고객 자산과 기업 수익성 간의 관계 (The Relationship between Customer Equity and Firm’s Profitability)

서지정보

· 발행기관 : 한국마케팅학회
· 수록지 정보 : 마케팅연구 / 24권 / 4호 / 35 ~ 65페이지
· 저자명 : 송태호, 김상용, 이장혁

초록

고객과의 관계가 점점 더 중요시되어 고객 지향 마케팅, 관계 마케팅의 패러다임이 부상하고 있는 현재의 시장 상황에서 고객 생애 가치는 기업에게 중요한 의미를 지닌다. 특히 IT기술의 발달에 힘입어 지난 10여 년 간 고객 생애 가치와 관련된 많은 연구가 이루어져왔다. 그러나 대부분의 연구에서 고객 자산과 기업의 수익성 사이에는 긍정적 관계가 가정되었지만, 정작 이들 사이의 관계를 직접적으로 조사한 연구는 거의 없었다. 본 연구에서는 마케팅의 중요한 주제인 고객 자산과 기업 수익성과의 직접적인 관계를 Pareto/NBD 모형에 기반을 둔 BG/NBD 모형을 활용하여 고객 생애 가치 추정 모형을 구현하고, 실증적으로 기업의 수익성과 고객 자산과의 관계조사하여 고객 자산을 기업의 단기적 수익 성과 지표로 활용할 수 있는 가능성을 모색하고자 하였다.
본 연구는 시계열 고객 자산과 기업 수익 데이터에 대한 시계열 분석을 통해 일반적으로 가정되는 고객 자산과 기업 수익성이 유의한 양의 상관관계가 있고, 형성된 고객 자산이 기업 수익성에 미치는 영향 또한 상당 기간 지속되는 이월 효과가 있음을 실증적으로 보여 주었다. 또한, 신규 고객에 의해 형성된 고객 자산은 기업의 단기적 수익성과 유의한 관계가 있는 반면, 기존 고객에 의해 형성된 고객 자산은 상대적으로 기업의 장기적 수익성과 유의한 관계가 있는 것으로 나타났다. 본 연구 결과를 통해서 고객 자산이 기업 수익성에 직접적인 영향을 미치는 것을 실증적으로 확인할 수 있으며, 또한 고객 자산이 기업의 미래 수익 성과를 예측할 수 있는 성과 지표로써 활용될 잠재력을 지녔음을 확인할 수 있다.

영어초록

Customer acquisition and retention are crucial activities for marketers who aim to maximize their company's financial performance both in the short and the long run. Thus researchers have studied this issue of acquisition and retention management through effective and efficient ways. Along with the studies of customer relationship management (CRM), customer lifetime value (CLV) or customer equity (CE) has been naturally considered as one of key performance indicators among practitioners and academics especially thanks to the development of information technology which empowered CLV or CE computing.
Recently, studies for CLV as well as customer value and company value are getting more attention among the researchers and practitioners. The customer value as a result of marketing activities is becoming an answer to the increasing demand for measuring marketing performance and evaluating marketing with respect of accounting perspective. In other words, researchers began to look on the relationship between CLV and firm's financial performance. However, for the last ten years, only a few research papers directly address the issue of relationship between customer equity and profitability of the firm even though the most of customer lifetime value or customer equity research had begun with the assumption of the positive relationship between them.
Our study goes along with the research stream of customer value and we pay our attention to the following issues. First, we highlight the relationship between firm’s profit as a result of marketing activities and CLV that has not been thoroughly explored despite the role of CLV considered as a performance indicator of marketing activities from the financial accounting perspective. Second, we explain the high correlation between firm’s profit and CLV computed based on the BG/NBD model. Finally, we conjecture the strategic implications of CLV as an indicator of firm’s profit based on our findings proving their high correlation.
Our study thus focuses directly on the empirical findings of the relationship between the changes in CLV and those in firm’s profits. We specifically estimate time-series customer transaction data of an Internet shopping mall and hope to suggest a model for firm’s future value or profitability based on the firm’s CLV.


RESEARCH FRAMEWORK

Based on the BG/NBD model we first estimate the individual CLV of each time period and then the customer equity of the company. Next we develop a model for examining the relationship between the estimated firm’s customer equity and firm’s profit of each time period. We analyze the changes or patterns of customer equity and the subsequent changes of firm’s profit based on the time-series data in contrast to the previous research with cross-sectional analysis. We also investigate the differential effects between newly acquired customer equity and incumbents’ already existing customer equity on the firm’s short-term as well as long-term profits by adopting the classification of customer equity. Following Figure show our research framework.
Our empirical findings show that 1) the customer equity has a significant positive effect on the firm's profitability, and 2) this positive effect has been continued over time periods. Furthermore, we suggest the different effects of the customer equity between the newly acquired customer and the retained (already existing) customer. Specifically, the customer lifetime value of the newly acquired customers only affects the short-term profitability whereas that of the retained customers significantly affects the long-term profitability. Therefore, our findings provides customer equity as an appropriate indicator for firm's performance or profitability.

참고자료

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