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고객 자산이 기업 성과에 미치는 동적인 효과: 경쟁 상황의 역할

Dynamic Effect of Customer Equity on Firm Performance: Comparison between Leader and Follower

김지윤|송태호
한국상품학회 (Korean Academy Of Commodity Science & Technology)|2016.04|상품학연구 (Journal of Product Research)|제34권 제2호|pp. 1-10|DOI 10.36345/kacst.2016.34.2.001

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참고문헌

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경쟁기업 성과competitionfirm performancecustomer equity고객 자산고객 생애 가치기업의 상대적 위치customer lifetime valuefirm position
주제분류경영학

초록

기존의 여러 연구들은 고객자산과 기업성과간의 관계를 검증하였다. 하지만 경쟁 구조 하에서의 고객자산과 기업성과간의 관계에 대해 알아본 연구는 드물다. 본 연구에서는 고객자산과 기업성과간의 관계를 검증하였는데 이에 대한 영향요인으로 기업의 크기를 제안하고, 기업의 크기(기업의 시장점유율)에 따른 동적인 효과에 대해 알아보았다. 이동통신 고객의 데이터를 사용하여 분석한 결과, 기업의 크기, 즉 시장점유율에 따른 고객자산과 성과간의 관계가 달라짐을 알 수 있었다. 구체적으로, Berger and Nasr (1998)이 제안한 계약적 상황을 고려한 고객생애가치(CLV)모델을 활용하여 고객 생애 가치 추정 모형을 통해 기업의 크기에 따른 기업의 수익성과 고객 자산과의 관계를 조사하였다. 이를 위해 먼저 기존의 모델들을 바탕으로 고객자산 및 생애가치를 추정하였고, 기업전체의 고객자산을 추정하였다. 다음으로 고객자산과 기업수익성간의 관계를 기업별로 조사하였다. 본 연구에서는 고객 가입 유지 및 비용에 대한 시계열 데이터를 기반으로 각 시기별 고객 자산의 변화 형태와 기업 수익의 변화 형태의 관계에 대한 시계열 분석(time-series analysis)의 비교를 통해 경쟁 상황에 따른 고객 자산의 변화와 기업 수익성의 관계를 조사하였다. 본 연구는 한국의 통신 산업을 대상으로 시계열 고객 자산과 기업 수익 데이터에 대한 시계열 분석을 통해 일반적으로 가정되는 고객 자산과 기업 수익성간의 긍정적 관계가 경쟁 상황(경쟁 위치)에 따라 다를 수 있는 가능성을 실증적으로 보여주었다. 즉, 1위 기업의 경우에는 고객자산이 상당히 안정적으로 기업성과에 영향을 주었으며, 2위 기업의 경우에는 기업성과에 미치는 영향이 거의 없었으나, 이후 경쟁 구조의 변화(번호 이동) 이후 고객자산이 기업수익성에 긍정적인 영향을 주는 것을 확인할 수 있었다. 본 연구 결과를 통해서 고객 자산이 기업 수익성에 미치는 영향력이 기업 특성과 경쟁 상황에 따라 다를 수 있음을 실증적으로 확인하였고, 이를 통해 기업이 고객자산을 활용하는데 있어서 기업이 처한 상황과 환경에 따라 다르게 활용해야함을 보여주었다는 점에서 그 의의가 있다.

Abstract

Several previous studies have verified the relationship between firm performance and customer equity. But little research has examined the relationship between firm performance and customer equity under competition. In this study, we suggest the size of the company (market share of companies) as an influencing factor between firm performance and customer equity and investigate the dynamic effect in terms of firm size. Using mobile telecommunications customer data, the result of analysis shows that the relationship between customer equity and firm performance found to be different in terms of company size. Specifically, based on customer equity models of Berger and Nasr (1998) which is proposed for the contractual conditions, we first estimate the lifetime value of customers of each firm. Thereafter, we determine the customer equity of the company over each period. We develop and employ a time-series model for examining the relationship between the estimated firm’s customer equity and firm profitability of each firm in terms of company size. We later compare the relationship between two firms. We investigate the relationship between customer equity and profitability in terms of competition by comparing the time-series analysis on the relationship between changes in customer equity and profitability in each period based on time series data for considering the customer’s acquisition cost and retention cost. This study empirically shows that possibility of positive relationship between customer assets and profitability is assumed to be normal, may vary depending on the competition (competitive position) through a time series analysis in customer equity and firm profit data for Korean telecommunication industry. That is, in the case of the top company, customer’s equity give a significantly stable effect on corporate performance compared to the 2nd top company but there was little impact on corporate performance. After the change of structure (number portability), we confirm that the customer's equity has a positive impact on the profitability of the company. The result of the present study empirically confirms that the effect of customer equity on the profitability of the company could be different depending on the competitive situation or the characteristics of the company itself. As a result, it has its significance in that it suggests that the company should utilize its customer assets properly depending on the company property and competition intensity.

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