Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

PL EN


2020 | 1(32) | 34-46

Article title

Review and Analysis of Selected Customer Value Measurement Methods

Authors

Content

Title variants

PL
Przegląd i analiza wybranych metod pomiaru wartości klienta

Languages of publication

Abstracts

PL
Nieustającym zainteresowaniem cieszą się metody pomiaru wartości klienta. Obszar ten wydaje się być szeroko opisywany w literaturze, niemniej jednak nieco ogólnie. Ważne jest, aby przeanalizować poszczególne metody kompleksowo w kontekście klienta i przedsiębiorstwa. Celem tego artykułu jest analiza najczęściej prezentowanych w literaturze metod pomiaru wartości klienta, a także ocena możliwości rzetelnego ich zastosowania oraz wskazanie ograniczeń wynikających z konstrukcji modelów ich obliczeń. Niezwykle istotnym celem jest konstruktywne zaproponowanie rozwiązań kwestii problematycznych analizowanych metod. W celu zrealizowania celów pracy, zaprezentowane zostały metody pomiaru wartości klienta. Na tej podstawie autorka wskazała elementy problematyczne, które stanowią wytyczne dla dalszych badań. Zastosowano przegląd literatury oraz analizę badań przeprowadzonych z wykorzystaniem metod będących przedmiotem pracy. Wnioski płynące z podjętych działań wskazują niejednoznaczność metod pomiaru wartości klienta, ich zróżnicowanie, a co najistotniejsze brak możliwości wiarygodnego ustalenia niektórych elementów składowych metodologii, szczególnie dla długookresowej wartości klienta. Zaprezentowana analiza stanowi propozycję w zakresie kompleksowego spojrzenia na problematykę wyceny wartości klienta oraz element dalszej dyskusji naukowo-empirycznej. Oryginalność pracy polega na przedstawieniu propozycji kwantyfikacji mierników niefinansowych będących składową metodologii pomiaru wartości klienta.
EN
The methods of measuring customer value are of constant interest. This area is widely described in the literature, but nevertheless somewhat generally. It is important to analyse the different methods comprehensively in the context of the customer and the company. The aim of this paper is to analyse the methods of measuring customer value most often presented in the literature, as well as to assess the possibility of their reliable application and to indicate the limitations resulting from the construction of models of their calculations. One very important goal is to constructively propose solutions to the problematic issues in the methods analysed. In order to achieve the objectives of the paper, methods of measuring customer value are presented. On this basis, the author has identified problematic elements that constitute guidelines for further research. A literature review and analysis of studies carried out with the use of the methods discussed is applied. The conclusions of this research indicate ambiguity in the methods of measuring customer value, their diversity and, most importantly, the inability to reliably determine certain components of the methodology, especially for customer lifetime value. The analysis presented constitutes a proposal for a comprehensive look at the issue of customer value assessment and an element of further scientific and empirical discussion. The originality of the research consists in presenting a proposal for quantification of non-financial measures, which are a component of the methodology of measuring customer value.

