Abstract
Though firms are making substantial investments in the customer journey (CJ), the return on these investments remains tenuous, yielding a critical need for enhanced CJ-related accountability. Addressing this gap, we develop the concept of ‘customer journey value’ (CJV), defined as the perceived value of a customer’s journey to the customer and the firm, which facilitates the development of accountability in this regard. We also develop a social exchange theory-informed framework of CJV, which proposes customer- and firm-based customer engagement value (CEV) as core CJV antecedents. In turn, CJV is predicted to yield the customer-based consequences of attitudinal and behavioural brand loyalty and the firm-based consequences of enhanced customer lifetime value, as formalized in a set of propositions based on the framework. We conclude by outlining pertinent implications that arise from our analyses.
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About the Journal of Creating Value
The Journal of Creating Value is a refereed, professional journal focused on creating value synergistically for a broad set of societal stakeholders, including customers, employees, suppliers, communities, governments, media, civil society organizations, etc. using, for example multi-capital and other perspectives. The audience for the journal includes academia, researchers, professionals, community and government agencies, business and industry.
The peer-reviewed journal welcomes submissions that cover either or both the science and the art of Customer Value Creation. The science encompasses issues of logic, and associated rational factors, data and cases. The art covers emotional and social factors, including the psychological and human factors necessary to harness and align the passion of everyone in an enterprise.
The Journal of Creating Value exists to provide a focus for information and debate about this new dynamic, which includes the imperative to shift from ‘Command and Control’ to ‘Connect and Inspire’ customer-led management practices.
This journal is a member of the Committee on Publication Ethics (COPE).
The JCV has Phil Kotler, Jag Sheth, Steve Vargo, Youji Kohda, Christian Gronroos, Hermann Simon. Jim Spohrer, V. Kumar and others on the Board.
About the Creating Value Alliance
The Creating Value Alliance (CVA) was established in 2019, founded by Gautam Mahajan and Professor Peter Stokes
It was born from a desire to galvanize the growing interest, and evolving ideas, around value creation (VC). The CVA aims to create a forum for people and organizations interested in adopting, developing and, most importantly, implement VC.
The Creating Value Alliance (CVA) promotes the Global Conferences on Creating Value and the Journal of Creating Value.
We are associated with the following institutions:
- The Centre for Social Value Creation at the U of Maryland
- The Value Creation Wheel Lab at Nova School of Business and Economics in Lisbon, Portugal.
- The Value School at Kobe University, Japan
- The Creating Value School at Japan Advanced Institute of Science and Technology
- The Value Research Center at Doshisha University, Japan
- The Creating Value Centre, Denmark
- The Madden Center for Value Creation at Florida Atlantic University, USA
The Creating Value Alliance is an international association that unites business leaders, policy makers, advisors, and academics. Together we further value creation by governments, institutions, businesses, and individuals through sharing thoughts, knowledge, and good practices on value creation, develop capabilities and to educate, advice and act accordingly. Together we disseminate a Value Creation mindset. The Creating Value Alliance has active members in an increasing number of countries including India, Japan, United States, United Kingdom, France, Denmark, Italy, Poland, Germany, Australia, Netherlands among others.
We help companies and executives to institutionalise value creation in a holistic and focused fashion across the company showing up as differentiation, innovation, business excellence, better pricing discipline, superior values, improved customer focus etc. We wish to help companies do this in an organised manner so that everyone thinks of creating value, especially for the customer and thereby for the company. In essence help business leaders lose sleep over customer data just as they do over the financial data. Therefore, companies and their leadership should capture and use customer data with the same level of understanding, discipline and passion as they have for financial data. We wish to help individual executives think about creating value and how to recognise the value they are or could be creating.
Good article