Approaches to the Measurement and Management of Customer Value

SUMMARY

Determining and managing customer lifetime value is one of the most important strategic objectives of companies today. This paper critically examines some of the most popular approaches traditionally used to measure the value of customers in a company's portfolio. The methods reviewed include RFM and total revenue approaches to differentiating the value of customers. Although these methods have relative advantages, they have serious drawbacks that limit the ability of managers to accurately assess customer value. An alternative model for the measurement and management of customer value is proposed.     

Customer Lifetime Value and Firm Valuation

SUMMARY

Unlike most marketing metrics, CLV provides information which is directly relevant to marketing decision makers, non-marketing executives such as CFOs, and financial analysts. This paper highlights why and how CLV is financially relevant. It explicitly compares CLV-based valuation with four finance-oriented methods (DCF, P/E ratio, customer counting, and extrapolation). We also discuss implications for marketing managers, financial executives as well as educators.     

Customer Divestment

SUMMARY

Customer lifetime value (CLV) models are designed to identify high-value customers to be retained. By implication, the remaining customers must be divested. This aspect of CLV management, customer divestment, has not been addressed in research. In this paper we describe the process of customer divestment, report a framework enabling firms to implement customer divestment (Mittal, Sarkees, and Murshed, 2006), and identify key issues associated with the customer divestment process. In doing so, we formulate some key research questions and an agenda for future research.     

基于AHP的航空货运客户价值细分方法研究

在资源有限的条件下,企业必须将资源投放到那些有利可图的客户上,因此有必要进行客户细分,对于处在激烈竞争环境中的航空货运尤其如此。本文借鉴客户价值细分理论,以客户的当前价值和增值价值为细分依据,提出基于层次分析法的航空货运客户价值细分方法。     

基于顾客资产管理的顾客细分及驱动因素研究

基于Rust的顾客资产概念模型和营销回报模型,本文利用国内三家经济型酒店的顾客资产数据进行竞争力分析,并基于顾客盈利能力的不同,对三家经济型酒店进行了顾客细分,分析了顾客资产的子驱动要素对不同层级顾客的影响,结果表明不同盈利能力的顾客最关注的驱动因素不尽相同,关系资产是经济型酒店行业中盈利能力最强的顾客群体所关注的焦点。     

客户关系管理中基于数据挖掘的客户细分研究

客户关系管理(CRM)是适应企业“以产品为中心”到“以客户为中心”的经营模式的战略转移和关系营销的需要而发展起来的新的管理理念,它把在保证企业利益的前提下追求客户满意和客户忠诚作为最终目标。客户细分是客户关系管理系统的核心功能之一,可以对客户获取、客户保持及客户增值等客户关系管理过程提供全面支持,提升客户满意和客户忠诚。     

Customer Valuation as a Driver of Relationship Dissolution Sabrina Helm Heinrich-Heine-Universitaet,Germany

Abstract

As all customers are not created equal (Hallberg & Ogilvy, 1995), the different contributions of customers to a supplier's goals have to be evaluated to grant efficient relationship marketing. Furthermore, a handling system has to be developed for unprofitable customer relationships. This is a hitherto neglected field, as marketing researchers and practitioners are generally rather interested in attaining and keeping customers, not in the ending of relationships. The article aims at integrating the concepts of customer equity and profitability with approaches of relationship dissolution, which have recently emerged in the literature. Different aspects of calculating the value of customer relationships and value-based criteria that focus on monetary and non-monetary components of a customer's value are discussed. In an exploratory study undertaken in the German mechanical engineering industry, the relevance of customer valuation to dissolution decisions is analyzed.     

顾客终生价值在CRM绩效管理中的作用

从顾客终生价值 (CustomerLifetimeValue ,CLV)的定义、计算公式和测量步骤 ,可以看出CRM绩效管理的核心目标是使企业的顾客群的顾客终生价值最大化。同时 ,任何企业中都存在顾客价值创造的五个杠杆 ,但是对于不同的细分市场 ,为了使潜在的价值创造最大化 ,应该不同地混合使用这五个杠杆。     

Customer Selection and Prioritization

Abstract

That a firm benefits most when customers stick around for the long haul is a central premise of relationship marketing. This conviction has manifested itself over the past decade in the form of numerous formal loyalty programs that aim to seek and foster customer relationships. Scant evidence for the success of such programs has accrued since. This has lead firms to re-evaluate their investments in customer relationship management. Optimal resource allocation models address issues of relative investments in customer acquisition versus retention, and on managing relationships with profitable customers so that the value of a firm's customer base is maximized.     

物流视角下的客户价值研究

识别高价值客户,通过有效的途径延长客户的生命周期是客户价值最大化的需求。本文提出整合正向、逆向物流视角下的客户关系创新物流活动。企业可以做到客户寿命周期的延长,并增加客户价值,有助于企业正确有效的开展客户关系活动。     

Customer equity management as formative second-order construct

Despite intensive discussions about customer equity, little research addresses how to manage customer equity from a firm's perspective. Recent literature proposes various concepts of customer equity management but does not feature an empirical study that identifies and quantifies activities that aim explicitly to maximize customer equity. In the current study, the authors develop a formative measurement instrument for customer equity management as a second-order construct that indicates how intensively firms orient their customer management toward customer value and equity. The study presents a complete process for conceptualizing and operationalizing a formative second-order construct, including a thorough literature review, intensive qualitative research, and a quantitative study with 92 customer equity managers. On the basis of this process, the authors model customer equity management as a function of three formative dimensions - customer equity analysis, customer equity strategy, and customer equity actions - measured by several formative indicators. The resulting formative operationalization satisfies the criteria for evaluating formative indexes.     

