Business – 3.1 The nature of marketing – Customer relationship marketing (CRM) | e-Consult
3.1 The nature of marketing – Customer relationship marketing (CRM) (1 questions)
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Definition: Customer Relationship Marketing is a strategic approach that focuses on building long‑term, mutually beneficial relationships with customers through personalised communication, data‑driven insights and ongoing engagement.
Costs:
- Initial investment in technology (CRM software, data analytics tools, integration with existing systems).
- Training and change‑management expenses required to embed CRM processes across sales, marketing and service teams.
Benefits:
- Higher customer retention and lifetime value due to more relevant offers and improved service.
- Increased cross‑selling and up‑selling opportunities through detailed customer segmentation and targeted campaigns.