Year

Issue

Pages

34-46

Physical description

Dates

published
2020

Contributors

author
  • The Faculty of Management, Rzeszow University of Technology, Poland

References

  • AboElHamd, E., Shamma, H.M., & Saleh, M. (2020). Maximizing customer lifetime value using dynamic programming: Theoretical and practical implications. Academy of Marketing Studies Journal, 24(1), 1–25.
  • Agrawal, A.K., & Rahman, Z. (2015). Roles and resource contributions of customers in value co-creation. International Strategic Management Review, 3(1–2), 144–160. http://dx.doi.org/10.1016/j.ism.2015.03.001.
  • Armelini, G., Barrot, C., & Becker, J.U. (2015). Referral programs, customer value, and the relevance of dyadic characteristics. International Journal of Research in Marketing, 32(4), 449–452. http://dx.doi.org/10.1016/j.ijresmar.2015.09.004.
  • Bauer, H.H., Hammerschmidt, M., & Braehler, M. (2003). The customer lifetime value concept and its contribution to corporate valuation. Yearbook of Marketing and Consumer Research, 1, 47–67.
  • Benoit, D.F., & Van den Poel, D. (2009). Benefits of quantile regression for the analysis of customer lifetime value in a contractual setting: An application in financial services. Expert Systems with Applications, 36(7), 10475–10484. http://dx.doi.org/10.1016/j.eswa.2009.01.031.
  • Berger, P.D., & Nasr, N.I. (1998). Customer lifetime value: Marketing models and applications. Journal of Interactive Market ing, 12(1), 17–30. http://dx.doi.org/10.1002/(SICI)1520-6653(199824)12:1%3C17::AIDDIR3%3E3.0.CO;2-K.
  • Blattberg, R.C., Getz, G., & Thomas, J.S. (2004). Klient jako kapitał. Budowa cennego majątku relacji z klientem i zarządzanie nim. Konstancin-Jeziorna: Wydawnictwo MT Biznes.
  • Blocher, E.J., Stout, D.E., & Cokins, G. (2010). Cost management. A strategic emphasis (5th ed.). New York: McGraw-Hill Irwin.
  • Bolton, R.N., Lemon, K.N., & Verhoef, P.C. (2004). The theoretical underpinnings of customer asset management: A framework and propositions for future research. Journal of the Academy of Marketing Science, 32(3), 271–292. http://dx.doi.org/10.1177/0092070304263341.
  • Bult, J.R., & Wansbeek, T. (1995). Optimal selection for direct mail. Marketing Science, 14(4), 378– 394. http://dx.doi.org/10.1287/mksc.14.4.378.
  • Buttle, F. & Maklan, S. (2015). Customer relationship management: Concepts and technologies (3rd ed.). Abingdon, Oxon; New York, NY: Routledge, Taylor and Francis Group.
  • Candell, Ch. (2016). Customer co-creation is the secret sauce to success. Forbes, 16.10.2016.Retrieved on 25 June 2020 from https://www.forbes.com/sites/christinecrandell/2016/06/10/customer_cocreation_secret_sauce/#6de498565b6d.
  • Čermák, P. (2015). Customer profitability analysis and customer life time value models: Portfolio analysis. Procedia Economics and Finance, 25, 14–25. http://dx.doi.org/10.1016/S2212-5671(15)00708-X.
  • Chuang, H., & Shen, C. (2008). A study on the applications of data mining techniques to enhance customer lifetime value – Based on the department store industry. 2008 International Conference on Machine Learning and Cybernetics, 1, 168–173.
  • Cichosz, M. (2005). Życiowa wartość klienta i jej znaczenie dla firmy. Marketing i Rynek, 12, 9–14.
  • Dahana, W.D., Miwa, Y., & Morisada, M. (2019). Linking lifestyle to customer lifetime value: An exploratory study in an online fashion retail market. Journal of Business Research, 99, 319–331. https://doi.org/10.1016/j.jbusres.2019.02.049.
  • Darmody, A. (2009). Value co-creation and new marketing. Open Source Business Resource. Retrieved from http://timreview.ca/article/302.
  • Dobiegała-Korona, B. (2011). Wycena klienta. In M. Panfil & A. Szablewski (Eds.), Wycena przedsiębiorstwa. Od teorii do praktyki (pp. 521–549). Warszawa: Poltex.
