This action might not be possible to undo. Are you sure you want to continue?
1. 2. 3. 4.
By the end of this topic, you should be able to: Define customer relationship management; Review the role of quality in developing customer relationship; Illustrate the importance of value in developing customer relationship; and Discuss how to maintain customer satisfaction.
Developing a solid marketing mix that effectively satisfies customers’ needs and wants has become difficult in today’s rapidly changing business environment. The simple fact is that good situation and SWOT Analysis, along with effective segmentation and differentiation, may not be enough to guarantee success, given the rapid pace of change. In times past, developing the “right” marketing strategy was really more about creating a large number of transactions with customers, or market share, than about finding better ways to solve customers’ problems and satisfy their needs. In today’s economy, the best marketing strategy is one that provides the level of quality, value, and satisfaction necessary to retain customers over the long term. Developing long-term customer relationships with customers is perhaps the best way to insulate a firm from the rapid pace of change in today’s environment.
TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP
CUSTOMER RELATIONShIp MANAGEMENT
What is customer relationship management?
Customer Relationship Management (CRM) is the holistic process of identifying, attracting, differentiating and retaining customers. It means integrating a firm’s entire supply chain to create value at every step, either through increased benefits or lowered costs, as shown in Table 11.1.
Table 11.1: Strategic Shifts from Acquiring Customers to Maintaining Clients Acquiring Customers Customers are “customers”. Mass marketing. Acquire new customers. Discreet transactions. Increase market share. Differentiation based on groups. Segmentation based on homogeneous needs. Short-term strategic focus. Standardised products. Lowest cost provider. One-way mass communication. Competition Maintaining Clients Customers are “clients”. One-to-one marketing. Build relationship with current customers. Continuous transactions. Increase share of customers. Differentiation based on individual customers. Segmentation based on heterogeneous needs. Long-term strategic focus. Mass customisation. Value-based pricing strategy. Two-way individualised communications. Collaboration.
Source: Ferrell, O. C., Hartline, M. D., & Lucas, G. H. (2002). Marketing strategy (2nd ed.). Mason, Ohio, USA: South-Western, A Division of Thomson Learning
The aim of customer relationship management (CRM) is to produce high customer equity. Customer equity is the total of the discounted lifetime values of all of the firm’s customers. Clearly, the more loyal the customers, the higher the customer equity. Rust, Zeithmal, and Lemon distinguish three drivers of customer equity, namely value equity, brand equity and relationship equity.
and customer perception of brand ethics.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 197 (a) Value equity is the customer’s objective assessment of the utility of an offering. and then into repeat customers. people whom the company acknowledge and give special treatment. in which products are less differentiated and have more emotional impact. Companies use advertising. the members become advocates. and knowledgebuilding programmes. customer attitude towards the brand. The starting point is everyone who might conceivably buy the product or service (suspects). based on perceptions of its benefits relative to its costs. From these the company determines the most likely prospects. and convenience. Subdrivers of relationship equity include loyalty programmes. above and beyond its objectively perceived value. (c) Relationship equity is the customer’s tendency to stay loyal to the brand. Each industry has to define the specific factors underlying each sub-drivers in order to find programmes to improve the value equity. customers who enthusiastically recommend the company and its products and services to others. The ultimate challenge is to turn advocates into partners. Relationship equity is especially important where personal relationships count for a lot and where customers tend to continue with suppliers out of habit or inertia. Figure 11.1 shows the main steps in the process of attracting and keeping customers. The subdrivers of brand equity are customer brand awareness. which it hopes to convert to first-time customers. . and then into clients. price. above and beyond objective and subjective assessment of its worth. Then. The subdrivers of value equity are quality. public relations. The next challenge is to turn clients into members by starting a membership programme that offers benefits to customers who join. and other communication tools to affect these sub-drivers. (b) Brand equity is the customer’s subjective and intangible assessment of the brand. Brand equity is more important than other drivers of customer equity.
New Jersrey. Inc.).198 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP Figure 11.1: The customer relationship process Source: Kotler. Upper Saddle. USA: Prentice-Hall. Marketing management (11th ed. P. . (2003).
