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VK describes how to do just that with clear, authoritative logic. A must read for executives facing dynamic marketplaces, fast-moving competitors, and the realities of a digital communications and commu- nities. The five metrics will become classic tools of future executives and students of management. With Profitable Customer Engagement, VK has presented an invaluable construct to the increasingly complicated, but never more important role of CRM to organizations of all stripes. He has done a remarkable job of explicating the distinct components of customer engagement, while pre- senting a set of analytical tools that bring each into clear focus for action- able, marketing programs that will optimize customer lifetime value.
VK describes how to do just that with clear, authoritative logic. A must read for executives facing dynamic marketplaces, fast-moving competitors, and the realities of a digital communications and commu- nities. The five metrics will become classic tools of future executives and students of management. With Profitable Customer Engagement, VK has presented an invaluable construct to the increasingly complicated, but never more important role of CRM to organizations of all stripes.
He has done a remarkable job of explicating the distinct components of customer engagement, while pre- senting a set of analytical tools that bring each into clear focus for action- able, marketing programs that will optimize customer lifetime value. In this landmark book, VK raises our understanding to the next level, with a rigorous approach to man- aging each facet of engagement.
VK provides the frameworks and metrics for firms to be successful in customer engagement. He provides compelling examples to illustrate substantial gains in profits from successful implementation. Whether you are building a brand, maintaining your brand, or managing for profitability, this book provides you with the tools that you need.
Based on years of research, Dr V. Kumar VK details the processes a firm can follow to become profitable using an innovative and impressive set of metrics. Further- more, VK demonstrates the value of implementing these metrics. This is the ONLY book in the market that can provide valuable information for every firm regardless of industry. As such, this book is unparalleled. Instead, VK shows that there is more than one way for a firm to profitably engage with its customers. Each way is carefully defined, measured, managed, and shown as a blueprint that managers can follow to achieve sustainable profits.
Moreover, this book is loaded with case studies and implementation stories. As a result, VK offers convincing evidence that this is no magic bullet—it is a tried and true guide to long-term business success. They need to deepen their engagement with their customers and have ways to measure the engagement level of their individual customers.
VK has done the best theoretical and empirical work that I know in this field. Kumar has once again identified a timely and critical way to maintain a competitive advantage and drive continued profitability at a time when many companies are focusing on cost-cutting strategies rather than their customer base. This book shows in a clear and straightforward manner multiple ways a company can identify profitable customers and more important, keep those customers loyal and profitable to your brand by engaging them in a manner that in some ways makes them co-producers of what they are purchasing.
Driv- en by metrics developed through rigorous research involving both large and small companies, Dr Kumar suggests a number of new engagement strategies that are certain to lead to guaranteed profits.
These strategies are described in a clear manner and illustrated by various real-world case studies. This book is a must read for both C-level executives and customer-facing employees. Leone, J. Vaughn and Evelyne H. Wilson Chair and Professor of Marketing, M.
Kumar shows in this important new book, customer engagement optimization goes far beyond the direct, economic profitability of individual customers. Customers provide positive or negative profit con- tributions through their social networks, their referrals, and their knowledge or knowhow. Drawing on decades of research, VK provides the conceptual framework, the measurement processes and the marketing strategies firms need to optimize the customer engagement process.
This book provides a blueprint for increased profitability through improved customer engagement and is destined to become a classic. It is very comprehensive, highly readable, and simply engrossing. It is also concep- tually rich, scientifically rigorous, and managerially relevant.
Sheth, Charles H. In this book, internationally renowned Professor V. Kumar develops a highly useful and innovative 5-component model for how companies can design and implement such engagement strategies profitably. All rights reserved. No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage or retrieval system, without permission in writing from the publisher.
Kumar, V. Customer relations—Management. Branding Marketing. This change is not always the easiest but some people show their undying support and relentless motivation to make you believe that you can create this change.
For providing unconditional support of our efforts at the J. If you have any comment, observation or feedback, I would like to personally hear from you.
Please write to me at contactceo sagepub. We also make available special imprints and excerpts from our books on demand. For orders and enquiries, write to us at. Write today to marketing sagepub. This book is also available as an e-book. Patrick Bewley xix Preface xxi Acknowledgments xxiii. Customer Influence Value: Really! Where Did You Hear That? M any companies spend millions of dollars in an effort to attract cus- tomers, as no business can survive without customers. But, to at- tract customers and not keep them is an absolute road to failure.
The key to any successful business is customer retention. BASES, a marketing research firm that has a long history of new product testing, discovered years ago that repeat purchase was the number one metric indicative of success.
Yet, the majority of marketing spending remains focused on customer acquisition. Kumar VK has spent a rich career focused on understanding prof- itable customer engagement.
He has led a stream of research all around un- derstanding the mechanisms that drives customer engagement that leads to having a profitable customer base. He shares his years of research and working with companies with us in this powerful book, Profitable Customer Engage- ment. This requires not simply looking at who has been profitable for the firm, but those, if handled correctly, have the potential to become profit- able customers.
But, his latest insights are in understanding the greater value of customers beyond their purchases—how they influence oth- ers to engage with our products and services as well.