  • Doligalski, T. (2010). Wartość a rentowność klienta. In B. Dobiegała-Korona & T. Doligalski (Eds.), Zarządzanie wartością klienta. Pomiar i strategie (pp. 73–85). Warszawa: POLTEXT.
  • Doligaski, T. (2013). Internet w zarządzaniu wartością klienta. Warszawa: Oficyna Wydawnicza Szkoła Główna Handlowa w Warszawie.
  • Drucker, P.F., & Maciariello, J.A. (2004). The daily Drucker: 366 days of insight and motivation for getting the right things done. New York: HarperBusiness.
  • Ekinci, Y., Ülengin, F., Uray, N., & Ülengin, B. (2014). Analysis of customer lifetime value and marketing expenditure decisions through a Markovian-based model. European Journal of Operational Research, 237(1), 278–288. http://dx.doi.org/10.1016/j.ejor.2014.01.014.
  • Elias, N., & Hill, D. (2010). Customer profitability management. Business performance management. Statements on management accounting, 67. New Jersey: Institute of Management Accountants.
  • Farris, P.W., Bendle, N.T., Pfeifer, P.E., & Reibstein D.J. (2009). Key marketing metrics. The 50+ metrics every manager needs to know. UK: FT Prentice Hall.
  • Galvagno, M., & Dalli, D. (2014). Theory of value co-creation: A systematic literature review. Managing Service Quality: An International Journal, 24(6), 643–683. http://dx.doi.org/10.1108/MSQ-09-2013-0187.
  • Geersbro, J., & Ritter, T. (2010). Antecedents of customer relationship termination. Paper presented at Industrial Marketing and Purchasing Conference: IMP 2010, Budapest, Hungary. Retrieved on 25 June 2020 from http://www.impgroup.org/paper_view.php?viewPaper=7455.
  • Gibbert, M., Leibold, M., & Probst, G. (2002). Five styles of customer knowledge management, and how smart companies use them to create value. European Management Journal, 20(5), 459–469. http://dx.doi.org/10.1016/S0263-2373(02)00101-9.
  • Gupta, S., Hanssens, D., Hardie, B., Kahn, W., Kumar, V., Lin, N., Ravishanker, N., & Sriram, S. (2006). Modeling customer lifetime value. Journal of Service Research, 9(2), 139–155. http://dx.doi.org/10.1177/1094670506293810.
  • Gupta, S., & Lehmann, D.R. (2003). Customers as assets. Journal of Interactive Marketing, 17(1), 9–24. http://dx.doi.org/10.1002/dir.10045.
  • Gupta, S., Lehmann, D.R., & Stuart, J.A. (2004). Valuing customers. Journal of Marketing Research, 41(1), 7–18. http://dx.doi.org/10.1509/jmkr.41.1.7.25084.
  • Gustriansyah, R., Sensuse, D.I. & Ramadhan, A. (2017). A sales prediction model adopted the recency-frequency-monetary concept. Indonesian Journal of Electrical Engineering and Computer Science, 6, 711–720. http://dx.doi.org/10.11591/ijeecs.v6.i3.pp711-720.
  • Hajipour, B. & Esfahani, M. (2019). Delta model application for developing customer lifetime value. Marketing Intelligence & Planning, 37(3), 298–309. https://doi.org/10.1108/MIP-06-2018-0190.
  • https://ikeacocreation.com/
  • Jacobs, F.A., Johnston, W., & Kotchetova, N. (2001). Customer profitability. Prospective vs. retrospective approaches in a business-to-business setting. Industrial Marketing Management, 30(4), 353–363.
  • Kabue, H.W., Gathenya, J.W., & Kihoro, J.M. (2015) Customer relationship termination and marketing effectiveness in commercial banks. International Journal of Business and Social Science, 6(10), 28–35.
  • Keiningham, T.L., Aksoy, L., Buoye, A., & Cooil, B. (2011). Customer loyalty isn’t enough. Grow your share of wallet. Harvard Business Review 89(10), 29–31.
  • Kim, K.H., & Kumar, V. (2018). The relative influence of economic and relational direct marketing communications on buying behavior in businessto-business markets. Journal of Marketing Research, 55(1), 48–68. http://dx.doi.org/10.1509/jmr.16.0283.
  • Kotler, Ph. (1974). Marketing during periods of shortage. Journal of Marketing, 38(3), 20–29. http://dx.doi.org/10.1177/002224297403800305.
