieved from: DevMoodle - Strategic Marketing Management Course.

Customer Profitability Analysis: Definition, Formula, Benefits - SmartKarrot. (2020, October 28). Retrieved from SmartKarrot l Comprehensive Customer Success website: https://www.smartkarrot.com/resources/blog/customer-profitability-analysis/