Introduction
For large international corporations, it is crucial to regularly evaluate, monitor, and increase their value to customers. For NationaliTeas, two customer-focused initiatives can be suggested based on the client’s feedback and the company’s objective to receive B Corp Certification. One suggestion is implementing a tea subscription service to deliver selected teas to subscribers. Another proposed initiative is to organize tea events where clients can taste various teas and learn more about the company’s products. This essay will address added customer value, added business value, potential resources required for each initiative, and monitoring and evaluation processes.
Added Customer Value
It is crucial to identify the added customer value of each initiative to make an informed decision. According to Heinemann (2023), this concept can be described as the client’s worth of a product or service. The added customer value of convenience and customization should be discussed for the tea subscription initiative. For instance, clients can select their favorite teas and preferred delivery frequency and save time and effort as they would not need to shop by themselves.
The subscription can be customized to meet customers’ unique needs and preferences and offer discounts. In turn, the tea events initiative would provide value by creating exclusive opportunities for clients to sample teas with different flavors and brewing methods. Becker and Jaakkola (2020) note customer engagement is crucial for targeting a broader audience and improving loyalty. Furthermore, tea events could include lectures from experts in the field, making them educational and increasing customer value.
Added Business Value
Another crucial aspect to consider is the added business value of the proposals. As per Heinemann (2023), companies need to maintain the quality of their products and ensure the efficiency of their processes. In this regard, the tea subscription initiative creates added business value by generating revenue. Moreover, it allows for optimal resource allocation and predictable earnings due to the customized processes.
Finally, the NationaliTeas subscription proposal promotes stronger brand loyalty due to repeated purchases and customization, leading to more sales. Tea events can add business value by positioning the company as a knowledgeable and authoritative expert in the field (Becker & Jaakkola, 2020). Such aspects would create revenue, attract loyal clients, and improve NationaliTeas’ brand image. Overall, customer-centric initiatives are essential for successful marketing and added business value.
Potential Resources
Various resources would be required to implement and maintain the two initiatives. In particular, $ funding is needed for the tea subscription service, which is $100,000. This sum would be used to launch and sustain it by developing a relevant website, initiating a marketing campaign, and managing clients’ subscriptions (Heinemann, 2023).
Besides, the available materials would be the tea available for the service, while the allocated employees would include web developers, sales professionals, marketing specialists, and customer support. Their time would be assigned to meet clients’ needs depending on the service’s demand. The required resources for the tea event initiative would involve funding for $200,000 to cover planning, tea experts’ invitations, and samples (Heinemann, 2023). Marketing specialists, planners, and promoters will be needed, and time allocation must be by the set event date.
Monitoring and Evaluation
Monitoring and evaluating the initiatives is crucial for their success. To do so, the tea subscription service would implement a key performance indicators (KPIs) system, including the number of subscribers and revenue growth. Besides, it is essential to obtain customer feedback through interviews or questionnaires (Becker & Jaakkola, 2020). These criteria will be evaluated based on cost-effectiveness and customer satisfaction. There will be a similar approach for the tea-tasting events involving ticket sales and clients’ feedback collected after the occasion. These criteria will be evaluated based on customer loyalty and revenue growth. Efficiency is crucial to making informed decisions regarding the feasibility of the initiatives and implementing measures to improve them over time.
Conclusion
To conclude, NationaliTeas can select one of the proposed customer-focused initiatives to benefit the clients and the company. The tea subscription program can provide added customer and business value due to its convenience and the ability to customize the service to every client’s taste. The tea event initiative offers a unique and engaging experience that would improve the brand image and attract new clients. It is crucial to allocate resources wisely and monitor the success of the implemented program.
References
Becker, L., & Jaakkola, E. (2020). Customer experience: Fundamental premises and implications for research. Journal of the Academy of Marketing Science, 48, 630-648. Web.
Heinemann, G. (2023). The New Online Trade: Business Models, Business Systems and Benchmarks in E-commerce. Springer Fachmedien Wiesbaden.