Customer engagement: a new frontier in customer value management

Beckers, Sander F. M.; Risselada, Hans; Verhoef, Peter C.

doi:10.4337/9780857938855.00012

Cited by 20 publications

(19 citation statements)

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“…Customer engagement has changed customer-firm interactions, prompting companies to undertake proactive efforts to initiate and manage customer engagement behaviors (Beckers et al 2014). With this study, we investigate the financial consequences of firm-initiated customer engagement, i.e., explicit company strategies to stimulate customer engagement behaviors, and also shed light on the mechanisms that drive this impact.…”

Section: Discussionmentioning

confidence: 99%

“…Academic research on the firm value consequences of firminitiated customer engagement campaigns is limited to date, however, with the existing literature instead focusing on conceptualizing customer engagement and its antecedents and consequences (e.g., Beckers et al 2014;Brodie et al 2011;Pansari and Kumar 2017;Verhoef et al 2010). A noted exception is the study of Kumar and Pansari (2016), who find that customer engagement has a positive effect on company performance.…”

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confidence: 87%

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Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value

Beckers¹,

Doorn

Verhoef

2017

J. of the Acad. Mark. Sci.

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240

209

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In today's connected world, customer engagement behaviors are very important. Many companies launch initiatives to stimulate customer engagement. However, despite evidence that customer engagement behavior also matters to shareholders, academic research on the firm value consequences of customer engagement campaigns is limited. This study is the first to investigate the value-related consequences of firm-initiated customer engagement behaviors, using shareholder evaluations of the public announcements of such initiatives. We find that companies' customer engagement initiatives, on average, decrease market value, which is likely because the shareholders are sensitive to the risk of these initiatives backfiring. Nevertheless, initiatives that stimulate word-of-mouth are viewed less negatively than initiatives that solicit customer feedback, as are initiatives that are supported by social media. Companies that operate in a competitive environment or do not advertise much can create value by stimulating customer engagement, while companies with a strong corporate reputation are likely to not benefit from it.

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Section: Discussionmentioning

confidence: 99%

mentioning

confidence: 87%

Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value

Beckers¹,

Doorn

Verhoef

2017

J. of the Acad. Mark. Sci.

Self Cite

240

209

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show abstract

“…(p. 133). This approach has been extended, especially as the digital and social media revolution has strengthened the importance of customer engagement behavior, as customers become active co-producers of value or destroyers of value for firms (Beckers, Risselada, and Verhoef 2014;Leeflang et al 2014;Van Doorn et al 2010;Verhoef, Reinartz, and Krafft 2010). (p. 253).…”

Section: Customer Engagementmentioning

confidence: 99%

Understanding Customer Experience Throughout the Customer Journey

Lemon

Verhoef

2016

Journal of Marketing

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3,424

3,399

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Understanding customer experience and the customer journey over time is critical for firms.Customers now interact with firms through myriad touchpoints in multiple channels and media, and customer experiences are more social in nature. These changes require firms to integrate multiple business functions, and even external partners, in creating and delivering positive customer experiences. In this article, the authors aim to develop a stronger understanding of customer experience and the customer journey in this era of increasingly complex customer behavior. To achieve this goal, they examine existing definitions and conceptualizations of customer experience as a construct, and provide a historical perspective of the roots of customer experience within marketing. Next, they attempt to bring together what is currently known about customer experience, customer journeys and customer experience management. Finally, they identify critical areas for future research on this important topic.

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“…According to Bowman and Narayandas (2001), CICs encompass “inquiries about a product’s use, availability, and reformulation; request for refunds; and complaints about performance” (p. 282); however, as Bowman and Narayandas note, complaints have been the most widely analyzed of all CICs. However, other types of CICs, such as those related to getting information on the firm’s products and services, are increasingly prevalent in the marketplace (Bolton 1998; Bowman and Narayandas 2001), as customers are willing to become more involved in the company’s activities (Beckers, Risselada, and Verhoef 2013) and have become central to the development of successful customer-firm relationships (Wiesel, Pauwels, and Arts 2011). Thus, in this research, we focus on customer informational inquiries (CIIs) about the company’s products and services—that is, any contact initiated by the customer with the purpose of gathering information on the products and services (prices, performance, expert opinion, etc.).…”

Section: Introductionmentioning

confidence: 99%

Customer-Firm Interactions and the Path to Profitability

Cambra‐Fierro

Polo

Sesé

et al. 2017

Journal of Service Research

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This study investigates a chain of effects to understand the causal path from customer informational inquiries (CIIs) and firm-initiated contacts (FICs) to customer profitability. Drawing on social exchange theory, our framework identifies a set of attitudinal (perceived relationship investment and relationship quality), behavioral (customer cross-buy and service usage), and financial (customer profitability) consequences of CIIs and FICs and also explores the extent to which customer-perceived financial risk and customer involvement shape attitudinal reactions to CIIs and FICs. Using longitudinal data for a sample of 1,990 customers measured in four different periods, the framework is tested in financial services by applying seemingly unrelated regression techniques. Our results reveal that FICs and CIIs are a particularly valuable tool for strengthening the relationship with customers with a low level of involvement but high perception of financial services risk. For highly involved customers, FICs and CIIs are not very effective; CIIs can even backfire if the customer also perceives the risk to be low. Our results highlight the importance of market segmentation for marketers to more effectively manage when and to whom they should target marketing activities (FICs) and steer CIIs.

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Customer engagement: a new frontier in customer value management

Cited by 20 publications

References 0 publications

Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value

Good, better, engaged? The effect of company-initiated customer engagement behavior on shareholder value

Understanding Customer Experience Throughout the Customer Journey

Customer-Firm Interactions and the Path to Profitability

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