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Customer equity - Essay Example

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Summary to essay on topic "Customer equity"
1. The goal of customer relationship is to produce high customer equity. Customer equity is the total discounted lifetime values of all the firms' customers. There are three drivers of customers' equality: value equity, brand equity and relationship equity…
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Download file "Customer equity" to see previous pages... Value equity is the customer's objective assessment of the utility of an offering based on perceptions of its benefits relative to its cost. The sub drivers of value equity are quality, price and convenience. Brand equity is the customer's subject time and intangible assessment of the brand, beyond its objectively perceived value.
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The sub drivers of brand equity are customer brand awareness, customer attitude towards the brand and customer perception of brand ethics. Relationship equity is the customer's tendency to stick with the brand, beyond objective and subjective assessment of its worth. Sub drivers include loyalty programs, special recognition and treatment programs, community building programs and knowledge building programs. In the present relationship-marketing situation, most of the companies using technology such as E-mail, websites, call centers, databases and database software are helping to foster continuous contact between company and customers. Companies that want to develop strong customer relationships generally add financial benefits, social benefits and structural ties to its product. In providing financial benefits, companies provide customer the frequency rewards and club marketing. Today, most supermarket champions including Sainsbury offer price club cards and provide member customer with discounts. Many companies have created club membership programs to strengthen relationship with customers. Open clubs are good for building a database or snagging customers from competitors, limited membership clubs are more powerful long-term loyalty builders. Companies' personnel work on increasing social bonds with customers by individualizing and personalizing customer relationships. Customer relationship is more or less of the view that customer must maximize his or her relationship with the company through up selling and at the same time, enhancing profitability by identifying, attracting and retaining the best customers. Through better relationship and customer's information, customer time could be saved. Putting better customer relationship requires developing a set of integrated applications to address all aspects of front office needs including automation of customer services, field service, sales and marketing. The main aim of better customer relationship includes acquiring, enhancing and retaining the customer. Sainsbury has done this quite successfully. To acquire and retain the customer and to develop a long-term relationship Sainsbury is providing healthy, safe, fresh and tasty food as well as at fair prices. Sainsbury's price competitiveness is currently the best. It has been for many years following the investment of more than 450 million pound over the last three years. Around 15,000 prices are checked every week to make sure its competitive position has been maintained. In August 2007, Sainsbury has launched. "Different values" campaign to provide its customer, the products of higher quality specifications and great values. In March 2003, Sainsbury launches "Feed your family for a fiver" campaign to reach out and maintain a long-term relationship with its customers through providing affordable, healthy and nutritious meals for a family of four could be prepared with the budget of 5 pound. Sainsbury's values are not just for food items but available for non-food ...Download file "Customer equity" to see next pagesRead More
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