Identify Indirect Customer Value Contribution
In addition to direct value contributions via purchase, customers can also contribute value to a firm indirectly, through referrals, word-of-mouth, feedback, and other forms of influence. These indirect contributions come with their own array of measures – Customer Referral Value (CRV), Customer Influence Value (CIV), and Customer Knowledge Value (CKV), all of which are used, in tandem with CLV, to determine Customer Engagement Value, i.e. a measure of total value contributed by customer engagement with a firm. An additional, attitudinal metric – Customer Brand Value (CBV) – harnesses all of these values to determine the value that the customer attaches to the brand (Kumar, V. (2013)).
Customer Engagement Value Framework