Essay StatsEssay Stats

  • Posted By: hamster
  • Date Posted: 10/20/2010
  • Category: Business
  • Words: 525
  • Pages: 3
  • Views: 746
  • Rank: 69

Customer Relationship Marketing

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Customer Relationship Marketing

The Shift to Relationship Marketing Though many of today's marketing practices have evolved due to increasing technology, the marketing environment still centers around the four Ps of marketing described above. However, in order to remain competitive, companies must create a unique set of those four Ps which appeal to each individual customer and sets them apart from their competitors. Target marketing is no longer an efficient use of marketing efforts because a great deal of resources can be lost to uninterested individuals while in the process of trying to capture potential customers. Because of the potential loss of resources, there is now a movement away from targeting markets to specific individual customers. What is now required is customer-oriented relationship marketing. Many studies have shown that it can cost anywhere from four to ten times as much to acquire a new profitable customer as it does to maintain repeat buyers. These statistics are one of the driving forces behind the move to relationship marketing, which focuses its emphasis on customer retention rather than attraction. This type of strategy calls for a different type of marketing technique that is customer and information driven as opposed to product driven. With this in mind, marketers and business developers are now seeking new ways to obtain, manage, and analyze information on their customers. As we are increasingly finding, one of the most effective ways of capturing and utilizing customer data for marketing and sales efforts is by investing in technologies such as a customer relationship management system (CRMs).


The Benefits of a Customer Relationship Management System According to the Gartner Group, the term CRM describes methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. From a technological standpoint, CRM can be categorized as the largest compilation ...

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