IDEAS home Printed from https://ideas.repec.org/a/url/upravl/v15y2024i2p96-107.html
   My bibliography  Save this article

Impact of customer service on brand value and efficiency of a company’s marketing funnel

Author

Listed:
  • Vladimir V. Syropyatov

    (Saint Petersburg University, Saint Petersburg, Russia)

  • Igor A. Arenkov

    (Saint Petersburg University, Saint Petersburg, Russia)

Abstract

Customer service is a significant factor in creating brand value, however it is still poorly understood how it relates to customer behaviour and efficiency of a company’s marketing funnel. The paper attempts to examine this relationship within the Fintech industry. Methodologically, the study rests on the postulates of marketing theory on customer experience management and a company’s brand value co-creation. Among the research methods is primary data statistical processing through the A/B testing. Empirical data come from a Nigerian fintech company’s internal reports on customer behaviour and cover information collected by customer support. The A/B testing on a sample of 1,964 customers showed a 14.2% conversion in the test group provided with a tailored customer service, which is 3.96 percentage points in absolute terms, or 38.7% in relative terms, higher than in the control group with a conversion of 10.2%. Our experiment demonstrated a statistically significant difference (97.7%) between the groups, thus demonstrating the effectiveness of the targeted customer service in improving customer conversion metrics. The theoretical and practical findings confirm the hypothesis that customer service is a co-creator of brand value, and this impact can be utilized to enhance the efficiency of the company’s marketing funnel. The authors plan further research into the applicability of the methodology to customers in other countries and sectors.

Suggested Citation

  • Vladimir V. Syropyatov & Igor A. Arenkov, 2024. "Impact of customer service on brand value and efficiency of a company’s marketing funnel," Upravlenets, Ural State University of Economics, vol. 15(2), pages 96-107, May.
    • Handle: RePEc:url:upravl:v:15:y:2024:i:2:p:96-107
    DOI: 10.29141/2218-5003-2024-15-2-7
    as