He also shows us to realize some customers bring additional value by the feedback they provide allowing us to improve our offerings, not just for that customer, but for numerous others. These principal components of customer engagement are not merely con- cepts, but can be measured and tracked.
The book has separate chapters on each of these pillars and details how to measure and use these concepts to enhance overall profitability. This is very well illustrated with a rich set of examples. Kumar then illuminates for us how each of these measures directly contributes to profitability and return on investment ROI.
One of the key components of the book is how each of these measures is on an individual level. With the emergence of BIG DATA we now have the opportunity to start tracking which of our customers are offering what value and how this can be enhanced by focusing on the key component of customer engagement. Some customers may not be profitable today, but with the right stimulus directed to the critical component, their value can be increased. The roadmap to doing this is extremely clear throughout the book.
Kumar has based his work on rigorous research, but the book is not only based on these findings, but riddled with scores of engaging examples that we can all identify. You cannot read this book without coming away with a deep understanding of how to engage your customers. I have seen the transfor- mation of the marketing discipline within organizations. Simply put, market- ing organizations have become scientific.
This paradigm shift of marketing from art form to a science has many parallels to the changes that the manu- facturing disciplines within businesses went through in the s. From the early days of e-commerce, marketers wit- nessed an emergence of anonymous click-stream data about user behaviors which gave them insights in minutes that historically took months to gener- ate.
We marketers were greatly unprepared to assemble or understand these data streams about customers. Anytime humans have experienced this type of renaissance of information, it takes the work of pioneering individuals to show us the way forward. In the same way that physicists gave us explanations to gravitational, electromag- netic, and nuclear forces, Dr Kumar has given us fundamental explanations of the marketing discipline.
In typical fashion, VK has returned tour de force to provide us marketing practitioners our equivalent of Grand Unified Theory. This provides a holistic framework that can be applied at the center of your marketing strategy. The foundations established by his work in Managing Customers for Profits gave us practitioners the tools required to put Customer Lifetime Val- ue at the center of our marketing strategy. In this book, Dr Kumar takes his work in Customer Lifetime Value to the next level, giving us even greater accuracy and predictive power.
VK then expanded on this substratum with his more recent scientific works, allowing us to understand and accurately measure the new phenomenon of influencers and referrals in a way that links to the bottom line. The addition of customer influence value and the significant evolution of customer referral value pro- vide us with the mechanics to accurately quantify our social media efforts.
With customer knowledge value being added to the framework, we can now understand how to link voice of the customer initiatives to the critical research phase of product development. As consumer demands of products and services rapidly increase, the expectation for turn times and new releases rapidly decreases. The ability to link investments in this area to a more ho- listic customer engagement strategy has been tremendously important in my work implementing marketing strategies. Congratulations and keep up the je ne sais quoi VK!
There is a constant pressure to make the bottom line grow. How to make the profits from your loyal customer base sustainable? A recent phenomenon that has caught the attention of many business executives and thought leaders is along the lines of how to engage the customer base more proactively. This proac- tive customer engagement has become imperative and crucial for sustaining profitable businesses.
Social media channels are proliferating and customers participate in these channels voluntarily. Further, customers have become more informed about their needs and wants and are willing to articulate their exact needs to the firms.
Thus, with so many ways to get the customer base engaged with the firm, the question that needs to be answered is: How can a company make all forms of customer engagement profitable? Is there a way to monetize customer engagement?
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Profitable Customer Engagement: Concept, Metrics, and Strategies, V. Kumar. Sage Response books, New Delhi (), p. xxii + , Rs
Online customer engagement is qualitatively different from offline engagement as the nature of the customer's interactions with a brand, company and other customers differ on the internet. Discussion forums or blogs , for example, are spaces where people can communicate and socialise in ways that cannot be replicated by any offline interactive medium. Online customer engagement is a social phenomenon that became mainstream with the wide adoption of the internet in the late s, which has expanded the technical developments in broadband speed, connectivity and social media. These factors enable customer behaviour to regularly engage in online communities revolving, directly or indirectly, around product categories and other consumption topics.
Nothing predicts organic growth like customer engagement. Aggressive advertising campaigns, mega sales promotions, promises of low prices, and reward programs may get customers through the door -- but they don't create the types of emotional connections that drive long-term profits and loyalty. If your customers aren't "true believers," your company risks surviving based on a price relationship alone -- and will never prosper.
Kumar Dr V. Instructor s Presentation Slides 2. How can we retain more customers?
About the Book. How important is customer engagement for your organization? Many marketing professionals believe that driving deeper engagement across the ecosystems —customers, channel partners, direct sales and employees- is the key to achieving and even accelerating customer acquisition and retention. This point of view has established engagement as a key Marketing performance indicator. However, measuring engagement is difficult for several reasons.
When the Gallup Organization applied Six Sigma principles to sales and service groups at several companies, it learned how much performance variation exists between seemingly similar work groups. Managing that variability can raise overall performance by orders of magnitude and can create organic growth. Companies routinely assess the quality of manufacturing processes. Each employee-customer encounter—every sale, every call-center conversation—creates or erodes value for a company.
This paper aims to review the existing literature about consumer engagement, provide an accurate mapping of this research field, propose a consumer engagement typology and a conceptual framework and offer a research agenda for this domain.Reply
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