{"id":45,"date":"2021-05-19T15:22:41","date_gmt":"2021-05-19T15:22:41","guid":{"rendered":"http:\/\/vkclv.resourz.net\/?page_id=45"},"modified":"2021-06-03T06:03:20","modified_gmt":"2021-06-03T06:03:20","slug":"select-case-studies","status":"publish","type":"page","link":"https:\/\/www.vkclv.com\/index.php\/select-case-studies\/","title":{"rendered":"Select Case Studies"},"content":{"rendered":"\t\t
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SELECT CASE STUDIES<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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FROM REAL WORLD IMPLEMENTATION<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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We know that CLV is a construct and metric that can enable firms to maximize customer profitability and augment firm and shareholder value. But how does this actually work in the real world? The following two case studies demonstrate the practical value of implementing CLV strategies, integrating extant marketing theory within each firm-specific context.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Case Study: IBM<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The business problem:<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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IBM, a leading multinational, high-tech, B2B firm, faced challenges regarding the effectiveness of its customer contact strategy. Throughout the 1990s, they relied on a Customer Spending Score (CSS) to prioritize marketing communications to high-value customers. But this approach was soon abandoned, as it only focused on revenues and neglected the service costs. As an alternative, a CLV-based strategy was considered for scoring customers. In this regard, the following business challenges were identified (Kumar,<\/strong>\u00a0V.<\/strong>, Rajkumar Venkatesan, Timothy R. Bohling and Denise Beckmann (2008)):<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u00a0\u2022 Which customers to select for targeting<\/p>

\u2022 Is there a way to determine the level of resources to be allocated to those customers?<\/p>

\u00a0\u2022 How can the selected customers be nurtured in order to increase future profitability?<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The solution:<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Using data pertaining to IBM\u2019s mid-market customers, a customer lifetime value (CLV) management framework was proposed and implemented in two stages. In the first stage, several models were developed to generate inputs for implementation. In the second stage, a field study was conducted based on recommendations from the models developed in the first stage. The CLV management framework is intended to guide the marketing activity directed towards customers each year.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Stage 1 of the CLV framework comprised of the following 4 phases<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Phase I:<\/strong>\u00a0<\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Defined, and developed a model to measure CLV for each customer.<\/p>

Phase II:\u00a0<\/strong><\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Conducted a prediction exercise to compare the performance of customer\u2019s rank ordered based on the traditionally used metrics with that of CLV.<\/p>

Phase III:\u00a0\u00a0<\/strong><\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 To maximize CLV, an optimal contact strategy was developed to allocate communication resources (i.e., channels of communication such as telephone, catalog, email, and direct mail) to each customer.<\/p>

Phase IV<\/strong>:\u00a0<\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Propensity models were built for each product category to identify the product to feature in addition to the CLV measure which helps to select the customers for targeting, and the optimization process which suggests the contact strategy.<\/p>

Stage 2 of the CLV framework comprised of the following 2 phases.<\/p>

Phase V:\u00a0<\/strong><\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Customers were split into two groups- (1) not contacted so far (Not Contacted until 2004<\/em>\u00a0group), and (2) previously contacted (Contacted by 2004<\/em>\u00a0group).\u00a0 Marketing contacts were then reallocated to align resources to the high CLV customers.<\/p>

Phase VI:\u00a0\u00a0<\/strong><\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Customers with potential for higher CLV but not contacted so far \u2013 i.e. the Not Contacted until 2004<\/em>\u00a0group — were contacted in 2005 as per the recommendations of the CLV based approach. The performance of this group of customers was compared between the years 2004 and 2005 to illustrate the impact of the model recommendations. Further, the model recommendations were evaluated even for the intersection of the \u201cContacted by 2004<\/em>\u201d group and the\u00a0Contacted in 2005<\/em>\u00a0group to see if the suggested approach missed out on existing source of revenues. In other words, it was determined whether the recommendation that a certain customer be contacted in 2005, did in fact yield a higher revenue than the customers who were not contacted.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The impact:<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The results revealed that, on average, the revenue from the customers who were\u00a0Not<\/em>\u00a0Contacted Until 2004<\/em> but contacted in 2005 increased by 10 times (across all customers) as shown in the figure below.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The net result was higher revenues, and higher value in 2005 (versus 2004) for the No Contact until 2004 but Contacted in 2005 group of customers. The total increase in revenues for the \u201cNo Contact until 2004 but Contacted in 2005\u201d group of customers is about $19.2 million dollars. The following figure illustrates this finding.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The total revenue from the customers who were contacted in 2004 and 2005 (based on the model recommendations) was over 750 million dollars (after accounting for the direct marketing expenses). Therefore, the proposed model recommendations did not miss out on identifying existing sources of revenues but also identified new sources of revenues. The reallocation of marketing resources led to about a 3% increase in profits from 2004 to 2005 for the mid-market customers from contacting only 1% of the IBM customers. The impact of the CLV-based campaign on the profitability of mid-market customers has accelerated the adoption of the CLV management framework for other customer segments in IBM.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Understanding Customer Contributions<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The Concept of Customer Lifetime Value<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How can CLV benefit firms?<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Typical Drivers of CLV<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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How can CLV be maximized?<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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CLV Models<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Reference<\/u><\/strong>
Kumar,<\/strong>\u00a0V.<\/strong>, Rajkumar Venkatesan, Timothy R. Bohling and Denise Beckmann (2008), \u201cThe Power of CLV: Managing Customer Lifetime Value at IBM,\u201d Marketing Science, Vol. 27 (4), pp. 585-599.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Case Study: Fashion Retailer<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The business problem:<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A leading fashion retailer that sells apparel, shoes and accessories, for both men and women wanted to maximize their overall profitability by maximizing individual customer profitability, and deploy various customer level and store level marketing strategies. Specifically, the following challenges were identified (Kumar, V.<\/strong>, Denish Shah, and Rajkumar Venkatesan (2006)):<\/p>

