Incremental customer value
Understanding the concept of incremental customer value is one that businesses are finding to be more and more crucial. The added value that a customer provides to a company after the initial transaction is the main emphasis of this concept. Retailers can decide on price methods that will help them optimize revenue while maintaining customer value by knowing the incremental customer value.Determining which goods or services clients’ value most is the first step towards comprehending increased customer value. Depending on the customer's willingness to pay and the amount of value they receive from the good or service, these "key value items" may have varying prices. Customers shopping for a simple smartphone, for instance, might be willing to pay less than those looking for a luxury smartphone with extra capabilities.