By Dominique M. Hanssens, Julian Villanueva
Consumer fairness can assist administration: ·allocate advertising spending for long term profitability, ·understand the relationship among budgets, metrics and monetary functionality, ·provide a buyer centred method for measuring company worth, ·improve the productiveness of CRM systems by means of offering frameworks, instruments and metrics purchaser fairness experiences present versions, deals a typology, and examines the elemental query of even if a shopper fairness orientation can placed a company in a aggressive virtue to different enterprises. The authors overview versions which could elevate shopper fairness via optimizing every one of its drivers - purchaser acquisition, consumer retention, and add-on promoting. consumer fairness is critical interpreting for advertising managers, advertising and marketing researchers, students and scholars.
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Extra resources for Customer Equity: Measurement, Management and Research Opportunities (Foundations and Trends in Marketing)
4 Develop models that can estimate CE elasticities Yet in order to allocate optimally, the manager should not just measure CE but instead how CE reacts to a change in the marketing mix. 5. Future Directions 29 This could be done at different aggregation levels. With the exception of Yoo and Hanssens (2005), current CE models cannot measure CE elasticities. Some models such as Blattberg and Deighton (1996) or Villanueva et al. (2006b) can measure how CE reacts to an additional dollar spent on acquisition, but not to a 1% decrease in prices or a 1% increase in advertising, because they do not include information on the marketing-mix.
These models are easy to understand and implement by managers and can disseminate the CE concept more rapidly in the management community. If managers “buy” the CE concept, it will be more likely that more sophisticated models of customer valuation will be implemented in the future. 3 Drivers of Customer Equity: The Acquisition Effort Firms are enticed to grow by acquiring customers that are new to the market and by stealing customers from their competitors. Furthermore, since there is always a proportion of defectors, a company that does not acquire new customers will see its market share gradually declining over time.
It is cheaper to retain customers than to acquire them Proposition 2. The costs of serving long-life customers are less than those of serving new customers Proposition 3. Long-life customers increase the reputation of the company and attract new customers through word-of-mouth (WOM) Proposition 4. Long-life customers are less price sensitive than new customers and therefore pay higher prices Proposition 5. Long-life customers are more likely to buy more from the company, so that the company can increase their share-of-wallet through upselling and cross-selling These five propositions can be summarized in two: Proposition 6.