1.1 Browse through the following website.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 199 CRM involves a number of stakeholders. whether businesses or individual customers. (c) Lateral Partners Relationships with other stakeholders must also be managed effectively.2 Why is Customer Relationship Management very important to a company and who are the people involved? ACTIvITy 11. those that require considerable “handholding” or who frequently return products are simply too expensive to keep. To make customised marketing mixes viable. 11. . given the low level of profits they generate.1. as stated next. http://www. (b) Supply Chain Partners Virtually all firms buy and sell products upstream and/or downstream in the supply chain. there are three critical issues to be considered.gov/docs/market/mk_sales_rltshpmkt. (d) Customers The end users of a product. Focusing on share of customers requires understanding that all customers have different needs. (a) Employees Firms must manage relationships with their employees if they are to have any hope of fully serving customers’ needs.html to know more about customer relationship marketing. not all customers have equal value to a firm.2 One-to-one Marketing and Mass Customisation One-to-one marketing and mass customisation can be prohibitively expensive to deliver. and therefore. 11. SELf-ChECk 11. as explained in the following paragraphs.onlinewbc. Some customers.1 Increasing Share of Customers Increasing share of customers involves abandoning the old notions of acquiring new customers and increasing transactions to focus more on fully serving the needs of current customers.
3 Why is Customer Relationship Management very important to a company and who are the people involved? Quality refers to a perceived degree of superiority regarding a firm’s goods and services in the eyes of the customers. (a) Core Product The core product is the firm’s justifications for existence the benefits desired by customers. but also in terms of the entire marketing mix. the ability to build and maintain relationships with customers. style. suppliers. not only in terms of product configuration. a firm must be able to fulfill the needs of its customers better than its competitors. such as image. namely the following. a firm must build its relationship capital. and (c) To grow in today’s business environment.2 highlights the components of the total product offering. It must be able to fulfill those needs with high-quality goods and services. prestige and brand. (c) Symbolic Attributes Customers also focus on symbolic attributes. (b) Customer Services Customer services involve activities that add value to the core product. This term is used to describe the idea of giving customers choices. To build relationship capital. offer products that are “value for the money” and achieve a high level of customer satisfaction. distribution and promotion) must be automated to a degree that makes it cost efficient. 11. Quality applies to many different aspects of a firm’s total product offering.200 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP (a) The delivery of the marketing mix (product. . (b) The second critical issue in mass customisation is the notion of personalisation.2 ThE ROLE Of QUALITy IN dEvELOpING CUSTOMER RELATIONShIp SELf-ChECk 11. and partners. Customers expect the core product to be of high quality to meet their needs. Table 11. pricing.
O. USA: South-Western. Mason.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 201 Table 11. Managers must stay in touch with customers by conducting research. C. G. A Division of Thomson Learning Delivering superior quality on a daily basis is one of the most difficult things for an organisation. D. either as a core product or as customer services that add value to a core product. Ohio. (b) Translating Customer Research into Specification for Quality Firms that can successfully convert customer information into quality specifications can ensure that the voice of the customers is heard. Managers must be committed to giving customers what they want and expect.. Research has determined that businesses can improve the quality of their services by considering the following factors. & Lucas.). . Marketing strategy (2nd ed. Successfully achieving specifications depends mostly on the training and motivation of the firm’s employees.2: Components of the Total Product Offering Example • Sprint PCS Wireless Phone • Chevrolet Silverado Pickup Core Product • Communication • Transportation • Hauling/towing Customer Services • Rate plans • Free long distance Symbolic Attributes • Leather slipcase • Changeable faceplates • Financing • “Like a rock” • Service • “Work and fun” department • “Build your own” • Financing • Delivery • Availability • Installation • Financing • Mid-Manhattan location • Restaurants/room service • Executive lounge • John Deere “green” • Nothing rides like a Deere” • Security – “Because a lot is riding on your tires” • “Extraordinary hospitality” • The first “Grand Hotel” • Art-Deco style • John Deere Lawn • Grass cutting Tractor • Michelin Tires • Waldorf Astoria New York City • Tires • Safety • Bed/room Source: Ferrell. to better identify their needs and wants. (2002). H. Hartline. (a) Understanding Customers’ Expectation. Delivery of superior quality begins with a solid understanding of customers’ expectations. Most businesses struggle with improving the quality of service. (c) Delivering on Specifications The ability of managers and employees to deliver quality that is consistent with established specifications is an issue. M. Needs and Wants Improving service quality is the starting point for effective customer relationship management..