  • Kotler, Ph. (2003). Marketing insights from A to Z. 80 concepts every manager needs to know. Hoboken, New Jersey: John Wiley & Sons.
  • Kotler, Ph., & Keller, K.L. (2016). Marketing management (15th global ed.). Pearson.
  • Kumar, V. (2007). Customer lifetime value – The path to profitability. Foundations and Trends® in Marketing, 2(1), 1–96. http://dx.doi.org/10.1561/1700000004.
  • Kumar, V. (2008). Managing customers for profit: Strategies to increase profits and build loyalty. Upper Saddle River, New Jersey: Prentice Hall, Pearson.
  • Kumar, V. (2010). A customer lifetime value-based approach to marketing in the multichannel, multimedia retailing environment. Journal of Interactive Marketing, 24(2), 71–85. http://dx.doi.org/10.1016/j.intmar.2010.02.008.
  • Kumar, V. (2018). A theory of customer valuation: Concepts, metrics, strategy and implementation. Journal of Marketing, 82(1), 1–19. http://dx.doi.org/10.1509/jm.17.0208.
  • Kumar, V., & Reinartz, W. (2010) Customer relationship management: Concept, strategy, and tools. Second Edition, Berlin Heidelberg: Springer-Verlag.
  • Kumar, V., & Reinartz, W. (2016). Creating enduring customer value. Journal of Marketing, 80(6), 36–68. http://dx.doi.org/10.1509/jm.15.0414.
  • Kumar, V., Aksoy, L., Donkers, B., Venkatesan, R., Wiesel, T., & Tillmanns, S. (2010). Undervalued or overvalued customers: Capturing total customer engagement value. Journal of Service Research, 13(3), 297–310. http://dx.doi.org/10.1177/1094670510375602.
  • Kumar, V., Petersen, J.A., & Leone, R.P. (2007). How valuable is word of mouth?. Harvard Business Review 85(10), 1–8.
  • Kumar, V., & Shah, D. (2009). Expanding the role of marketing: From customer equity to market capitalization. Journal of Marketing, 73(6), 119–136. http://dx.doi.org/10.1509/jmkg.73.6.119.
  • Kumar, V., Venkatesan, R. & Reinartz, W. (2008). Performance implications of adopting a customerfocused sales campaign. Journal of Marketing, 72(5), 50–68. http://dx.doi.org/10.1509/jmkg.72.5.050.
  • Kumar, V., Venkatesan, R., Bohling, T., & Beckmann, D. (2008). The power of CLV: Managing customer lifetime value at IBM. Marketing Science, 27(4), 585–599. Retrieved on 24 June 2020 from www.jstor.org/stable/40057110.
  • Kuo, H., Luarn, P. & Chen, I.J. (2017). Value cocreation of Xiaomi in China. International Journal of Business and Economic Sciences Applied Research (IJBESAR), 11(1). Retrieved from https://ssrn.com/abstract=3155117.
  • Lam, S.Y., Shankar, V., Erramilli, M.K., & Murthy, B. (2004). Customer value, satisfaction, loyalty, and switching costs: An illustration from a business-to-business service context. Journal of the Academy of Marketing Science, 32(3), 293–311.http://dx.doi.org/10.1177/0092070304263330.
  • Mittal, V., Sarkees, M. & Murshed, F. (2008). The right way to manage unprofitable customer. Harvard Business Review, 86(4), 94–102.
  • Morgan, R.M. & Hunt, S.D. (1994). The commitment- trust theory of relationship marketing. Journal of Marketing, 58(3), 20–38. http://dx.doi.org/10.2307/1252308.
  • Ness, J.A., Schroeck, M.J., Letendre, R.A., & Douglas, W.J. (2001). The role of ABM in measuring customer value. Part two. Strategic Finance, 82(10), 44–47.
  • Niknamian, S. (2020). The use of customer value changing trends in business analysis. Quantitative Economics and Management Studies, 1(2). https://doi.org/10.35877/454RI.qems1299.
  • Pawłowski, M., Banaś, J., & Pastuszak, Z. (2016). Wykorzystanie metody RFM do segmentacji klientów w celach marketingowych. Badanie na podstawie danych z firmy handlowej. Annales Universitatis Maria Curie-Skłodowska, sectio H – Oeconomia, 50(2), 49–67. https://doi.org/10.17951/h.2016.50.2.49.
