Automating your Customer Value Management

With the emergence of global competitive markets has come to an emphasis on providing value to customers. Customer value management, in its broadest sense, is becoming a part of the vision statement of many organizations. No longer is it adequate for firms to focus on just products or services. But managers must attend to all forms of customer contact as varied as on-time delivery to accurate billing. Obviously, the marketing function must play a key role in helping a firm understand its customers. It's their job to translate their needs into action-oriented information to all business functions.

Customer value management and product development

It is clear that customer value management is a critical starting point for any marketing effort of any firm. Additionally, a firm's effective use of data mining technology is advantageous. CVM enables them to have a more thorough understanding of the value that customers place on products and services. Corporate researchers note that managing customer value is a must in an organization. Profitable companies are being managed for the competitive provision of value for customers. Thus, managers agree that an effective customer information system is critical. It is most necessary in designing a product or service concept that would deliver the expected customer value.

Management could perceive market needs and customer expectations inaccurately or make poor use of information in defining the service concept. How good is the information on the customer? Or how complete is it? And how well has the information been analyzed, interpreted, and assessed by the product designers? Information regarding the market needs to be disseminated and shared among individuals who are responsible for the service design. They should measure if data is current and if the indication of how these expectations are likely to change. Hence, corresponding changes in product design should be prompt and responsive.

Customer Needs and Expectations

Linking the product or service concept to the customer is dependent on how data has been obtained on customer expectations. Also, it's important to determine how well they have been utilized in the product or service concept. At the same time, the value and validity of the information for product or service design depends on customer expectations. Through automated data mining these are obtained and used in developing the product concept. To assure success, the marketing function must personally engage in improving strategic systems to enhance their competitiveness in customer value. Overemphasis on short-term efficiency and productivity can torpedo improvement initiatives. Managers cannot just watch the bottom line. Neither can managers delegate responsibility for competitive improvement by initiating programs and projects and retreating from involvement. Plant and corporate managers must personally engage in improving all the systems that impact and determine strategic outcomes.

As companies explore new ways to manage, emphasizing a long-run commitment to being customer-driven is a must. As a result, marketing strategies will have to reexamine their role. Further, building on its customer value management expertise for understanding market dynamics is vital. Because of this, marketing must become a partner with other functions in developing an organization-wide approach. When companies do this, they get to manage value-oriented relationships with customers. This role for marketing is likely to be considerably more comprehensive, integrative, and complex than its traditional role.

Automating Data Mining

Many marketers don’t know which channels are generating the most revenue. So they’re qualifying people on soft metrics like opening an email 3 times or five times. Secondly, they’re not following a process or best practices in terms of attribution. With these issues, the leads sales receives can be of low quality, which frustrates them. It hurts the relationship between marketing and sales. At the same time, many marketers aren’t even aware that they can solve these challenges. Especially with proving out ROI.

Lastly, marketing attribution has various touchpoints – like the first touches and the last touches. But with data mining automation software, you can capture all your touchpoints. Its automation technology can capture that data and tie it back to salesforce as well.

So, what’s next?

From creating a satisfying customer experience that results in clicks and purchases to integrations with sales and analytics software, marketing platforms offer a multitude of possibilities. Carefully assessing your company goals and customer needs is crucial.

Suffice it to say, marketers need to evaluate the tools that they are using and how they work with their tech stack. Some tools work better than others. Marketing also needs to get sales stakeholders onboard to get proper access to Sales CRM and also understand the environment.  We suggest looking into Integromat - a platform that’s aligned with your goals then sign up for a plan that suits you best. To learn more about backend automation join our free workshop or consult with our automation expert for free for tailor-fit automation needs.  We’re sure that you can find the perfect marketing platform that will grow your business by leaps and bounds.