2 How can an organisation improve on the quality of the services provided to their customers? To test your understanding. Upstream supply chain partners C. Employees B. lifetime value B. market share E. answer the following exercise. Improving quality has been the hallmark of a successful marketing strategy for many years. 80/20 value D. A. with respect to the degree of quality that can be delivered.1 Complete the following exercise by circling the correct answers. it has determined that the of those customers is too low to warrant added efforts at maintaining a relationship with them. EXERCISE 11. Lateral partners E. relational Value C. relational share . Stockholders When a firm begins to charge high fees for additional services to non-profitable customers. 1. A. Which of the following is not an important stakeholder in customer relationship management? 2.202 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP (d) Promising only What can be Delivered Communications with customers must be honest and realistic. ACTIvITy 11. Downstream supply chain partners D.
TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 203 3. Service quality is not as important as symbolic quality. suppliers. E. B. Core product E. is more important than tangible assets and/or equipment. A. C. or the ability to build and maintain relationships with customers. Service quality is people-driven. market 4. Symbolic attributes C. Which aspect of product quality are customers most likely to take for granted? 5. D. so customer services do not get much attention. Customers do not know what they want in terms of good service. A. Many experts argue that capital. Most businesses have a hard enough time maintaining the quality of their core product. . and partners. relationship C. customer B. one-to-none D. Intangible quality Why do most businesses struggle with improving the quality of customer services? A. Relationship quality D. clientele E. Customer services B. Most businesses do a very poor job of understanding customers’ needs.
obtaining. . and • It can be used to explicitly consider customer perceptions of the marketing mix in the strategy development process. Our premise is that customers will buy from the firm that they see as offering the highest perceived value.3.4 What is the importance of value in developing customer relationship? 11. functional. • Others see value as nothing more than a low price. using and disposing of a given market offering. Value means different things to different people: • Some equate good value with high product quality. and psychological benefits customers expect from a given market offering. • It takes into account every marketing mix element.204 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 11.2. Total customer cost is the bundle of costs customers expects to incur in evaluating.1 Importance of the value An aspect of developing and maintaining solid relationship is to create good value to customers. Total customer value is the perceived monetary value of the bundle of economic. Value is useful because: • It includes the concept of quality. Customer Perceived Value (CPV) is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. and • The most common definition relates customer benefits to costs.3 CREATING vALUE TO dEvELOp CUSTOMER RELATIONShIp SELf-ChECk 11. as shown in Figure 11.
Mason. A Division of Thomson Learning 11. Hartline.2: Determinants of customer-delivered value Source: Ferrell.. The quality of customer service depends on how reliable and responsive the firm is to customer request. C.). O. and (iii) The benefits from experiences include business customers’ interactions with salespeople. & Lucas. training. USA: South-Western. D. G. . M. H. delivery. and on employee characteristics. Ohio. or layaway programmes.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 205 Customer delivered value Total customer value Product value Services value Personnel value Images value Total customer cost Monetary cost Time cost Energy cost Psyhic cost Figure 11.. such as friendliness and empathy. include all of the features possessed by its programmes. as shown in Table 11. (2002). Marketing strategy (2nd ed.3.2 Customer Benefits (a) Customer benefits can include anything that a customer receives in his or her dealings with a firm.3. (ii) The benefits from customer services include installation. (i) The benefits from the quality of the firm’s core products.
