Study of the the relationship between customer satisfaction and value over the life cycle (CLV)
Arenkov I.A.1
, Ishmukhametov R.R.2,1, Smirnov S.A.3
1 Санкт-Петербургский Государственный Экономический университет
2 ООО "Алиди-Норд"
3 Санкт-Петербургский государственный университет
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Journal paper
Russian Journal of Entrepreneurship *
Volume 18, Number 18 (September 2017)
* Этот журнал не выпускается в Первом экономическом издательстве
Abstract:
Many scientific studies confirm the positive impact of a high level of customer satisfaction on the company's performance indicators. It is believed that the satisfied buyer is more inclined to repeat the purchase, it is easier to retain him, and he helps attract new customers. The authors of this paper propose to move from a general firm level to the analysis of the relationship between the satisfaction of an individual client and the income that the firm receives during the certain period of firm's relationship with the client. For the calculation of income, the customer value indicator is used throughout its life cycle (CLV). The authors conclude that increasing customer satisfaction is the effective tool for maximizing his CLV. Managers can use this toolkit to stimulate customer buying activity and increase the economic value of the existing customer base.
Keywords: customer satisfaction, customer value during his life cycle (CLV), maximizing customer value during his life cycle
JEL-classification: M20, L81, M30, D11, D03
References:
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Anderson E.W., Fornell C., Lehmann D.R. (1994). Customer Satisfaction, Market Share, and Profitability: Findings from Sweden Journal of Marketing. 58 (3). 53-66.
Anderson E.W., Fornell C., Lehmann D.R. (1994). Customer Satisfaction, Market Share, and Profitability: Findings from Sweden Journal of Marketing. 58 (3). 53-66.
Andreeva A.V. (2012). Optimalnoe upravlenie klientskoy bazoy na osnove pokazatelya dolgosrochnoy stoimosti klienta [Optimal control of a company’s customer base using the customer lifetime value parameter]. Biznes-informatika. (4). 61-68. (in Russian).
Arash Shahin, Somayeh Mohammadi Shahiverdi (2015). Estimating customer lifetime value for new product development based on the Kano model with a case study in automobile industry Benchmarking: An International Journal. 22 (5). 857-873.
Bernhardt Kenneth L., Naveen Donthu, Pamela A. Kennett (2000). A Longitudinal Analysis of Satisfaction and Profitability Journal of Business Research. 47 (2). 161-171.
Best R. (2008). Marketing ot potrebitelya [Marketing from the consumer] Moscow: Mann, Ivanov i Ferber. (in Russian).
Bolton Ruth N. (1998). A Dynamic Model of the Duration of the Customer's Relationship with a Continuous Service Provider: The Role of Satisfaction Marketing Science. 17 (1). 45-65.
Coussement K., Van Den Bossche F. A. M., De Bock K.W. (2014). Data accuracy’s impact on segmentation performance: benchmarking RFM analysis, logistic regression, and decision trees Journal of Business Research. 67 2751-2758.
D. Jain, S.S. Singh (2002). Customer lifetime value research in marketing: a review and future directions Journal of Interactive Marketing. 16 34-46.
D.J. Flint (2011). Customer value anticipation, customer satisfaction and loyalty: An empirical examination Industrial Marketing Management. 40 219-230.
Duayer F.R. (2011). Ispolzovanie tsennosti klienta v techenie zhiznennogo tsikla v prinyatii marketingovyh resheniy [Use of customer value during the life cycle in making marketing decisions]. Rossiyskiy zhurnal menedzhmenta. 9 (3). 69-80. (in Russian).
Faskhiev Kh.A. (2010). Udovletvorennost potrebiteley i ee otsenka [Customer satisfaction and its assessment]. Journal of Marketing in Russia and Abroad. (2). 39-52. (in Russian).
Guo Chiquan, Anand, Kumar, Pornsit Jiraporn (2004). Customer Satisfaction and Profitability: Is there a Lagged Effect? Journal of Strategic Marketing. 12 (3). 129-144.
Gupta S., Khansens D., Khardi B., Kan U., Kumar V. (2011). Modelirovanie tsennosti zhiznennogo tsikla klienta [Modeling the value of the client's life cycle]. Rossiyskiy zhurnal menedzhmenta. 9 (3). 81-110. (in Russian).
Hwang N., Jung T., Suh E. (2004). A LTV model and customer segmentation based on customer value: a case study on the wireless telecommunication industry Expert Systems with Applications. 26 (2). 181-188. doi: 10.1016/S0957-4174(03)00133-7.
Kazaryan A.A. (2014). Vliyanie urovnya udovletvorennosti klientov na finansovye pokazateli kompanii [The impact of customer satisfaction on financial performanceof the company]. Economic sciences. (9). 85-87. (in Russian).
Kopaneva I.N. (2003). Kak izmerit udovletvorennost potrebitelya [How to measure customer satisfaction]. Metody menedzhmenta kachestva. (6). 21-26. (in Russian).
