Customer Journey Value: A Conceptual Framework

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.

Uncaptured Value in the Business Model: Analysing its Modes in Social Enterprises in the Sustainable Fashion Industry

“…The creation of a BM requires that the SE understands the environmental dynamics concerning the social value to be captured by its beneficiaries, pays attention to all stakeholders (Dobson et al, 2018), provides the necessary product or service value to satisfy its customers (Davies et al, 2019), communicates to the market the needs to be met and the targeted social changes (Rispal, 2016), and generates enough revenue to sustain a competitive advantage. Customer brand engagement with the enterprise reinforces the value proposition perspective of a business focused on something more than profit (Hollebeek et al, 2023;Sugai & Mahajan, 2023). In addition, a BM is dynamic and needs constant innovation to respond to changes in the surrounding business environment.…”