\u2022 Develop a suitable metric to measure and manage customer level profitability
\u2022 Identify the right metric to manage customer loyalty<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The solution:<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A seven-step approach was adopted to answer the identified business challenges. To do so, a large sample of over 300,000 customers that made purchases from the retailer\u2019s 30 retail outlets in USA between 2001 and 2004 was considered from the retailer\u2019s customer database.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Step One:<\/strong>\u00a0<\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0The first step was focused on evaluating the effectiveness of loyalty measures that the retailer was using. The retailer was using regularity of purchase, frequency of purchase, and tenure as an indicator of loyalty. A correlation study was done in order to test the effect of these measures of loyalty on the observed future profitability of the customers. The results showed the correlation to be very weak between the regularity and frequency of purchase and the future profitability of the customer. In light of this finding, the CLV metric was identified a more accurate predictor of future customer profitability.<\/p>

Step Two:<\/strong>\u00a0<\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0The CLV for each customer was computed. To do so, the purchase frequency, contribution margin, and the marketing cost were estimated independently using appropriate models, and the resulting predictions from the three models were combined to arrive at a single value that represented the CLV in dollar terms.<\/p>

Step Three:<\/u><\/b>\u00a0<\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0The computed CLV scores were used to rank-order all customers into deciles, where each decile represented 10% of the customer base. Based on the distribution of average CLV across deciles, the customer base into three segments: high CLV (comprising of Deciles 1 and 2), medium CLV (comprising of Deciles 3, 4, and 5) and low CLV (comprising of Deciles 6, 7, 8, 9, and 10). As illustrated in the figure below, it was observed that the top 20% of the customers accounted for 95% of the retailers\u2019 profits, and the bottom 30% of the customers was actually creating losses for the retailer.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Step Four:<\/strong><\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Given the CLV distribution score across customers, the areas where the retailer can derive maximum customer profitability were identified. This corresponded to identifying the following drivers of CLV (i.e., relationship duration and the variables used to compute the contribution margin and purchase frequency).<\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2022 Amount spent across all shopping channels (or multichannel shopping)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2022 Tenure of purchase with the retailer
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2022 Amount spent in a specific product category
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2022 Number of different product categories purchased (or cross-buying)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2022 Number of products returned by the customer between two purchases<\/p>

Step Five:<\/strong>\u00a0<\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0The effectiveness of each of the drivers was demonstrated. This was done by increasing the magnitude of each driver by 15% for the high CLV customers, and the corresponding expected increase in CLV in each customer was measured. For instance, by increasing the cross-buying behavior of high CLV customers by 15%, their CLV increased by 20%. The impact of the change in the CLV drivers is illustrated in the figure below.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Step Six:<\/strong>\u00a0<\/span><\/p>

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 A profile analyses of the customers were performed for the high and low CLV groups (as shown in the table below). Based on the profile analyses, several segment-specific marketing strategies that were recommended to the firm.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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In the final step, the performance of each outlet of the retailer was evaluated using the CLV metric by assigning customer value weights to each store. Further, the stores were rank-ordered based on the sum of the lifetime value of the customers and their past revenue.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The impact:<\/em><\/strong><\/p>

Based on the store profitability analysis, the rank-order of the 30 outlets based on their lifetime value differed significantly from the rank-order based on past revenue. A similar discrepancy was observed when the past and future revenues of the customers were compared. This clearly shows that firms cannot rely on past store performance. The following table provides the comparison of store performance based on revenue and profitability (for the top 10 stores).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Comparison of store performance based on revenue and profitability<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A key study implication corresponded to the acquisition and retention of the right customers. For instance, it was found that the store manager should not spend more than $176 per customer (on an average) for a customer to ensure a profitable lifetime duration with the customer. In acquiring new customers, this study identified that managers can refer to the profile of a typical high CLV customer and look for new customers with similar profiles, and prioritize their resources on these customers. In addition, this study identified other important tactical and strategic implications that retailers can use to manage and maximize customer profitability as well as store profitability.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Reference<\/u><\/strong>
Kumar, V.<\/strong>, Denish Shah, and Rajkumar Venkatesan (2006), \u201cManaging retailer profitability\u2014one customer at a time!,\u201d\u00a0Journal of Retailing<\/em>, 82 (4), 277-94.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t<\/i>\t\t\t<\/span>\n\t\t\t\t\t\tHow Can CVL Be Maximized?<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t<\/i>\t\t\t<\/span>\n\t\t\t\t\t\tCLV Models<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

SELECT CASE STUDIES FROM REAL WORLD IMPLEMENTATION We know that CLV is a construct and metric that can enable firms to maximize customer profitability and augment firm and shareholder value. But how does this actually work in the real world? The following two case studies demonstrate the practical value of implementing CLV strategies, integrating extant […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-45","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/pages\/45","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/comments?post=45"}],"version-history":[{"count":105,"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/pages\/45\/revisions"}],"predecessor-version":[{"id":2518,"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/pages\/45\/revisions\/2518"}],"wp:attachment":[{"href":"https:\/\/www.vkclv.com\/index.php\/wp-json\/wp\/v2\/media?parent=45"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}