Kotler Philip (1974). Marketing during periods of shortage Journal of Marketing. 38 (3). 20-29.
Magomedov Sh.Sh., Koychakaev I.Sh. (2008). Kachestvo tovara v otsenke ego potrebitelskoy tsennosti [The quality of product in assessing its consumer value]. Marketing. (1). 39-46. (in Russian).
Michael Haenlein, Andreas M. Kaplan (2007). A Model to Determine Customer Lifetime Value in a Retail Banking Context Management Journal. 25 (3). 221-234.
Monakhov O.N. (2014). Formirovanie sistemy otsenki effektivnosti kommunikatsiy brenda na osnove rascheta tsennosti klientov [Formation of the system of effective brand communication on the basis of the company's client value calculations]. Problems of modern economy. (3). 378-380. (in Russian).
Nosikova O.O. (2010). Metodika izmereniya udovletvorennosti klientov v rossiyskikh kompaniyakh sfery uslug [Methodology of client satisfaction evaluation in Russian companies from services sector]. Prakticheskiy marketing. (6). 18-23. (in Russian).
Robert C. Blattberg, Edward C. Malthouse, Scott A. Neslin (2009). Customer Lifetime Value: Empirical Generalizations and Some Conceptual Questions Journal of Interactive Marketing. 23 157-168.
Roland T. Rust, Katherine N. Lemon, Valarie A. Zeithaml (2004). Return on Marketing: Using Customer Equity to Focus Marketing Strategy Journal of Marketing. 68 109-127.
Sheremeteva E.N. (2004). Kompleks pryamogo marketinga [Complex of direct marketing]. Bulletin of Orenburg State University. (12). 95-100. (in Russian).
Timothy L. Keiningham, Bruce Cooil, Tor Wallin Andreassen, Lerzan Aksoy (2007). A Longitudinal Examination of Net Promoter and Firm Revenue Growth Journal of Marketing. 71 (3). 39-51.
Ting Wang Ping Ji (2010). Understanding customer needs through quantitative analysis of Kano's model International Journal of Quality & Reliability Management. 27 (2). 173-184.
Tretiakov O.A. (2009). Formirovanie kontseptsii marketinga otnosheniy v zavisimosti ot usloviy udovletvorennosti potrebiteley [Formation of the concept of marketing of relations depending on conditions of satisfaction of consumers]. RISK: Resources, information, supply, competition. (4). 103-108. (in Russian).
V. Kumar, G. Ramani (2004). Customer lifetime value approaches and best practice applications Journal of Interactive Marketing. 18 (3). 60-72.
Vinay Kumar (2008). Managing Customers for Profit: Strategies to Increase Profits and Build Loyalty Wharton School Publishing.
Yeung Matthew C.H. (2000). From Customer Satisfaction to Profitability Journal of Strategic Marketing. 8 (4). 313–326.
Yeung Matthew C.H., Christine T. Ennew (2001). Measuring the Impact of Customer Satisfaction of Profitability Journal of Targeting, Measurement and Analysis for Marketing. 10 (2). 106-116.
Anderson E.W., Fornell C., Lehmann D.R. (1994). Customer Satisfaction, Market Share, and Profitability: Findings from Sweden Journal of Marketing. 58 (3). 53-66.
Anderson E.W., Fornell C., Lehmann D.R. (1994). Customer Satisfaction, Market Share, and Profitability: Findings from Sweden Journal of Marketing. 58 (3). 53-66.
Andreeva A.V. (2012). Optimalnoe upravlenie klientskoy bazoy na osnove pokazatelya dolgosrochnoy stoimosti klienta [Optimal control of a company’s customer base using the customer lifetime value parameter]. Biznes-informatika. (4). 61-68. (in Russian).
Arash Shahin, Somayeh Mohammadi Shahiverdi (2015). Estimating customer lifetime value for new product development based on the Kano model with a case study in automobile industry Benchmarking: An International Journal. 22 (5). 857-873.
Bernhardt Kenneth L., Naveen Donthu, Pamela A. Kennett (2000). A Longitudinal Analysis of Satisfaction and Profitability Journal of Business Research. 47 (2). 161-171.
Best R. (2008). Marketing ot potrebitelya [Marketing from the consumer] Moscow: Mann, Ivanov i Ferber. (in Russian).
Bolton Ruth N. (1998). A Dynamic Model of the Duration of the Customer's Relationship with a Continuous Service Provider: The Role of Satisfaction Marketing Science. 17 (1). 45-65.
Coussement K., Van Den Bossche F. A. M., De Bock K.W. (2014). Data accuracy’s impact on segmentation performance: benchmarking RFM analysis, logistic regression, and decision trees Journal of Business Research. 67 2751-2758.
D. Jain, S.S. Singh (2002). Customer lifetime value research in marketing: a review and future directions Journal of Interactive Marketing. 16 34-46.
