How does customer value management relate to customer loyalty, customer satisfaction, customer relationship management, and similar terms?
I believe that in the most successful companies all of these concepts are integrated and together enable the company to deliver value to customers, shareholders and employees. Companies must look at the “big picture” of how all of these things fit together. One thing I’ve noticed, though, is that as you’re navigating your way through all of these labels and acronyms like CRM or CVM, you can’t assume that everyone is using them in the same way. I was reading something on the web the other day by an author who was using the term “customer value management” to mean understanding the lifetime value of your customers and how to capture that lifetime value. He was looking through the lens of the value delivered by the customer to the business. I look at it the other way around. The way I define customer value management is clearly understanding what creates value for customers in the market (your customers and potential customers) and learning what you have to do with your products, services
