Relative Importance of Different Elements of Customer Value
Some elements are more important than others like quality
“…After quality, the critical elements depend on the industry. In food and beverages, sensory appeal, not surprisingly, runs a close second. In consumer banking provides access and heirloom (a good investment for future generations) are the elements that matter; in fact, heirloom is crucial in financial services generally, because of the connection between money and inheritance. The broad appeal of smartphones stems from how they deliver multiple elements, including reduces effort, saves time, connects, integrates, variety, fun/entertainment, provides access, and organizes. Manufacturers of these products—Apple, Samsung, and LG—got some of the highest value ratings across all companies studied…”
Eric Almquist et al, 2016
Which Elements Are Most Important?
What customers value in products varies by industry; here are the top 5 elements influencing loyalty for 10 types of businesses.
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Type of Business |
Elements (5 most important) |
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1. Apparel Retail |
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2. Discount Retail |
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3. Grocery |
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4.Food and Beverages |
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5.Smartphones |
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6.TV Service Providers |
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7.Consumer Banking |
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8. Brokerage |
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9. Auto Insurance |
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10. Credit Cards |
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(source: Eric Almquist et al, 2016)