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Can unimpeachable customer service be related to price rise?

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Customer service is an accouterment of service to customers during, before and after their purchase. Good customer service is important for healthy business. Its importance may vary by product to service, industry and customer.

There are several reviews on how important caring of customer is, followed by some good and bad experiences of purchasing. Therefore it is satisfying to know that the type of service delivered is in minds of several people and is an important part of business these days.

Different techniques can be employed for good customer service like the company can offer promotions and slash prizes to bring in as many customers as wanted. Thus a customer will have a positive feedback on the business and he may then pass this positive response among his friends and relatives who may then try the product or service themselves and would become a regular customer. Thereby the company can introduce hike in the price of its products after seeing a good response from their customers due to their impeccable customer service.

But the question that arises here is that whether great service can attract the customers to accept hike in the price? To understand it in a better way one needs to first go through the tools to measure value before heading  to a conclusion of impact of customer service.

METHODS TO MEASURE THE VALUE

Generally two value based pricing tools are used to measure price sensitivity and relative preference. Both work through a survey by asking a series of standardized questions to present and prospective customers that are developed from economic and statistical mode. The report is then masticated through an algorithm and finally the result is obtained. Basically the base of these tools is of getting an idea of what a customer’s mind think about a value. The basic idea lies not on asking a straight question on how much they are willing to pay for something but rather asking a series or range of questions like in what way they think that the product is too expensive or in what way the product is cheap and so on.

WAYS BY WHICH PRICES CAN BE INCREASED

  1. Prices should be reviewed and refined periodically.
  2. An upgraded version of products should be sold out.
  3. Value added service should be offered.
  4. Customers should be segmented.

Thus one should adopt pricing management techniques so that they can accomplish both satisfaction of customers and an increase in their profits. Thus through this customer service quality is also maintained.

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