Customer satisfaction and retention are vital aspects to the success of any business. Because satisfaction and retention has linier relationship it is important to meet the expectations of your customers through perceived values to keep them loyal to your business.
Here are 5 main values you can create through the services and products you offer to your customers.
1. Quality of performance of actual product or service
Making sure your business offers exactly what is promised if not able to exceed expectations of the consumers. In case of service/product failure make sure you plan ahead and create a mechanism to mend failure that reverses consumers dissatisfaction.
2. Social value
Make sure the services and products you provide offers a certain social value to your consumers which as a result keeps them loyal. Social value is derived from service’s or product’s ability to enhance customer’s social self -concept such as making your consumers feel like they are a part of a certain community.
3. Emotional value
These are values derived from the positive feelings and affective states that the services or the product generate. This value creates a strong bond between the product / services and the customer which makes it easier for your business to retain customers.
4. Interaction value
These are the values created while your business is rendering services. Positive emotions generated during service delivery such as smiling and helpful employees make a huge difference in the level of satisfaction and loyalty of your customers.
Value for money is the something consumers are most conscious about when considering to purchasing your product or services. This financial satisfaction plays a role in retaining your consumers as they mostly look for value for money.
If you are struggling with creating values for your customers and retaining satisfied customers contact our marketing professionals at Elby marketing.
Lovelock, C., 2014. Services Marketing An Asian Pacific and Australian Perspective. 6th ed. Australia: Pearson.
Degbey, William Y. “Customer Retention: A Source of Value for Serial Acquirers.” Industrial Marketing Management, vol. 46, 2015, p. 11.
Kotler, P., Adam, S., Brown, L., Armstrong, G., 2001. Principles of Marketing. 10th ed. Singapore: Kyodo Printing Co..