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Successful customer value management: Key lessons and emerging trends

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  • Verhoef, Peter C.
  • Lemon, Katherine N.

Abstract

In the past decade, firms have paid increasing attention to customer value management (CVM). Through customer-centric management systems, firms aim to maximize customer value. In this article, we put forth six important lessons that firms can employ for successful CVM, integrating available research knowledge and best practices: (1) use CVM to improve business performance; (2) ensure that CVM is more customer driven than IT driven; (3) adopt customer lifetime value as a core metric; (4) invest in strong analytical capabilities; (5) understand the key drivers of customer acquisition, customer retention, and customer expansion; and (6) manage channels to create customer value.

Suggested Citation

  • Verhoef, Peter C. & Lemon, Katherine N., 2013. "Successful customer value management: Key lessons and emerging trends," European Management Journal, Elsevier, vol. 31(1), pages 1-15.
    • Handle: RePEc:eee:eurman:v:31:y:2013:i:1:p:1-15
    DOI: 10.1016/j.emj.2012.08.001
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    References listed on IDEAS

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    Cited by:

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    10. Adéla Langerová & Halina Starzyczná & Šárka Zapletalová, 2021. "Using the Analytical Part of CRM in Small and Medium-Sized Enterprises in the Czech Republic," Central European Business Review, Prague University of Economics and Business, vol. 2021(3), pages 67-89.
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