Customer Analytics Part II
Customer value management rests on the idea of allocating resources differently according to the characteristics of different customers. The basis of this differential resource allocation is the economic value of the respective customer to the firm. Thus, before one can start to manage customers, one must have developed a thorough understanding of how to compute the value contribution each customer makes to a firm. Various economic concepts and procedures have been developed that help us to achieve this. Chapter 5 proceeds to conceptualize strategic metrics of customer value and introduces popular customer selection strategies and techniques to evaluate these strategies.
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