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Customer Value Management Becoming Key Differentiator for Enterprises
Sharing and managing customer value metrics is becoming increasingly important for enterprises, according to a new report from IDC (News - Alert) Spotlight available through DecisionLink, a provider of SaaS-based customer value management (CVM) solutions.
Organizations that wish to drive revenue and realize lower cost margins must view customer value as a strategic asset that should be managed accordingly. As B2B environments become increasingly complex and competitive, customers are more focused on solutions they have invested in and how they will impact business outcomes. Instituting a program of continuous management, ongoing communication and engagement and proactive management of customer value provides assurance and transparency to both customers and businesses alike, throughout the lifetime of the customer relationship.
“A strong foundation for managing and sharing customer value really helps enterprise teams achieve the best business outcome,” said Tim Page, CEO of DecisionLink. “Customer value management really is the best way to measure the lifetime value for both sides of a commercial relationship.”
The IDC report, "Value Management: The Foundation of Outcome-Based Customer Relationships," highlights the importance of communicating economic values and how that has become a top differentiator for organizations selling to their customers. The report also explains the nuances of CVM and how it differs from CRM, as well as which departments will benefit from this type of program across the enterprise.
Other key points in the report include an overview of the challenges of value-based selling strategies and how organizations may overcome them. It also highlights the benefits of implementing a value management platform and examines the trends most B2B organizations are grappling with today and how CVM may benefit them.
“Today competition is fiercer than ever and the CFOs are tightening company spending such that customer value management plays an increasingly important role in decision making,” said Gerry Murray, research director for IDC. “When mutually agreed upon quantitative and qualitative customer value metrics are transparently shared and carefully managed, the partnership between the vendor and customer are shown to grow and strengthen over the lifetime of the relationship.”
Edited by Erik Linask