Liberty University| BUSI 332 – Consumer Behavior | Liberty University
Phillips says that Evo’s heart and soul is its unmatched customer service. Evo connects customers to experts from the sport industry, who provide valuable guidance and advice on purchases. It also offers a personal shopping experience. Evo offers a variety of brands and products at affordable prices. Customers can also access all items via social media such as Instagram or Facebook.
One significant competitive advantage for Evo is that they are able to capitalize on consumer value framework (CVF) theory by offering highly customized services tailored specifically to each consumer’s needs. It allows them to offer personalized advice and information based upon consumer needs. Additionally, they can also provide exclusive discounts or loyalty programs that help build customer relationships and encourage repeat purchase throughout the customer lifetime.
The customer lifetime value (CLV), which focuses on enhancing long-term business success, identifies how each individual or segment of a target market spends over time and helps to determine the total cost. CLV includes factors like expected revenue and total costs. It provides insight into the return on investments or deals made based on current consumer buying behavior. Evo, for example, can analyze data from checkouts using digital receipts and membership cards at brick-and mortar stores. This information is combined with previous buying patterns in CRM software programs to create expectation models that predict future profits. It also takes promotional strategies into account when creating marketing campaigns which are capable of engaging current customers while also acquiring new customers.
Using CLV enables businesses leaders such marketers “knowing condition flocks” give careful attention herds” because analysis provides clear view path purchase.