By Dominique M. Hanssens, Julian Villanueva
Purchaser fairness can assist administration: ·allocate advertising and marketing spending for long term profitability, ·understand the relationship among budgets, metrics and monetary functionality, ·provide a buyer targeted technique for measuring company worth, ·improve the productiveness of CRM structures by way of offering frameworks, instruments and metrics patron fairness reports present types, deals a typology, and examines the basic query of no matter if a patron fairness orientation can positioned a company in a aggressive virtue to different enterprises. The authors evaluation types that could raise consumer fairness via optimizing every one of its drivers - consumer acquisition, client retention, and add-on promoting. client fairness is critical studying for advertising and marketing managers, advertising researchers, students and scholars.
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Additional info for Customer Equity: Measurement, Management and Research Opportunities (Foundations and Trends in Marketing)
Gensch, 1973, Rust, 1986). 2) to decide whether or not to target a specific prospect. , telemarketing, catalogs), sales representatives, public relations, mass coupons, and even word-of-mouth. Some firms use a wide array of channels while others concentrate on a few of them. Each of these channels has a different audience group that can be more or less close to the profile of the best customers. Furthermore, the cost of acquiring a customer varies among these channels. Hence, we can expect significant heterogeneity in the cost effectiveness of these channels.
Instead, continuous measurement and management of that heterogeneity is key for the long-run success of the firm. Models that find the optimal retention spending – especially under a limited budget – should correctly specify the acquisition and retention response functions, as we will show next. 2 The shape of the response functions The shape of the response functions helps resolve some of the contradictory findings explained above. These insights should be incorporated in models that capture the link between retention spending and CE.
More specifically, it will depend on the following five factors: (a) contractual versus non-contractual relationships. 3. Models to Estimate the Probability of Retention 53 (b) always-a-share versus lost-for-good. , health insurance) the information used to predict switching might be harder to observe because there is no behavioral information other than the premiums paid; (c) frequency of purchases. , PDA) it might be very difficult to predict when a customer is about to make a decision to either repeat with the same brand or switch, whereas for frequently purchased goods there is usually more historical information from previous purchases; (d) addressability.