  • Payne, A., & Holt, S. (2001). Diagnosing customer value: Integrating the value process and relationship marketing. British Journal of Management, 12(2), 159–182. http://dx.doi.org/10.1111/1467-8551.00192.
  • Pfeifer, P.E. (2005). The optimal ratio of acquisition and retention costs. Journal of Targeting, Measurement and Analysis for Marketing, 13(2), 179–188. http://dx.doi.org/10.1057/palgrave.jt.5740142.
  • Pfeifer, P.E. (2011). On estimating current-customer equity using company summary data. Journal of Interactive Marketing, 25(1), 1–14. http://dx.doi.org/10.1016/j.intmar.2010.06.001.
  • Pfeifer, P.E., & Carraway, R.L. (2000). Modeling customer relationships as Markov chains. Journal of Interactive Marketing, 14(2), 43–55. http://dx.doi.org/10.1002/(SICI)1520-6653(200021)14:2%3C43::AIDDIR4%3E3.0.CO;2-H.
  • Pfeifer, Ph., Hakins, M.E., & Conroy, R.M. (2005). Customer lifetime value, customer profitability, and the treatment of acquisition spending. Journal of Managerial Issue, 17(1), 11–25.
  • Rust, R.T., Kumar, V., & Venkatesan, R. (2011). Will the frog change into a prince? Predicting future customer profitability. International Journal of Research in Marketing, 28(4), 281–294. http://dx.doi.org/10.1016/j.ijresmar.2011.05.003.
  • Rust, R.T., Lemon, K.N., & Zeithaml, V.A. (2004).Return on marketing: Using customer equity to focus marketing strategy. Journal of Marketing, 68(1), 109–127. http://dx.doi.org/10.1509/jmkg.68.1.109.24030.
  • Schmitt, P., Skiera, B., & Van den Bulte, C. (2011). Referral programs and customer value. Journal of Marketing, 75(1), 46–59. http://dx.doi.org/10.1509/jm.75.1.46.
  • Seybold, P., Marshak, R.T., & Lewis, J.M. (2001). The customer revolution. Random House Business Books.
  • Shapiro, B.P., Rangan, V.K., Moriarty, R.T., & Ross, E.B. (1987). Manage customers for profits (not just sales). Harvard Business Review, 65(5), 101–108.
  • Srivastava, R.K., Shervani, T.A., & Fahey, L. (1998). Market-based assets and shareholder value: A framework for analysis. Journal of Marketing, 62(1), 2–18. http://dx.doi.org/10.2307/1251799.
  • Sun, H., & Su, Z. (2012). New thoughts of customer value study. Physics Procedia, 24, 1232–1237. http://dx.doi.org/10.1016/j.phpro.2012.02.184.
  • Stone, B. (1995). Successful direct marketing methods. Lincolnwood: NTC Business Books.
  • Tomczyk, P. (2018). Knowledge from customers. Definition and research areas. Handel Wewnętrzny, 4(375), 377–389.
  • Tomczyk, P. (2016). Customer knowledge valuation model based on customer lifecycle. Marketing i Zarządzanie, 5(46), 87–94. http://dx.doi.org/10.18276/miz.2016.46-09.
  • Xevelonakis, E. (2016). Social influence and customer referral value. Athens Journal of Business and Economics, 2(1), 7–16. http://dx.doi.org/10.30958/ajbe.2-1-1.
  • Yen, C.-H., Teng, H.-Y., & Tzeng, J.-C. (2020). Innovativeness and customer value co-creation behaviors: Mediating role of customer engagement. International Journal of Hospitality Management, 88 (article 102514) 1–11. http://dx.doi.org/10.1016/j.ijhm.2020.102514.
  • Yi, Y. (2014). Customer value creation behavior. London: Routledge, https://doi.org/10.4324/9781315771847.
  • Woodruff, R.B. (1997). Customer value: The next source for competitive advantage. Journal of the Academy of Marketing Science, 25(2), 139–153. http://dx.doi.org/10.1007/BF02894350.
  • Zalaghi, Z., & Abbasnejad Varzi, Y. (2014). Measuring customer loyalty using an extended RFM and clustering technique. Management Science Letters, 4(5), 905–912. http://dx.doi.org/10.5267/j.msl.2014.3.026.

Document Type

Publication order reference

Identifiers

Biblioteka Nauki
2195484

YADDA identifier

bwmeta1.element.ojs-doi-10_7172_1733-9758_2020_32_3
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.