{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,11,3]],"date-time":"2026-11-03T19:32:23Z","timestamp":1793734343324,"version":"4.6.1"},"reference-count":31,"publisher":"SAGE Publications","issue":"1","license":[{"start":{"date-parts":[[2004,2,1]],"date-time":"2004-02-01T00:00:00Z","timestamp":1075593600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Journal of Marketing Research"],"published-print":{"date-parts":[[2004,2]]},"abstract":"<jats:p> It is increasingly apparent that the financial value of a firm depends on off-balance-sheet intangible assets. In this article, the authors focus on the most critical aspect of a firm: its customers. Specifically, they demonstrate how valuing customers makes it feasible to value firms, including high-growth firms with negative earnings. The authors define the value of a customer as the expected sum of discounted future earnings. They demonstrate their valuation method by using publicly available data for five firms. They find that a 1% improvement in retention, margin, or acquisition cost improves firm value by 5%, 1%, and .1%, respectively. They also find that a 1% improvement in retention has almost five times greater impact on firm value than a 1% change in discount rate or cost of capital. The results show that the linking of marketing concepts to shareholder value is both possible and insightful. <\/jats:p>","DOI":"10.1509\/jmkr.41.1.7.25084","type":"journal-article","created":{"date-parts":[[2004,1,14]],"date-time":"2004-01-14T16:45:39Z","timestamp":1074098739000},"page":"7-18","source":"Crossref","is-referenced-by-count":883,"title":["Valuing Customers"],"prefix":"10.1177","volume":"41","author":[{"given":"Sunil","family":"Gupta","sequence":"first","affiliation":[{"name":"Stuart is a doctoral candidate, Columbia Business School, Columbia University"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Donald R.","family":"Lehmann","sequence":"additional","affiliation":[{"name":"Stuart is a doctoral candidate, Columbia Business School, Columbia University"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jennifer Ames","family":"Stuart","sequence":"additional","affiliation":[{"name":"Stuart is a doctoral candidate, Columbia Business School, 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