(i) Transactional cost includes the immediate financial outlay or commitment that must be made to purchase the product. H. Hartline. The monetary cost of the product comes in two forms. (i) To reduce time and effort. C. are also highlighted in Table 11.. D. transactional cost and life cycle cost. Source: Ferrell. the firm must increase product availability. which include monetary and non-monetary costs.3. & Lucas. (2nd ed. Marketing strategy. Monetary and non-monetary customer costs include anything that the customer must give up to obtain the benefits provided by the firms. Non-monetary cost is the time and effort customers expend to find and purchase goods and services.).. and (ii) Life cycle cost includes any additional costs that customers will incur over the life cycle of the product. Ohio. M. (2002). O. G. Mason. . USA: South-Western. A Division of Thomson Learning (b) Customer costs. and (ii) They must make it more convenient for customers to purchase the firm’s products.206 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP Table 11.3: Components of Customer Benefits and Customer Cost Customer Benefits Core Product Quality • Product feature • Brand name • Styling and design • Durability • Ease of use • Image • Reputation • Warranties and guarantees Customer Service Quality • Reliability • Responsiveness • Timeliness • Friendliness of employees Experience-based Quality • Retail atmosphere and decor • Advertising and publicity • Entertainment benefits Customer Costs Minetary Cost (a) Transaction Costs • Retail or wholesale price • Delivery charges • Installation charges • Sales tax • Usage tax • Registration fees • Licensing fees • Additional fees of charges (b) Life cycle Costs • Maintenance costs • Repair cost • Replacement cost Non-monetary Costs • Time • Effort • Risk • Safety and security • Opportunity costs.
. it is to remember that all four marketing mix elements are important to delivering value. that offer customer alternatives for spending their money. SELf-ChECk 11. including quality and value. From a strategic perspective. The marketing manager must understand the different value requirement of each target market and adapt the marketing mix accordingly. or experienced-based quality and/or by reducing monetary or non-monetary cost. can be reduced by offering good basic warranties or extended warranties for an additional charge.1 Satisfaction versus Quality versus value Customer satisfaction is defined as the degree to which a product meets or exceeds the customer’s expectation. a long-term and continuous commitment.4.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 207 Risk. is harder for the firm to control. value and quality. They must also make customer satisfaction measurement. another non-monetary cost. Opportunity cost.4 MAINTAINING CUSTOMER SATISfACTION SELf-ChECk 11.5 What are the differences between transactional cost and life cycle cost? 11. and (ii) Considering all competitors. managers must understand the differences between satisfaction.6 Do you know what it takes to maintain customer satisfaction? To maintain and manage customer satisfaction form a strategic point of view. By altering each element of the marketing mix. the final non-monetary cost. including total budget competitors. customer service. 11. Customers can have expectations about any part of the product offering. Some firms attempt to reduce opportunity cost by: (i) Promoting their products as being the best or by promising good service after the sale. the firm can enhance value by increasing core product.
but dissatisfied with the value. even the best meal in a great restaurant can be viewed as a having poor value if the price is too high in terms of monetary and/ or non-monetary costs. he or she will typically respond based on his or her expectation of the item in question. This happens because of customers’ expectations. price. yet still be dissatisfied with the experience. • Understand What Can Go Wrong An endless number of things can and will go wrong in fulfilling customers’ needs and wants.208 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP Quality is a concept in which customers judge the product on an attribute-byattribute basis. then the customer will be dissatisfied with the food. Rather. The weather. We could even go as far as to judge the quality of the ingredients in the food. Instead. When a customer considers satisfaction. most customers do not make independent judgments about satisfaction.) Value includes other aspects than quality. and being in a bad mood are just a few examples of non-quality and non-value factors that can affect customers’ expectations and cloud their judgments of satisfactions. (Consider a meal at a restaurant. The best strategies will not work when things are simply uncontrollable. 11. drink. effort. we are saying that customers think of satisfaction in more abstract terms than they do quality or value. atmosphere and the service are all important. for example. The quality of the food. It is entirely possible for a customer to be satisfied with the quality of the meal.2 Important Considerations in Maintaining Customer Satisfaction From a strategic point of view. and opportunity costs. The opposite is also true. The quality of that meal stems from specific attributes. Continuing with our restaurant example. even factors that have nothing to do with quality or value. the customer will be dissatisfied with the value. it is entirely possible for a customer to receive the absolute best quality and value. customers think of satisfaction based on the totality of their experience. without overtly considering issues like quality and value. If the quality of the food is not what the customer expected. However. In this case.4. if the value of the meal is not what the customer expected. there are three important considerations in maintaining customer satisfaction. We are not saying that customers do not judge quality or value. time. Note that these are independent judgments. hence their satisfaction can be based on any number of factors. Similarly. . other customers. a bad date.
