Identify and Maximize Your Competitive Advantages
Measuring customer value goes beyond traditional customer satisfaction measurement. It provides strategic information about your firm’s perceived value versus that of your competitors.
Customer Value Analysis identifies key areas of competitive advantage, allowing for focused action plans. Customers and prospects measure your perceived value versus your competition (based upon their experiences with both).
Typical question areas for a Customer Value Analysis study begins with questions from a customer satisfaction study:
- How long have you been a customer of….? (duration of experience)
- How would you rate your satisfaction with….? (satisfaction)
But, Customer Value Analysis also includes questions such as:
- What are the key factors in determining satisfaction?
- What is the relative importance of each factor?
- How do customers rate our performance on these factors?
- How do customers rate our competitors’ performance on these factors?
- What are the prices charged to each of these companies for products/services?
Review Gelb’s application of Customer Value Analysis in this article: Customer Value Analysis: How Customers Make Purchase Decisions