D.J. Flint (2011). Customer value anticipation, customer satisfaction and loyalty: An empirical examination Industrial Marketing Management. 40 219-230.
Duayer F.R. (2011). Ispolzovanie tsennosti klienta v techenie zhiznennogo tsikla v prinyatii marketingovyh resheniy [Use of customer value during the life cycle in making marketing decisions]. Rossiyskiy zhurnal menedzhmenta. 9 (3). 69-80. (in Russian).
Faskhiev Kh.A. (2010). Udovletvorennost potrebiteley i ee otsenka [Customer satisfaction and its assessment]. Journal of Marketing in Russia and Abroad. (2). 39-52. (in Russian).
Guo Chiquan, Anand, Kumar, Pornsit Jiraporn (2004). Customer Satisfaction and Profitability: Is there a Lagged Effect? Journal of Strategic Marketing. 12 (3). 129-144.
Gupta S., Khansens D., Khardi B., Kan U., Kumar V. (2011). Modelirovanie tsennosti zhiznennogo tsikla klienta [Modeling the value of the client's life cycle]. Rossiyskiy zhurnal menedzhmenta. 9 (3). 81-110. (in Russian).
Hwang N., Jung T., Suh E. (2004). A LTV model and customer segmentation based on customer value: a case study on the wireless telecommunication industry Expert Systems with Applications. 26 (2). 181-188. doi: 10.1016/S0957-4174(03)00133-7.
Kazaryan A.A. (2014). Vliyanie urovnya udovletvorennosti klientov na finansovye pokazateli kompanii [The impact of customer satisfaction on financial performanceof the company]. Economic sciences. (9). 85-87. (in Russian).
Kopaneva I.N. (2003). Kak izmerit udovletvorennost potrebitelya [How to measure customer satisfaction]. Metody menedzhmenta kachestva. (6). 21-26. (in Russian).
Kotler Philip (1974). Marketing during periods of shortage Journal of Marketing. 38 (3). 20-29.
Magomedov Sh.Sh., Koychakaev I.Sh. (2008). Kachestvo tovara v otsenke ego potrebitelskoy tsennosti [The quality of product in assessing its consumer value]. Marketing. (1). 39-46. (in Russian).
Michael Haenlein, Andreas M. Kaplan (2007). A Model to Determine Customer Lifetime Value in a Retail Banking Context Management Journal. 25 (3). 221-234.
Monakhov O.N. (2014). Formirovanie sistemy otsenki effektivnosti kommunikatsiy brenda na osnove rascheta tsennosti klientov [Formation of the system of effective brand communication on the basis of the company's client value calculations]. Problems of modern economy. (3). 378-380. (in Russian).
Nosikova O.O. (2010). Metodika izmereniya udovletvorennosti klientov v rossiyskikh kompaniyakh sfery uslug [Methodology of client satisfaction evaluation in Russian companies from services sector]. Prakticheskiy marketing. (6). 18-23. (in Russian).
Robert C. Blattberg, Edward C. Malthouse, Scott A. Neslin (2009). Customer Lifetime Value: Empirical Generalizations and Some Conceptual Questions Journal of Interactive Marketing. 23 157-168.
Roland T. Rust, Katherine N. Lemon, Valarie A. Zeithaml (2004). Return on Marketing: Using Customer Equity to Focus Marketing Strategy Journal of Marketing. 68 109-127.
Sheremeteva E.N. (2004). Kompleks pryamogo marketinga [Complex of direct marketing]. Bulletin of Orenburg State University. (12). 95-100. (in Russian).
Timothy L. Keiningham, Bruce Cooil, Tor Wallin Andreassen, Lerzan Aksoy (2007). A Longitudinal Examination of Net Promoter and Firm Revenue Growth Journal of Marketing. 71 (3). 39-51.
Ting Wang Ping Ji (2010). Understanding customer needs through quantitative analysis of Kano's model International Journal of Quality & Reliability Management. 27 (2). 173-184.
Tretiakov O.A. (2009). Formirovanie kontseptsii marketinga otnosheniy v zavisimosti ot usloviy udovletvorennosti potrebiteley [Formation of the concept of marketing of relations depending on conditions of satisfaction of consumers]. RISK: Resources, information, supply, competition. (4). 103-108. (in Russian).
V. Kumar, G. Ramani (2004). Customer lifetime value approaches and best practice applications Journal of Interactive Marketing. 18 (3). 60-72.
Vinay Kumar (2008). Managing Customers for Profit: Strategies to Increase Profits and Build Loyalty Wharton School Publishing.
Yeung Matthew C.H. (2000). From Customer Satisfaction to Profitability Journal of Strategic Marketing. 8 (4). 313–326.
Yeung Matthew C.H., Christine T. Ennew (2001). Measuring the Impact of Customer Satisfaction of Profitability Journal of Targeting, Measurement and Analysis for Marketing. 10 (2). 106-116.
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