Customer Based Brand Equity
April 3, 2025
Imagine walking in aisle of a typical super market (Shaw’s, Costco etc) to purchase salt, there are many offerings but choice is “Morton”. It is a simple example but a great situation to understand brand and brand equity. Companies already know that identity of product created over period of time through strategic marketing is brand,…
If in an organization, many customers diverge their way to other organizations and customer acquisition program shows less aggressiveness then the organization faces terrible cash flow problems. This is the time when tracking the number of customers in each stage of customer life cycle becomes essential. This helps the organization to determine the purchasing power…
Most of the organizations have murkiness in considering customer loyalty and satisfaction. They feel that both are same and a satisfied customer is always loyal to them. But this is not true as the customer can be delightfully satisfied but he may be or may not be loyal. This is because satisfaction an emotional and…
For a positive growth of business all customers have to depend, directly or indirectly, on good and reliable suppliers.
Apart from their expectations from the supplier the customers also need to be loyal to them so as to strengthen their relationship. Therefore customers should work on building a strong and long-lasting supplier relationship as they do with their own customers. And it is not a complicated process.
The positive customer-supplier relationship begins with the initiative of the supplier to demonstrate his sensitivity to the customer’s needs.
A customer always vouches for the conditions of his business deal with the supplier and likes to be honest with them to have a smooth flow of business. But many non-serious suppliers sabotage the deal in the beginning only by making the customer struggle to even getting a relationship started.
The lapses and diversions on the part of the suppliers can affect their relationship in many ways as given below:
On the other hand suppliers also have a right to get their needs met as they are ultimately motivated by profit. They want to be known as the best in their deals so they count on customer loyalty and satisfaction at all levels which translate into direct benefit of both of them. Therefore it is only win-win relationships between them in all stages of the customer-supplier chain to produce total satisfaction. It should be remembered that a customer assumes his name only in relation to his supplier. As such in order to be a valued customer to suppliers, here are a few things he should do:
Any problems arising in this regard should be properly dealt with to maintain the goodwill and benefits to earn.
Unreasonable demands should be avoided. This tendency also connects to quality production.
Methods of improving business may also be discussed. Sharing of knowledge, opportunities, service benefits, software compatibility etc. would be beneficial for both.
Frequent and open communications are important in understanding each other’s expectations. All relationships begin with self.
Sharing knowledge, service benefits, media exposure opportunities, software compatibility, efficiencies etc. would add to enhance relationship.
These essential factors are important for the customers to create and maintain a healthy relationship with the suppliers.
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