That loyal customer is helpful to customer retention or customer equity. Again this statement favours the arguments posed by Kern and Zentes, Morschett & Schramm-Klein (Get online
nursing assignment help, health management assignment help or any business assignment help then do e-mail us your assignment) that CRM is good to retain customers through collecting useful information. It is proved that acquiring new customer incurs large costs at the same time; retaining customers provide profits in terms of high correlation between customer retention and profitability. Through customer retention, firms can reduce their promotion costs for acquiring new customers and generate improved sales and profit ratio. So, loyal customers are profitable for the firms and customers can be regarded as assets of the firm.
CRM is an innovative management strategy and innovation decision model is important for the adoption of CRM in the organisation. This process has five stages such as knowledge, persuasion, decision, implementation and confirmation. In the first stage, company identifies an innovation and its functions. In second stage, firm needs to recognize that innovation provides benefits in terms of costs and competitive advantage.
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