(a) Lifetime Value of a Satisfaction (LTV) This refers to the net present value of the revenue stream. distribution and promotion must all be managed. A programme to measure customer satisfaction is the cornerstone of customer relationship management. atmosphere. . As long as this holds true. experiences.7 What is the difference between quality and value? 11. need and expect. • Make Customer Satisfaction Measurement an On-going Priority Know what customers want. SELf-ChECk 11. The AOV will increase over time as customer satisfaction increases and customers become more loyal. (b) Average Order Value (AOV) This refers to a customer’s purchase dollars divided by the number of orders over a period of time.4. convenience.3 Tracking Customer Satisfaction SELf-ChECk 11. Core product quality. Companies can better leverage their customer satisfaction programmes by focusing on valuable customers. LTV recognises that some customers are worth more than others. pricing. customer service.8 Do you know what are the methods that are used to track customer satisfaction? Firms which are serious about customer relationship management have adopted robust means of tracking satisfaction that are based on actual customer behaviours. generated by a specific customer over a period of time. (c) Customer Acquisition/Retention Costs It is typically less expensive to retain current customers than to acquire new customers.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 209 • Focus on Issues that are Controllable Managers must focus on issues that can control the marketing mix. a company is better off keeping its current customers satisfied.
The company might be able to increase its profitability through other means than increasing satisfaction (for example. the company is subject to delivering acceptable levels of satisfaction for the other stakeholders. including employees. Spending more to increase customer satisfaction might divert funds from increasing the satisfaction of other “partners”.4 illustrates the tools for tracking and measuring customer satisfaction. (f) Viral Marketing An electronic form of word-of-mouth communication. that is not its main goal. (e) Referrals Dollars that are generated from customers referred to the firm by current customers. the company has many stakeholders. Companies can track customer satisfaction by closely monitoring this on-line commentary. The number of Internet newsgroups and chat rooms where customers praise and complain about companies is staggering. Although the customer-centred firms seek to create high customer satisfaction. given its total resources. Also. A declining referral rate is a cause for concern. Table 11. A declining retention rate is a cause for concern. . Therefore. Ultimately. If a company increases customer satisfaction by lowering its price or increasing its services. suppliers and stockholders. dealers.210 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP (d) Customer Retention Rate This refers to the percentage of customers who are repeat purchasers. manufacturing processes or investing more in R&D). the company must operate on the philosophy that it is trying to deliver a high level of customer satisfaction. the result may be lower profits.
and Whirlpool. to report on strong and weak points experienced in buying the company’s and competitors’ products.. it is also necessary to monitor the customer loss rate. Some customer-centered companies like P&G. O. Marketing strategy (2nd ed.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 211 Table 11. Not only is it important to conduct exit interviews when customers first stop shopping. which is the focus group.4 The focus Group Firms also have another research method at their disposal. in which they are unknown. A Division of Thomson Learning 11.4: Tools for Tracking and Measuring Customer Satisfaction Complaint and Suggestion System A customer-centered organisation makes it easy for customers to register suggestions and complaints. and enter company and competitor sales situations. (i) Focus groups are being used more often in the measurement of customer satisfaction. (2002). establish hotlines with toll-free numbers. Mason. H. & Lucas. (ii) Focus group allows the firm to fully explore the subtleties of satisfaction. While collecting customer satisfaction data.). General Electric. Studies show that though customers are dissatisfied with one out of every four purchases. Companies can hire people to pose as potential buyers. Ohio. less than 5 percent will complain. A variant of this is for managers to phone their own company with questions and complaints to see how the calls are handled. M.4. it is also useful to ask additional questions to measure repurchase intentions and to measure the likelihood or willingness to recommend the company brands to others. Companies are also using Web and E-mail for quick. USA: South-Western. C. Customer Satisfaction Survey Ghost Shopping Lost Customer Analysis Source: Ferrell. to identify the reason(s) behind it. D. twoway communication. G. Companies should contact customers who have stopped buying and have switched to another supplier.. Managers themselves should leave their offices from time to time. These mystery shoppers can even test how the company’s sales personnel handle various situations. and experience the situation firsthand. and . Most customers will buy less or switch suppliers. Hartline. Responsive companies measure customer satisfaction directly by conducting periodic surveys.
