Alexa How To Create Custom Value Using The Best Marketing CRM Software

How To Create Custom Value Of Your Offerings Using The Best Marketing CRM Software

Marketing | by Patricia Jones
best marketing CRM software

Would not it be a welcoming fact if you owned the only shop selling your customer’s preferred offerings in town?
Now unfortunately when it comes to buying their offerings, consumers are spoilt with several choices nowadays.
Hence in order to make your customers feel interested in your offerings, they need to find value as the main deliverable factor of your brand to get them motivated to purchase.
Now, this does not imply that your offering(s) need to be the least expensive one found in the marketplace. Since the reality is that the price tag that you put on your products or services constitutes only a small part of its value.
We say this as one of the most popular vendors of the best marketing CRM software platforms since the real value of any offering reflects its usefulness, importance, or the worth of something to the buyer of that offering.

91% of US businesses with more than 10 employees now use CRM - CRM Magazine Click To Tweet

Therefore, when applied in the context of business, a value is reflected as the worth in monitory terms of the offering, in addition to the social benefits that the consumer finds in exchange for the money or the price paid for getting that product or service in the marketplace.

According to Peter Drucker the famous management guru of the 21st Century:

The starting point has to be what customers consider value.

Now to create a way to gauge this metric, we must primarily understand clearly what is meant by the term ‘value’, which Gautam Mahajan (the president of Customer Value Foundation) defines as:

The perception of what a product or service is worth to a Customer versus the possible alternatives. Worth means whether the Customer feels s/he got benefits and services over what s/he paid.

How Can You Crack the Customer Value Equation

At its most fundamental level, James Anderson suggested the following equation to explain customer value:

Customer value = Benefits – Costs

Hence, prices and values are the set values and prices of the market offerings presented by the supplier. Now as the differences between that value and the prices proportionately equals to the customer’s willingness to purchase, therefore, the value equation fetched by the customer implies that the customer’s incentive to procure an offering must always exceed the willingness of the customer to buy the next best alternative available in the marketplace.

Hence to formulate a value metric of the customer you need to be capable of answering these four important questions:

  • Why among your existing customers purchase repeatedly and how often?
  • What do your customers breakout by volume, frequency, or the number of products owned?
  • What is the rate of deflection of your customers?
  • What is the likelihood of your customers to buy again?

Maybe to find the right answers to these questions it might take some research, but it is worthwhile to invest time in finding these answers as they provide valuable and actionable metrics that can enable businesses to make better decisions about their customer’s investments.

As one of the most popular vendors of the best marketing CRM software platforms we know customer relationship value is an important leading indicator in any business since once you have these data you can easily create customer relationship value metrics, which you can start by using these three variables:

  • The complete list of all the interactions that the customer had with your company
  • The cost involved in each of these interactions
  • The direction and degree that each of these interactions impacted on moving the relationship forward or backward between the customer and the company

How to Define the Fundamental Mission of Marketing

Marketers communicate, develop, and thereafter deliver value to the customers. Hence creating customer value is the primary mission of marketing, and so the marketing department’s job in any organization is to build the value element of your offerings and your brand and thereafter communicate it to the consumers in the marketplace.

This is because value elements are anything that affects the costs and benefits of your products and services.

Therefore an offering which is of good quality and low cost represents good value, there are even non-price value elements to be considered in the benefits side of the value equation, which includes but are not always limited to:

  • Reliability
  • Customer service and experience
  • Domain, subject matter, industry expertise
  • Delivery
  • Guarantees and warranties

Therefore, we can say in other words that marketing indeed plays a very important role in your businesses’ ability to create customer value, as you marketers are the ones who must reflect how everything that your company does must deliver value to your customers.

Now given the fact that your brand’s marketing teams should always focus on finding and growing the value of your offerings to your customers they are unable to connect with the consumers or do what is needed to create customer value of your offerings, you may need to ask yourself as to why they are feeling this.

Hence under this circumstance, it is advisable that businesses must use a business growth technology like an easy to use CRM software which is in the modern times the best available platform that can aid marketers to better understand the market and also your customer segments by collecting data and creating an analysis of the customers.

We say this as one of the leading vendors of the best small and medium business CRM software as it has often been observed that dissimilar value propositions find relevance to different customers and so marketers need to develop these propositions by analyzing data of previous sales and thereafter creating supporting messages for the future customers, to communicate the value of your products and services through the right channel and at the right time during the customer journey.

Hence your marketing teams once they use CRM software like Salesforce or even any other Salesforce Alternative CRM must understand the various buying processes and customer personas, which can help in finding the right solution for business growth.

Does Customer Value Increase Customer Lifecycle Management

CLM or Customer Lifecycle Management is the measurement of several customer-based metrics which when carefully analyzed over a specified period of time, helps in indicating the performance of any business. Therefore, while implementing the best marketing CRM software it is advised that companies must encompass all domains and departments of an organization so that it can help in bringing all the sources of dynamic and static data, marketing and value-added services to a centralized decision-supporting platform like a CRM looping in different phases of customer acquisition, customer retention, up-selling and cross-selling, for creating consistent customer value of your offerings which translates to business growth.

Since at all cost, it must be remembered that business should always focus on creating customer value of their offerings as market value is derived from what exceeds the willingness of the customer to buy the next best alternative available in the marketplace.

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