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Applications of CRM in B2B and B2C Scenarios Part II

In: Customer Relationship Management

Author

Listed:
  • V. Kumar

    (Georgia State University)

  • Werner Reinartz

    (University of Cologne)

Abstract

This chapter attempts to answer the following questions: (1) What should be the total budget for acquisition and retention? (2) How much should be spent on customer acquisition and customer retention? and (3) How should these expenditures be allocated between contact channels? The links between acquisition, retention, and profitability, as well as, balancing acquisition and retention resources are discussed in reference to maximizing customer profitability. In addition to measuring customer profitability and optimal resource allocation, the chapter also highlights the importance of accurately valuing a customer by defining customer brand value and customer referral value. Also discussed are the linking of customer referral value and customer lifetime value, as well as customer brand value and customer lifetime value, and the managerial implications thereof.

Suggested Citation

  • V. Kumar & Werner Reinartz, 2018. "Applications of CRM in B2B and B2C Scenarios Part II," Springer Texts in Business and Economics, in: Customer Relationship Management, edition 3, chapter 17, pages 363-384, Springer.
    • Handle: RePEc:spr:sptchp:978-3-662-55381-7_17
    DOI: 10.1007/978-3-662-55381-7_17
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