Customer relationship management (CRM for short) is a marketing strategy whereby firms concentrate on existing customers. Customer relationship management has gained prominence in developing marketing strategies, in part, because existing customers are 5 times more valuable to a business than new customers, according to market research. They are also more likely to be loyal and to spread positive information about your firm to their social network.
Successful marketing strategy is not one size fits all — different situations require different strategies. This series has introduced marketing strategies for different product types.
Successful marketing strategy rests on creating customer satisfaction. This series describes different product types and strategies for achieving satisfaction.