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The CRM-KDD Nexus
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Author(s): Nikhilesh Dholakia (University of Rhode Island, USA), Jounghae Bang (University of Rhode Island, USA), Lutz Hamel (University of Rhode Island, USA)and Seung-Kyoon Shin (University of Rhode Island, USA)
Copyright: 2005
Pages: 6
Source title:
Encyclopedia of Information Science and Technology, First Edition
Source Author(s)/Editor(s): Mehdi Khosrow-Pour, D.B.A. (Information Resources Management Association, USA)
DOI: 10.4018/978-1-59140-553-5.ch498
PurchaseView The CRM-KDD Nexus on the publisher's website for pricing and purchasing information. |
Abstract
Customer relationships are increasingly central to business success (Kotler, 1997; Reichheld & Sasser, 1990). Acquiring new customers is five to seven times costlier than retaining existing customers (Kotler, 1997). Simply by reducing customer defections by 5%, a company can improve profits by 25% to 85% (Reichheld & Sasser, 1990). Relationship marketing—getting to know customers intimately by understanding their preferences—has emerged as a key business strategy for customer retention (Dyche, 2002).
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