MANAGING CUSTOMER VALUE (2ND ED) One Step at a Time 2nd Edition – (PDF/EPUB Version)

How do you take an individual who has never done business with your organization and gradually transform them into the best possible customer? How do you decide how much to spend on various marketing actions? How do you think about the pricing decision with a view to optimizing the value of your customers as assets? Where do you start, what tools do you use, and what heuristics are useful in making these decisions? This book attempts to answer questions such as these. The one-sentence summary of the answer, though, is simple — hold the individual’s hands and walk them up a value ladder, one step at a time.

This book is written for an advanced student of business and the practicing manager. It presents an integrated view of the marketing function. In particular, it focuses on all the activities that a firm engages in to create and manage value – not just the customer-facing activities. It links the traditional views of customer value with the finance, accounting, human resources, organizational behaviour, information technology and operations functions of the organization. It draws on the science of behaviour change and the data sciences to present a contemporary view of the customer value function. The content is meant to be prescriptive — it describes a process for value creation and management, yet analytical; theoretical, yet empirically driven. It urges the reader to think about the customer value function to be organized along activities that the firm would like the customers to engage in, not activities that the firm engages in. It presents a framework that is not only conceptually driven but also has a sound mathematical basis.

Contents:

• Preface
• About the Authors
• Part 1:
  • Managing Customer Value
  • Value
  • The Value Ladder
  • Loyalty
• Part 2:
  • Customers as Gambles
  • Behavior Change
  • The Data Revolution
  • The Digital and Social Marketplace
• Part 3:
  • Pricing and Customer Psychology
  • Aligning the Organization
  • A Practitioner’s Guide to Managing Customer Value
• Name Index
• Subject Index

Readership: For graduate students and academics in marketing, business decision-makers and the general public.

If only there had been a Customer Value Movement to counter the Shareholder Value Movement, businesses might be in much better shape today. To redress the balance, there is no better place to start than by reading this book.’ – Rory SutherlandVice-Chair, Ogilvy UK Bestselling author of Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life

‘This book gives any business a series of actionable insights based on scientific thinking for managing the value of their greatest assets — customers!’ – Jonah BergerProfessor, Wharton School at the University of Pennsylvania Bestselling author of The Catalyst, Contagious, and Invisible Influence

‘An excellent treatise for unlocking customer value, one step at a time.’ – Raj SubramaniamPresident & COO, FedEx Corporation

‘Managing Customer Value goes well beyond the boundaries of traditional marketing departments. Soman and Marandi offer a compelling framework of the key issues facing organizations in the 21st century.’ – Leslie JohnProfessor, Harvard Business School

‘This book asks and answers why customers respond differently rather than just giving historical accounts of marketing success. Teaching business history is easy. Teaching us how to frame our programs is the key to this book and to real success.’ – Craig SmithPresident and Managing Director, Marriott (International Division)

‘A great blend of the science and art behind managing customer value.’ – Dipak JainEuropean President, CEIBS (China Europe International Business School)

‘The authors have produced a thorough and original review of leading-edge thinking on the key issue of managing customer value for competitive advantage. This book will challenge simplistic conventions and stimulate practitioners to rethink their approach to this critical area of marketing, which arguably impacts profitability the most in the short and long term. Don’t expect a light read, but the effort will be repaid in full.’ – Charles Brian-BoysCEO, Alchemy Asia

Key Features:

• This book provides a conceptual framework to guide an organization to transform a non-customer into its best customer, and more generally to increase customer value
• It is pragmatic about the tradeoffs managers must make in deciding whether or not a customer is worth investing in
• It provides a summary of templates and a practitioners’ guide for quick reference
• It is largely based on original work done by the authors and others at the Rotman School of Management, and the BEAR [Behavioural Economics in Action at Rotman] research centre at the University of Toronto