Defining, Measuring, and Managing Business Reference Value

V. Kumar · J. Andrew Petersen · Robert P. Leone

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Customer Service Quality and Loyalty Marketing and Advertising Strategies Customer churn and segmentation

Abstract

It is common for business-to-business firms to use references from client firms when trying to influence prospects to become new customers. In this study, the authors define the concept of business reference value (BRV) as the ability of a client's reference to influence prospects to purchase and the degree to which it does so. They develop a three-step method to compute BRV for a given client using a retrospective reported measure of reference value. Next, they use data from a financial services and a telecommunications firm to identify and empirically test the drivers of BRV. These drivers fall into four categories: (1) length of client relationship, (2) client firm size, (3) reference media format, and (4) reference congruency. Next, the authors empirically show that clients that have the highest BRV are not the same as the clients that have the highest customer lifetime value. They also show that an average client that is high on BRV has significantly different characteristics from the average client that is low on BRV. Finally, they derive implications for managing BRV.

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References

1974Judgment under Uncertainty: Heuristics and Biases 1975Judgment under Uncertainty: Heuristics and Biases 1994The Commitment-Trust Theory of Relationship Marketing 1973Job Market Signaling 1983Limited-dependent and qualitative variables in econometrics 1986Organizational Information Requirements, Media Richness and Structural Design 1997Social Structure and Competition in Interfirm Networks: The Paradox of Embeddedness 2010Signaling Theory: A Review and Assessment

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