Global Journal of Management and Business Research, E: Marketing, Volume 22 Issue 2

• Social; relates to the impact of consumption on consumers' well-being. • Economics; relates to the impact of consumption on consumers' financial well-being. Sheth et al. (2011) argue that a customer- centric strategy impacts the customer's well-being that needs to be measured tangibly. However, there is the difficulty in quantifying the customer-centricity economic impacts and pointing out marketing metrics as the measure of the success of customer-centricity. c) Customer Centricity and Customer Loyalty Metrics A sustainable stakeholder value is best when focusing on customer loyalty. For example, Peter Drucker (1999) asserts "purpose of business is to create and keep customers." However, not all customers are equal, and in fact, loyal customers are far more profitable. According to Rioux (2020), "Loyal customers lead to growth" (para 1). Moreover, she advocates that increasing customer loyalty leads to "customers becoming brand advocates, increased spending, lower cost to serve, increased purchases of higher-margin products/services, and more customer referrals" (para 8- 19). Also, Skorobogatykh & Shirotchenskay (2019) stress that several key customer behavior metrics exist to evaluate the overall financial impact of a loyalty program. Metrics include "retention; or the incremental percent of current customers who are program members and remain loyal. Lift, or the incremental increase in spending by current customers who are also program members; shift, or the incremental spending from competitors' customers who are program members and start shopping at the business" (p. 198). Furthermore, executives quantitatively evaluate the economic value of implementing a loyalty program using the loyalty math behind 'retention, lift, and shift' to drive an attractive Return on Investment (ROI) (ibid, p. 199). Panthongpraser (2015), quoting performance improvement expert H. James Harrington contends that "measurement is the first step that leads to control and eventually to improvement" (p. 45). However, businesses realize that "not all customers are the same; so, attracting and retaining customers cannot be measured for management action purposes without understanding the differences between customers" (p. 45). Consequently, for a person to quantify the economics of customer retention, several metrics have to be defined and understood. Moreover, marketers find these metrics useful for better decision-making in marketing to understand dynamic and fast changes when necessary and detect opportunities for various customer relationships. Metrics that are very useful for measuring and assessing the value of customers include the following: Customer Retention Rate (CRR); is recommended as the first metric that marketers and economists should keep tracking. CRR is the quotient of the number of customers retained to the number of customers at risk. The functions in the primary factors of the supply chain marketing and sales and customer care departments must share strategies and results to identify opportunities in retaining their customers. "The Pareto Principle can be of use to observe that 80% of a company's revenues referred to 20% of the customers" (Rivard, 2017, para 3). However, it is not easy to know the exact percentages. It is still the case that businesses concentrate on their most valuable customers. According to Info Entrepreneurs (2009), "identifying customers worth more for the business can be for many reasons ranging from the size of their purchases to the relative ease of managing their account. Successful businesses do the following: identify customers, build relationships with them, and work to bring in new customers with similar profiles" (para 2). Congruent to the aforementioned, Panthongpraser (2015) recommends that "organizations have to be aware of their focused efforts to nurture and engage current customers, improve organizational practices implemented to increase loyalty, and transform customers to ambassadors for their brands" (p. 45). In addition, Cioffi (2019) contends that "if the data-driven marketing goal is to manage churn actively, one must perform value-based marketing taking into consideration customer lifetime value, event-driven marketing, data warehousing, and analytics infrastructure" (p. 23). Next, quoting Panthongpraser (2015, pp. 45-46), some of the metrics are reviewed as shown, Customer Retention Rate (CRR): CRR = (Original no. of customers — Lost customers) / Original no. of customers Customer Acquisition Cost (CAC) or Cost of Customer Acquisition (COCA): CAC = (the total acquisition spending) / (the number of new customers acquired) According to Bernazzani (2021), "Total acquisition spending refers to total sales expenses and marketing cost - adding up all the programs or advertising spending, salaries, commissions and bonuses, and overhead spent to acquire customers in a period" (para 16-23). Customer Lifetime Value (CLV or LTV): CLV is “the present value of the future cash flows or the value of business attributed to the customer during his or her entire relationship with the company” (The Economic Times, 2022, para 1). However, one may compare it with the customer profit (CP). CP = Revenues - Costs associated with the customer relationship during a specified period. However, Panthongpraser (2015) asserts that the difference between CP and CLV is that An Assessment of Customer-Centricity Success Factors: Context of the Lebanese Market 9 Global Journal of Management and Business Research Volume XXII Issue II Version I Year 2022 ( )E © 2022 Global Journals