Customer Relationship Management (CRM) is the holistic process of identifying.3 If your company is currently promoting a new line of shampoos and conditioners. differentiating and retaining customers. Customer satisfaction is defined as the degree to which a product meets or exceeds the customer’s expectations about the product.2 Tick “True” or “False” in the appropriate boxes. Focus groups are being used more often in the measurement of customer relationship. Non-monetary cost is the time and effort customers expend to find and purchase goods and services. who are the individuals you would select to be part of your focus group? EXERCISE 11. ACTIvITy 11. attracting. True False . Transactional cost includes any additional costs that customers will incur over the life cycle of the product.212 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP (iii) By better understanding the roots of customer satisfaction. marketers should be better able to develop marketing strategies that can meet customers’ needs. Customer services involve activities that add value to the core products. Statements Quality refers to the degree of superiority of a firm’s goods or services.
E. answer the following exercise. Time. B. non-monetary costs. perceived cost. C. D. Opportunity cost The net present value of the revenue stream generated by a specific customer over a period of time. D. Justice C. 1. lifetime metric value.3 Complete the following exercise by circling the correct answers. risks and opportunity cost are all examples of: A. Value D. B. average order value. Value B. lifetime retention value. A. Relationship quality E. Quality C. EXERCISE 11. E. C. . monetary cost. experiential cost. may be defined as a customer’s subjective evaluation of the ratio between a product’s benefits and the costs of acquiring it. viral marketing rate. intangible cost. Which of the following is the most narrowly defined concept in terms of understanding customer expectations? A. Satisfaction D. is referred to as the: A. Quality E. Satisfaction B. Fairness 3. 4. lifetime value of a customer.TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 213 To test your understanding. 2. effort.
SUMMARy • This topic highlights the importance of customer relationship to the firms. • If the quality of goods or services is bad. value is quite useful because it includes the concept of quality but is broader in scope. but is broader in scope. lateral partners and customers). takes into account every marketing mix elements. C. as the definition of each term closely overlaps the other. which statement is false? A. • As a guiding principle of marketing strategy. B. • Customer satisfaction can also include any number of factors that have nothing to do with quality or value. E. Value takes into account every marketing mix elements. D. Value can be used to organise the internal aspects of marketing strategy. • Customer relationship management involves all the stakeholders (employees. quality is a double-edged sword. Value includes the concept of quality. • When it comes to developing and maintaining customer relationships. and can be used to explicitly consider customer perceptions of the marketing mix in the strategy development process. • Customer satisfaction is typically defined as the degree to which a product meets or exceeds the customer’s expectations. .214 TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 5. Value can be used to explicitly consider customer perceptions of marketing mix variables. • Satisfaction is typically judged by customers within the context of the total experience. • How is customer satisfaction different from value and quality? The answer is not obvious. Value is easy to define because it means the same thing to everyone. • The second important aspect of developing and maintaining solid relationships is to create good value for customers. the organisation obviously has little chance of satisfying customers or maintaining relationships with them. supply chain partners. not just with respect to quality and value. With respect to value.
TOPIC 11 DEVELOPING CUSTOMER RELATIONSHIP 215 Brand equity Customer benefits Customer costs Customer perceived value (CPV) Customer relationship management (CRM) Customer satisfaction Focus group Monetary cost Opportunity cost Quality Relationship equity Total customer value Value Value equity .