Customer Value Is Not Just Created, It Is Formally Managed
The definition of customer value and its conceptualization can be complex. There is a confusion in the term itself but also in the sequence of creating, quantifying, and capturing value. This article intends to clarify the difference between the three steps of customer value management. It posits that customer value management needs to be a formal process in organizations and that this process needs to be formally managed as well. In order to do so, organizations need to focus on the development of customer value management capabilities across the three stages of the customer value management process: creation, quantification, and capture. Customer value is not just created. It needs to be managed.