Effective Customer Relationship Marketing: Roadmap to Organization’s Optimal Customer Retention

https://doi.org/10.56225/finbe.v3i2.230

Authors

  • Segun Kehinde Faculty of Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Oladele Kehinde Faculty of Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Oluwanifemi Obembe Faculty of Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Busola Simon-ilogho Faculty of Business, University of Johannesburg, CNR Kingsway and University Road, Auckland Park, Johannesburg, South Africa
  • Kemi Kehinde Faculty of Languages, Anchor University, Ayobo Street, Ayobo Rd, Ipaja, Lagos, Nigeria
  • Tola Kehinde Faculty of International Relations, Redeemers University, Akoda, Ede Rd, Ede 232101, Osun State, Nigeria

Keywords:

Customer relationship marketing, Customer retention, Optimization

Abstract

Customer Relationship Marketing (CRM) is a strategic approach focused on managing customer interactions to foster long-term loyalty. It aims to deliver personalized, relevant, consistent experiences across multiple channels, enhancing value for the business and its customers. As CRM is not a universal solution, its efficacy varies across organizations and is influenced by unique opportunities and challenges specific to each context. This essay critically examines the extant CRM literature to identify the key factors affecting customer retention, such as customer satisfaction, trust, and engagement. Based on this analysis, we propose a conceptual framework to guide businesses in developing CRM strategies that align with their objectives, resources, and capabilities. This framework emphasizes the importance of comprehending customer needs, leveraging data for personalization, and ensuring a seamless cross-channel experience. In conclusion, this essay proposes recommendations for future CRM research, suggesting that further investigation is necessary to address emerging trends and technologies, such as AI and big data, that are transforming the CRM landscape. Organizations can strengthen customer relationships and achieve sustainable business success by adopting a tailored approach to CRM.

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Published

2024-08-31

How to Cite

Kehinde, S., Kehinde, O., Obembe, O., Simon-ilogho, B., Kehinde, K., & Kehinde, T. (2024). Effective Customer Relationship Marketing: Roadmap to Organization’s Optimal Customer Retention. Frontiers in Business and Economics, 3(2), 72–86. https://doi.org/10.56225/finbe.v3i2.230

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Vol. 3 No. 2 (2024): August 2024

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This work is licensed under a Creative Commons Attribution 4.0 International License.