    Download full text from publisher

    File URL: https://upravlenets.usue.ru/images/108/7.pdf
    Download Restriction: no
    File URL: https://upravlenets.usue.ru/en/issues-2024/1575
    Download Restriction: no
    File URL: https://libkey.io/10.29141/2218-5003-2024-15-2-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Gupta, Shaphali & Ramachandran, Divya, 2021. "Emerging Market Retail: Transitioning from a Product-Centric to a Customer-Centric Approach," Journal of Retailing, Elsevier, vol. 97(4), pages 597-620.
    2. Kevin Lane Keller, 2016. "Reflections on customer-based brand equity: perspectives, progress, and priorities," AMS Review, Springer;Academy of Marketing Science, vol. 6(1), pages 1-16, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mahabubur Rahman & M. Ángeles Rodríguez-Serrano & Mary Lambkin, 2019. "Brand equity and firm performance: the complementary role of corporate social responsibility," Journal of Brand Management, Palgrave Macmillan, vol. 26(6), pages 691-704, November.
    2. Sarker, Moniruzzaman & Mohd-Any, Amrul Asraf & Kamarulzaman, Yusniza, 2021. "Validating a consumer-based service brand equity (CBSBE) model in the airline industry," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    3. Bargoni, Augusto & Santoro, Gabriele & Messeni Petruzzelli, Antonio & Ferraris, Alberto, 2024. "Growth hacking: A critical review to clarify its meaning and guide its practical application," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    4. Faheem Ahmad Khan & Arslan Ahmad Siddiqi & Muhammad Umer Quddoos & Mazhar Iqbal & Muhammad Adeel, 2023. "Social Media Advertising and Brand Image: Unraveling the Mystery Box," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 12(4), pages 399-408.
    5. Oliver Cruz-Milán, 2023. "Loyalty in the time of COVID-19: A review of the literature in tourism destination settings," Post-Print hal-04014427, HAL.
    6. Cardoso, Lucília & Dias, Francisco & de Araújo, Arthur Filipe & Andrés Marques, Maria Isabel, 2019. "A destination imagery processing model: Structural differences between dream and favourite destinations," Annals of Tourism Research, Elsevier, vol. 74(C), pages 81-94.
    7. Agnieszka Zablocki & Bodo Schlegelmilch & Michael J. Houston, 2019. "How valence, volume and variance of online reviews influence brand attitudes," AMS Review, Springer;Academy of Marketing Science, vol. 9(1), pages 61-77, June.
    8. Vladimir Valerevich Syropyatov, 2023. "Leveraging Customer Service Support to Enhance Brand Value and Corporate Performance: Evidence from the Fintech Industry ," GATR Journals jfbr217, Global Academy of Training and Research (GATR) Enterprise.
    9. Roggeveen, Anne L. & Rosengren, Sara, 2022. "From customer experience to human experience: Uses of systematized and non-systematized knowledge," Journal of Retailing and Consumer Services, Elsevier, vol. 67(C).
    10. Morimura, Fumikazu & Sakagawa, Yuji, 2023. "The intermediating role of big data analytics capability between responsive and proactive market orientations and firm performance in the retail industry," Journal of Retailing and Consumer Services, Elsevier, vol. 71(C).
    11. Paul, Justin, 2019. "Masstige model and measure for brand management," European Management Journal, Elsevier, vol. 37(3), pages 299-312.
    12. Teresa Borges-Tiago, Maria & Santiago, Joanna & Tiago, Flavio, 2023. "Mega or macro social media influencers: Who endorses brands better?," Journal of Business Research, Elsevier, vol. 157(C).
    13. Anatoli Colicev & Ashwin Malshe & Koen Pauwels, 2018. "Social Media and Customer-Based Brand Equity: An Empirical Investigation in Retail Industry," Administrative Sciences, MDPI, vol. 8(3), pages 1-16, September.
    14. Yi Xie & Siqing Peng & Daniel P. Hampson, 0. "Brand user imagery clarity (BUIC): conceptualization, measurement, and consequences," Journal of Brand Management, Palgrave Macmillan, vol. 0, pages 1-17.
    15. Shahzad Khalil & Mirza Ameen ul Haq, 2022. "Enhancing Retail Brand Equity through Consumption Value: The Mediating Effect of Brand Experience," iRASD Journal of Management, International Research Alliance for Sustainable Development (iRASD), vol. 4(1), pages 114-126, March.
    16. Bastian Atzger & Elisabete S. Sá & Joaquim Silva, 0. "Exploring sources of voter-based political human brand equity," Journal of Brand Management, Palgrave Macmillan, vol. 0, pages 1-14.
    17. Larisa Kovalenko & Alina Sorescu & Mark B. Houston, 2022. "What brand do I use for my new product? The impact of new product branding decisions on firm value," Journal of the Academy of Marketing Science, Springer, vol. 50(2), pages 338-365, March.
    18. Rajesh Sharma, 2020. "Building Consumer-based Brand Equity for Fast Fashion Apparel Brands in the Indian Consumer Market," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 45(3), pages 337-365, August.
    19. Troiville, Julien, 2024. "Connecting the dots between brand equity and brand loyalty for retailers: The mediating roles of brand attitudes and word-of-mouth communication," Journal of Business Research, Elsevier, vol. 177(C).
    20. Almeyda, Marta & George, Babu, 2020. "Customer-Based Brand Equity For Tourist Destinations: A Comparison Of Equities Of Puerto Rico And The Us Virgin Islands," Journal of Tourism, Sustainability and Well-being, Cinturs - Research Centre for Tourism, Sustainability and Well-being, University of Algarve, vol. 8(2), pages 148-172.

    More about this item

    Keywords

    brand value; value co-creation; Fintech; marketing funnel; customer service; customer journey; Nigeria;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M37 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Advertising

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:url:upravl:v:15:y:2024:i:2:p:96-107. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Victor Blaginin (email available below). General contact details of provider: https://edirc.repec.org/data/usueeru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.