Choosing the Right Metrics to Maximize Profitability and Shareholder Value

There is an ever-present need for managers to justify marketing expenditures to the firm. This can only be done when we can establish a direct link between marketing metrics and future customer value and firm performance. In this article, we assess the marketing literature with regard to marketing metrics. Subsequently, we develop a framework that identifies key metrics that firms should focus on that can give a firm a better picture of how they got to where they are now and insights towards how they can continue to grow into the future. We then identify several organizational challenges that need to be addressed in order for firms to build the capabilities of collecting the right data, measuring the right metrics, and linking those metrics to customer value and firm performance. Finally, we offer guidelines for future research with regard to marketing metrics to help firms establish successful marketing strategies, measure marketing effectiveness, and justify marketing expenditures to top management.     

顾客价值导向的品牌权益模型及实证分析

以结构方程模型路径分析方法为基础,对顾客价值与品牌权益之间的关系进行实证研究。通过前期对手机消费者的深度访谈,结合定性分析,归纳出5个顾客价值结构,提出顾客价值与品牌权益关系概念模型。在调查研究的基础上,分析顾客价值结构对品牌权益价值的影响。结果表明:一方面,顾客价值结构对品牌权益价值有显著的直接效应;另一方面,顾客价值结构经由态度和行为两个品牌忠诚层面对品牌权益价值有显著的间接效应。     

试析顾客价值管理的涵义及特点

顾客价值管理日益受到重视。顾客价值管理以企业价值最大化为最终目标,重视提高顾客的忠诚度,以顾客价值创造为核心,通过五个层次为顾客创造价值;采用“由外而内”的思考方法,实行价值创新战略,业务流程再造及整合企业内外的资源和能力等一套系统化的方法来实现顾客价值创造,同时,顾客价值管理是一个连续不断的过程。     

论现代企业的顾客满意观和顾客资产观

“顾客满意观”和“顾客资产观”都产生于顾客导向时代 ,然而两者的内涵不尽相同 ,“顾客资产观”不是对“顾客满意观”否定而是对其拓展和提升 ,是一种追求可持续顾客满意和企业各利益方共同满意的新观念 ,且两者适用于不同的情境。     

Measuring customer equity and managing the customer asset: an explanatory study in the Australian hotels

Although there are a range of conceptual and theoretical studies about customer equity (CE) measurement and management in the literature, there are few empirical studies where these two concepts are examined together. This paper focuses on the need for a more synthesised approach and addresses calls for more research into this specific area of marketing management. A conceptual framework was developed that synthesises both customer lifetime value and customer relationship management from a customer equity management (CEM) perspective. The framework was used to empirically examine how four CE strategies, together with a firm’s use of the two types of customer data (aggregated and disaggregated), impact on CEM outcomes. Data were collected from 114 hotel managers in Australia and analysed through a decision tree methodology. The results show that hotels are utilising their CE strategies for acquisition purposes more than retention purposes (customer asset management), which overall appears to satisfice more than maximise their hotel’s capacity in achieving effective CE outcomes. The study’s contribution to theory is through empirically testing a framework that combines two discrete theoretical concepts in one study to provide insights to guide future research.     

Strategy for New Product Development

Abstract

This study evaluates the reasons why new products fail, and recommends a Strategy for New Product Development to avoid such failures. Using a sample of four products, the Ford Edsel, Coca-Cola's New Coke, the Sony Betamax, and the RCA Videodisc, where the introduction of a new product was unsuccessful, as research data, it is determined that the most common reasons for a products failure are poor planning, poor management, poor concept, poor execution, poor use of research, poor technology, and poor timing. A recommended strategy for successful new product development includes a sound concept, an environmental assessment, management and planning, technological feasibility, research, quality assurance, and customer feedback.     

论旅行社提高顾客价值的途径

面对激烈的市场竞争,旅行社越来越难以实行产品差别化策略,而顾客价值成为旅行社的核心竞争优势。旅行社应当在质量、成本、关系、实效四个方面进行顾客价值提升定位,并在顾客价值创造、顾客关系管理方面实施顾客价值管理战略,将顾客价值管理系统化、长期化。     

基于客户价值的企业营销策略研究

与有形资产相比,客户日益成为稀缺的资源,提升客户价值成为营销管理的重点,吸引与保持客户的能力决定了企业的生存。从提升客户价值出发,通过建立客户价值评估模型,提出了企业针对客户的具体营销策略:提高客户利润与保持客户策略。     

客户关系管理的研究现状、不足和未来展望

本文认为,企业实施客户关系管理的动因主要有顾客角色的变化与交换双方权力的转移,超强竞争环境,营销管理重心的转变以及互联网等通讯基础设施与技术的蓬勃发展等四个方面。目前客户关系管理研究中的主要问题是狭隘地理解客户关系管理,仅仅将其看作是一种管理软件;顾客权益的内涵尚不明确;尚未找到一种能够平衡顾客价值与企业价值的绩效评价方法;对顾客知识的研究基本空白等。文章还指出了未来客户关系管理研究的四大主要领域,即顾客权益合理内涵、评价方法与驱动因素及其在CRM中的应用;顾客价值的内涵多维动态评价体系、创造机制与驱动因素;顾客知识管理模型与数据挖掘技术的运用以及价值导向型客户关系管理的实施流程与竞争能力等。