Customer Perceived Value (CPV)

  • Perceived customer value points out that success of a product is largely based on whether customers believe it can satisfy their needs. Hence delivering this value becomes the motto of marketers.
  • Customer Perceived Value = Total Perceived Benefits – Total Perceived Costs
          Example:
While buying a car, the expected reactions from family and friends also become a part of benefits or gain.
The customer evaluates whether the particular car would be able to provide whatever he/she is looking for. Whether the car would provide the comfort and the usability. Also for many customers the perceived value would also include the mileage a car.

 

Customer Satisfaction
Customer satisfaction is a marketing term that measures how products or services supplied by a company meet or surpass a customer’s expectation.
Here are the top six reasons why customer satisfaction is so important:
  • It’s a leading indicator of consumer repurchase intentions and loyalty
  • It’s a point of differentiation
  • It reduces customer churn
  • It increases customer lifetime value
  • It reduces negative word of mouth
  • It’s cheaper to retain customers than acquire new ones
Example:
Hubspot(marketing tool)
Hubspot, a marketing automation tool, is a B2B business that does customer satisfaction right. They focus a lot on post purchase marketing.
Whether it be training new customers, offering free educational webinars or offering complimentary 24/7 technical support. Hubspot knows how to keep customers happy.
Source: http://bit.ly/2vb8RU1http://bit.ly/2x8Q7Gb

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