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.
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