Customer Relationship Marketing
The CRM process
Customer relationship marketing spans all those marketing activities that are undertaken during the course of a customer’s relationship with the brand. It starts with the first acquisition campaigns that win the customer to the brand, and then progresses to those subsequent communications that nurture and develop the relationship between the two.
If the process of customer relationship marketing is managed correctly, consumers grow to become loyal customers, delivering high value to the business over their customer lifetime. This CRM process is often referred to as the customer lifetime cycle:
Maximizing customer value
Long term customer value is one of the most important drivers of company profitability, and the effective management of the CRM process is the best way to deliver it. However, to realise this customer value requires a deep understanding of the customer and their needs so that the right products are matched with customer demand at the individual level. Armed with the necessary insights, the business can then tailor its brand offerings and marketing messages to maximize their relevance to customers. This results in the best possible response to their marketing and advertising campaigns.