Implementation of Marketing Strategies Based on Customer Lifetime and Referral Value (Case Study:broadband Internet Service Industry)
Subject Areas : Strategic Management Researchesmohamad haghighi 1 , babak hazave hesar maskan 2 , mehdi ashkani 3 , amirhosein abasi 4
1 - دانشیار گروه مدیریت بازرگانی، دانشکده مدیریت، دانشگاه تهران
2 - دانشجوی دکتری مدیریت سیستم، دانشکده مدیریت پردیس فارابی، دانشگاه تهران
3 - دانشجوی دکتری مدیریت سیستم، دانشکده مدیریت پردیس فارابی، دانشگاه تهران
4 - re
Keywords: customer lifetime value, Customer segmentation, Customer referral value, Customer value matrix, Word of mouth advertising,
Abstract :
Nowadays, due to the sharp increase in competition and expansion of competitive markets, customer lifetime value has become one of the main topics in customer relationship management. The models which have been used so far for the estimation of customer lifetime value and segmentation of customers do not include all aspects of customer value. The main purpose of this study is to assess the impact of customer’s value on other customers through estimation of customer referral value and then provide appropriate marketing strategies for each segment of customers based on their value in the broadband internet access services industry. Using the data obtained from a firm operating in the industry, it will be shown that the customers who have the largest transactions (i.e. those who have the highest lifetime value) are not necessarily the best marketers. The statistical population of this study included all customers of a telecommunication firm in Tehran and all members of the population were selected as the sample. The required data were obtained from reports of the customer database of the studied firm using MySQL, PHPMyAdmin, and Tableau. All data were statistically analyzed in IBM SPSS Statistics 22. Using the results of this study, it will be shown that a better understanding of customer value allows firms to target their marketing campaigns more properly and gain higher profits from their marketing investments.
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Mahajan, V., Muller, E., & Bass, F. M. (1995). Diffusion of new products: Empirical generalizations and managerial uses. Marketing Science, 14(3).
Murray, K. B. (1991). A test of services marketing theory: consumer information acquisition activities. The journal of marketing, 10-25.
Roemer, E. (2010). The Impact of Dependence on the Assessment of Customer Lifetime Value in Buyer-Seller Relationships, Journal of Marketing Management.
Villanueva, J., Yoo, S., & Hanssens, D. M. (2008). The impact of marketing-induced versus word-of-mouth customer acquisition on customer equity growth. Journal of marketing Research, 45(1), 48-59.
Yeh, I. C., Yang, K. J. & Ting, T. M. (2009). Knowledge discovery on RFM model using Bernoulli sequence. Expert Syst, 36: 5866-5871.
Zhangm, J. Q., Dixit, A., Friedmann, R. (2014). Customer Loyalty and Lifetime Value: An Empirical Investigation of Consumer Packaged Goods. Journal of Marketing Theory and Practice, 18:2, 127-140.
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Allenby, G. M., Arora, N., Ginter, J. L. (1998). On the heterogeneity of demand. J. Mark. Res, 35: 384-389.
Brown, J. J., & Reingen, P. H. (1987). Social ties and word-of-mouth referral behavior. Journal of Consumer research, 14(3), 350-362.
Buttle, F. (2004). Customer Relationship Management: Concepts and Tools. Elsevier Butterworth Heinemann.
Chan, C. C. H. (2008). Intelligent value-based customer segmentation method for campaign management: A case study of automobile retailer. Expert. 24(4): 2754-2762.
Chang, C. H. (2013). A study on brand loyalty and customer lifetime value. Journal of Information and Optimization Sciences, 31:3, 719-728.
Creswell, J. W. (2005). Educational research: planning, conducting, and evaluating quantitative and qualitative research. Upper saddle river, N1: pearson.
Dichter, E. (1966). How Word-of-Mouth Advertising Works. Harvard Business Review, 44 (6), 147–66.
Ekinci, Y., Ulengin, F., Uray, N. (2013). Using customer lifetime value to plan optimal promotions, The Service Industries. Journal, 34(2), 103-122.
Eriksson, M., Backstrom, I., Ingelsson, P., & Aslund, A. (2016). Measuring customer value in commercial experiences, Total Quality Management & Business Excellence.
Fang, E., Palmatier, R. W., & Grewal, R. (2011). Effects of customer and innovation asset configuration strategies on firm performance. Journal of Marketing Research, 48(3), 587-602.
Feick, L. F., & Linda, L. P. (1987). The Market Maven: A Diffuser of Marketplace Information. Journal of Marketing, 51(1), 83–97.
Hwang, H., Jung, T., & Suh, E. (2004). An LTV model and customer segmentation based on customer value: a case study on the wireless telecommunication industry. Expert systems with applications, 181-188.
Kolter, P. (2003). Marketing Management. Eleventh Edition, Pearson Education, New Jersey.
Lumsden, S. A., Beldona, S., Morison, A. M. (2008). Customer value in an all-inclusive travel vacation club: An application of the RFM framework. J. Hosp. Leisure Mark, 16(3): 270-285.
Kumar, V. J., Andrew, P., & Robert, P. L. (2007). How Valuable Is Word of Mouth? Harvard Business Review, 85(10), 139–46.
Kumar, V. J., Andrew, P., & Robert, P. L. (2010). Driving Profitability by Encouraging Customer Referrals: Who, When, and How. Journal of Marketing, 74(9), 1–17.
Mahajan, V., Muller, E., & Bass, F. M. (1995). Diffusion of new products: Empirical generalizations and managerial uses. Marketing Science, 14(3).
Murray, K. B. (1991). A test of services marketing theory: consumer information acquisition activities. The journal of marketing, 10-25.
Roemer, E. (2010). The Impact of Dependence on the Assessment of Customer Lifetime Value in Buyer-Seller Relationships, Journal of Marketing Management.
Villanueva, J., Yoo, S., & Hanssens, D. M. (2008). The impact of marketing-induced versus word-of-mouth customer acquisition on customer equity growth. Journal of marketing Research, 45(1), 48-59.
Yeh, I. C., Yang, K. J. & Ting, T. M. (2009). Knowledge discovery on RFM model using Bernoulli sequence. Expert Syst, 36: 5866-5871.
Zhangm, J. Q., Dixit, A., Friedmann, R. (2014). Customer Loyalty and Lifetime Value: An Empirical Investigation of Consumer Packaged Goods. Journal of Marketing Theory and Practice, 18:2, 127-140.