Customer value refers to the benefits and costs (both monetary and non-monetary) perceived by customers in a product or service. Customer satisfaction, however, is the emotional response or feeling of pleasure resulting from this value.
The assessment of customer value is often based on the quality, features, and price of the product or service. In contrast, customer satisfaction is gauged by how well these aspects meet or exceed customer expectations.
Customer value is a key determinant in the purchasing decision and can be a competitive differentiator. Customer satisfaction, on the other hand, influences customer loyalty and word-of-mouth marketing.
Companies strive to increase customer value by enhancing product features or service quality. For customer satisfaction, the focus is on delivering a superior customer experience and addressing grievances effectively.
Customer value is more quantifiable, often measured through market research. Customer satisfaction, conversely, is more qualitative, frequently assessed through surveys and feedback.
