  We present a Bayesian framework for estimating the customer lifetime value
(CLV) and the customer equity (CE) based on the purchasing behavior deducible
from the market surveys on customer purchasing behavior. The proposed framework
systematically addresses the challenges faced when the future value of
customers is estimated based on survey data. The scarcity of the survey data
and the sampling variance are countered by utilizing the prior information and
quantifying the uncertainty of the CE and CLV estimates by posterior
distributions. Furthermore, information on the purchase behavior of the
customers of competitors available in the survey data is integrated to the
framework. The introduced approach is directly applicable in the domains where
a customer relationship can be thought to be monogamous.
  As an example on the use of the framework, we analyze a consumer survey on
mobile phones carried out in Finland in February 2013. The survey data contains
consumer given information on the current and previous brand of the phone and
the times of the last two purchases.
