By Dominique M. Hanssens, Julian Villanueva
Consumer fairness may help administration: ·allocate advertising spending for long term profitability, ·understand the relationship among budgets, metrics and monetary functionality, ·provide a buyer centred process for measuring enterprise worth, ·improve the productiveness of CRM systems by means of delivering frameworks, instruments and metrics client fairness experiences present types, bargains a typology, and examines the elemental query of even if a patron fairness orientation can placed a company in a aggressive virtue to different corporations. The authors overview versions that may bring up buyer fairness by means of optimizing each one of its drivers - client acquisition, patron retention, and add-on promoting. shopper fairness is critical examining for advertising managers, advertising researchers, students and scholars.
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Extra info for Customer Equity: Measurement, Management and Research Opportunities (Foundations and Trends in Marketing)
Automobiles) only very high levels of satisfaction lead to loyalty. In non-competitive markets, even companies with low levels of satisfaction have high levels of loyalty (Jones and Sasser, 1995). This suggests there are many factors that affect the decision of a customer to continue on a relationship with a firm. We review here the most important factors that previous literature has considered as determinants of customer retention: switching costs, satisfaction and future considerations. , frequent-flyer program).
Hence, slightly increasing retention spending in that interval will increase the average retention rate significantly. (b) There exists a point of diminishing returns from which further spending on retention would lower the firm’s customer equity. , Reichheld and Sasser, 1990). This insight follows from the previous one in that, when the retention rate gets sufficiently high, further increases in retention become very expensive and there has to be a point from which the marginal cost of an increase in retention is higher than the marginal benefit.
That is, firms should acquire customers who contribute positively to the firm’s CE, after accounting for their acquisition costs. , 2001), and how to allocate that spending among different acquisition channels. In this section, we consider models that can help managers answer the following three questions: • How much should be spent on acquisition? • What are the characteristics of the best prospects? 1. Optimal Acquisition Spending 33 • How to allocate the acquisition budget among different acquisition channels?