December 2002
Intermediate to advanced
848 pages
20h 22m
English
Content preview from The Six Sigma Handbook, Revised and Expanded, 2nd Edition
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3.3. CALCULATING THE VALUE OF RETENTION OF CUSTOMERS
Customers have value. This simple fact is obvious when one looks at a customer making a single purchase. The transaction provides revenue and profit to the firm. However, when the customer places a demand on the firm, such as a return of a previous purchase or a call for technical support, there is a natural tendency to see this as a loss. At these times it is important to understand that customer value must not be viewed on a short-term transaction-by-transaction basis. Customer value must be measured over the lifetime of the relationship. One method of calculating the lifetime value of a loyal customer, based on work by Frederick Reichheld of Bain and Co. and the University of Michigan's ...
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