Market Research Defines Customer Value
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Each customer value model is product/market specific, because each market or market segment defines value differently for each product line under consideration. The customer value model below was based on perspectives from the box manufacturing market regarding print equipment suppliers.
Each value model has a predictive component and a managerial component. The predictive component tells you how the interaction of the value drivers predicts market perspectives on value and on customer loyalty. The managerial component consists of the Quality Drivers to the left of the model, each of which is comprised of multiple individual performance criteria, or questionnaire items. These are the attributes that will provide the actionability for a Competitive Market Strategy.
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Customer Value Models are based on customer ratings of supplier performance across a broad spectrum of performance criteria. The performance criteria are acquired from customers themselves, through qualitative research, and are grouped into quality drivers on the basis of a statistical analysis. The “weights” attributed to the quality and value drivers are also empirically derived, and reflect the relative importance of each driver.
Customer Value Model
Print Equipment/Box Makers
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This is the PREDICTIVE part of the value model. This tells you which value driver, Quality (CQI) Image, or Price, best predicts value, and what the relative predictive power is. This part of the customer value model describes the trade-offs among Quality, Image, and Price, and also tells you the extent to which value predicts loyalty.
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| This is the MANAGERIAL part of the model. this tells you which Quality (CQI) components are having the greatest impact on customer perceptions of value, and what their relative impact is |
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