Do you know how much a customer is worth to you? This article by Robert Craven provides an introduction to relationship marketing and the concept of the life-time value of the customer for the growing business.
Question
Do you know how much a customer is worth to you?
Unless you know the true value of a customer (to your business) then how can you decide how much you are prepared to spend to acquire one?
Customers are often worth more to us than we realise. This is particularly true in the case of services. What follows is an introduction to relationship marketing and the key concept of customer life-time value.
Definition
'Relationship marketing' is about maximising long-term profitability through the intelligent use of information. The information is used to enhance and to create superior relationships with customers.
Relationship marketing - Is it something for the smaller business?
Relationship marketing, to my mind, involves customising and developing the offer that you make.
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