ایجاد ارتباط بین ارزش طول عمر مشتری با ارزش سهام

The measurement of customer lifetime value has become a key issue for developing and maintaining long-term profitable customer relationships. It plays a significant role in customer acquisition and retention decisions. Given the growing importance of creating value for shareholders, market strategies have to be evaluated by their capacity to achieve this goal. Accordingly, both the acquisition and maintenance of customers must result in superior cash flows and augmented shareholder value. However, little attention has been paid to the link between customer lifetime value and shareholder value. The authors of this paper provide a conceptual framework for linking customer lifetime value to shareholder value. It is argued that customers have to be treated as assets that increase shareholder value by accelerating and enhancing cash flows, reducing cash flow volatility and vulnerability and increasing the residual value of the firm.

With the growing importance of shareholder value as a guiding principle for managing a firm, traditional performance yardsticks have come under scrutiny. It is argued that accounting-based profitability measures do not adequately reflect the value of a firm. The main reasons are that (1) accounting methods differ widely, (2) risks are not adequately taken into account, (3) investment requirements are ignored, (4) dividend policy is not reflected and (5) the time value of money is ignored [1]. It is generally agreed that the market value of a firm emanates from the net present value (NPV) of future cash flows generated by the firm's assets, discounted at an appropriate interest rate and adjusted for inflation and risk [2]. Hence, proponents of the shareholder value approach claim that strategies and initiatives must be evaluated against the NPV of the cash flows they generate. Marketers, however, have been reluctant to adopt this approach [3] and [4]. There are only a few studies that deal with the relationship between marketing activities and shareholder value in terms of the underlying concept [3], [4] and [5] or with respect to measurement issues [6], [7], [8], [9] and [10]. This can be attributed to the lack of a comprehensive, coherent and integral framework that helps marketers in assessing the value of marketing activities, as well as in measuring and communicating outcomes of marketing activities in terms of shareholder value [3]. This is also true of the customer lifetime value. Customer valuation has become an important issue, given the rise of relationship marketing. Several measures of customer profitability have been developed [11]. Nevertheless, the link between customer lifetime value and shareholder value has not yet been fully investigated. Beginning with the work of Srivastava et al. [3], this paper develops a conceptual framework for the assessment of customer profitability based on their contribution to shareholder value. It is organized as follows: First, the notion of customer lifetime value and requirements for its computation is discussed. Then a framework for a shareholder-value-oriented measurement of customer profitability is presented. It is argued that customers have to be seen as assets that may positively contribute to the shareholder value by accelerating and enhancing cash flow, reducing its volatility and vulnerability and increasing the residual value of the firm. Finally, the link between the four components of customer lifetime value and the drivers of shareholder value is explored.

A framework was developed to analyze the relationship between customer lifetime value and shareholder value. It is based on four processes that drive shareholder value, namely (1) increasing cash flow, (2) accelerating cash flow, (3) reducing cash flow volatility and vulnerability and (4) increasing the residual value of the firm. It has been shown how the four components of customer lifetime value are related to these drivers. As this relationship is fairly complex, only the most important linkages have been analyzed. The intention was to present a framework for analysis rather than an exhaustive assessment of all the linkages. It is obvious that customers differ in their contribution to shareholder value. The framework developed in this paper should be seen as a practical approach to shareholder-value-based customer valuation. It allows marketing practitioners to allocate resources in a way that is more shareholder value oriented than traditional methods.