Customer Value, Satisfaction and Loyalty
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Transcript of Customer Value, Satisfaction and Loyalty
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CUSTOMER VALUE, SATISFACTION AND LOYALTYMarketing Concepts as Applied to Petron Corporation
Joanna B. MordenAteneo Graduate School of BusinessMay 10, 2013
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Six Key Concepts
• Customer Perceived Value• Measuring Satisfaction•Quality• 150-20 Rule• Customer Relationship Management• CRM Strategies
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Concept 1: Customer Perceived Value
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Customer Perceived Value for a MotoristTotal Customer Value Total Customer Cost
Product Value• High quality fuel and additives
Monetary Cost• higher octane number = better engine performance = more expensive
Services Value• efficient service• Additional services
Time Cost• longer service time / stay at the station
BENEFITS – COST = CUSTOMER PERCEIVED VALUE
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Concept 2: Measuring Satisfaction
Periodic Survey
Customer Loss Rate
Mystery Shopper
Monitor Competition
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Methods Employed by Petron
Monitor Competition• depot / SS constructions• rollbacks and price hikes• current promos
Mystery Shopper• participant
employees are assigned SS to conduct survey at
Customer Loss Rate• Industrial Accounts
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Concept 3: Quality
Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
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Fuel Quality. Fuel Success.
QUALITY MANAGEMENT
SYSTEMS
RESEARCH AND TESTING
CENTER
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Concept 4: 150-20 Rule
The 150-20 Rule : The most profitable 20% of customers may contribute 150% of profitability.
TOP 20%
150% OF PROFITABILITY
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Sales per Customer Group – March 2013
GasulIndustrialLubeReseller
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Concept 5: Customer Relationship Management
Framework for CRM
Identify prospects and customers
Differentiate customers by needs and value to the
company
Interact to improve knowledge
Customize for each customer
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Concept 5: Customer Relationship Management
Framework for CRM
Identify prospects and customers
Differentiate customers by needs and value to the
company
Interact to improve knowledge
Customize for each customer
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Concept 5: Customer Relationship Management
Framework for CRM
Identify prospects and customers
Differentiate customers by needs and value to the
company
Interact to improve knowledge
Customize for each customer
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Concept 5: Customer Relationship Management
Framework for CRM
Identify prospects and customers
Differentiate customers by needs and value to the
company
Interact to improve knowledge
Customize for each customer
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Everyone’s Petron
RESELLER LPG RETAIL
INDUSTRIAL
FLEET LUBES
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Concept 6: CRM Strategies
Reduce the rate of defection
Increase longevity
Enhance “share of wallet”
Terminate low-profit customers
Focus more effort on high-profit customers
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Customer is KING
Promos
Rebates
Discount
Targets
Perks
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Customer is KING
Promos
Rebates
Discount
Targets
Perks
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Customer is KING
Promos
Rebates
Discount
Targets
Perks
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Customer is KING
Promos
Rebates
Discount
Targets
Perks
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Customer is KING
Promos
Rebates
Discount
Targets
Perks
RESELLER: target monthly volume
INDUSTRIAL: discount for larger contract volume
- Longer credit terms
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REMEMBER THIS!
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CUSTOMERSParty that receives or consumes products (goods or services) and has the ability to choose between products and suppliers
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Total Customer Value Benefits that the product provide to the customer
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Total Customer Cost Monetary, time, energy and psychological components of the product/service
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Customer Perceived Value Difference of Total Benefits and Total Costs
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Benefits > CostsDo benefits outweigh the costs?
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Customer Satisfaction - Attained when what the customer holds important are met
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Customer Satisfaction - Can be monitored and evaluated using quantifiable measurement methods
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Customer Satisfaction almost always leads to Customer Loyalty
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Which will eventually translate to Profit
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Total Customer Cost
Total Customer Benefit
Customer Perceived Value
Benefits > Cost Customer Satisfaction
Customer Satisfaction
Customer Loyalty
Profits