Abstract
This chapter introduces an approach to measure the value of customer knowledge and lists strategies that can be used to take advantage of the power of customer feedback/suggestions/ideas represented by customer knowledge value (CKV). Here, the monetary value a customer adds to the firm when the company implements feedback, suggestion, or an idea provided by that customer, measures the value of the knowledge gained from customers (CKV). Using this knowledge, this chapter showcases how a customer feedback response strategy can be implemented to maximize and encourage CKV. The chapter will also present some examples of how CKV is used in businesses across various industries and then unravel the link between CKV and the other customer engagement metrics (CLV, CIV, and CRV).
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© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
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Kumar, V. (2024). We Need Your Help!. In: Valuing Customer Engagement. Palgrave Executive Essentials. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-43296-5_9
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DOI: https://doi.org/10.1007/978-3-031-43296-5_9
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Publisher Name: Palgrave Macmillan, Cham
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Online ISBN: 978-3-031-43296-5
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