While the terms price and value are many times used interchangeably, they are not the same. Recently, we asked the question, “what should you know about your customers?” We shared that hyper-personalization designed by using a combination of historic and real-time data helps you provide better-personalized recommendations with higher conversion rates. This provides your customers with added-value and leverages the fundamental ideas of Customer Value Models (CVM).
Understanding value versus price.
Imagine traveling across the country to give a live seminar to a large group of people after spending two months developing your presentation. If your $1,000 laptop housed your presentation, and was lost at the airport – how much would it cost to replace?
Who cares, right? You can replace the laptop with a new one, but not the value of having your presentation when you need it most. The event could be canceled, and all the related revenue might be lost. It’s possible that the venue would blacklist your company from having future events at their location. The replacement cost of your laptop has nothing to do with its value in this scenario. Customer Value is defined as Value = Benefits – Price.
Using CVM to accelerate success.
Companies can use CVM in a variety of ways. However, it does not replace predictive and prescriptive analytics nor hyper-personalization. Rather, it supplements these tactics. This is where success acceleration really happens. It’s important to consider that customers have price caps – a limit on the total price they are able or willing to pay, despite total value. Here are two ways that businesses are effectively using CVM to accelerate success.
- Improved Development. Through CVM, businesses are able to better determine which potential new products and services provide the most value to their customers. When we focus on benefits, rather than features and functions, value increases. This allows a business to raise prices to increase revenue or maintain price with higher value to increase customer loyalty. Both approaches can be used.
- Sales Growth. Two ways to grow sales is through motivation and validation. Motivation turns leads into customers. Give them a reason to do business with you by giving them the (value) offer-they-can’t-refuse. Use validation to build loyalty within your current customer base. When you validate your customer’s decision to do business with you by showing that your value is more than your price, your business will grow. You’ll see an increase in lifetime customer value, average-order-value, and improve overall customer experience.
Know more visit here: https://www.groupfio.com/customer-value-models-accelerate-ongoing-success/
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Did you notice the surge in communication with AI-Based Technology?
In fact, it is estimated by Gartner that 15% of all customer service interactions by 2021 will be handled with the help of artificial intelligence (AI).Can you believe that around 10 to 15 years ago, there was no Siri or Alexa, people hardly knew about voice assistants or virtual assistants?
Chatbots were very rare sights and computers that held smart and intelligent conversations were only seen and read about in fiction stories and movies.
As we have recently entered a new decade with AI at the heart of technological innovation, it’s no surprise that businesses are willing to adopt Conversational AI platforms to maximize their business efficiency and deliver a better customer experience.Conversational AI empowers businesses to employ chatbots, virtual assistants, or messaging applications to develop highly engaging and valuable relationships with customers.
So, let’s dive in to know why Conversational AI is the future of 2021.Conversational AI Chatbots In an era of increasing connectivity through digital experiences, no company can afford to underplay how essential effective customer service is in boosting customer engagement and fostering brand loyalty.Although rule-based chatbots have been traditionally utilized as digital support to customers for many years, businesses are quickly upgrading to Conversational AI chatbots to revolutionize customer experiences.
As the name suggests, they utilize a series of predefined rules installed by human agents to interact with customers.
