In customer-centric marketing, customers tell companies what to produce.
When customer-centric marketing is adopted, profitability and market share have a very strong relationship. So, the higher the market share, the higher the profitability. Customer lifetime value is the total amount of net income that can be generated from one customer, over their lifetime. The factors that contribute to customer lifetime value are: Customer's lifetime.
The average revenue per year., Additional sales and services adopted by the customer. Referrals generated from a customer.
Benefits of Customer Loyalty and Branding
One of the significant drivers of longtime customer relationships is customer loyalty. This loyalty can be divided into two groups: Attitudinal Loyalty and Behavioural Loyalty. The three types of Behavioural Loyalty are:
1. Repeat purchase
3. Positive word of mouth.
The three essences of branding are: To help the customers remember a particular product or solution, To reduces the information search cost for the customers., To reduce customers' risk perception.
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