Relationship Marketing - Business concept of the day
Marketing
12 Oct 2018, 09:30 — 1 min read
Definition: Relationship Marketing is a facet of Customer Relationship Management (CRM) where marketing activities are focused on long-term relationships with stakeholders and customer loyalty instead of short-term sales targets and customer acquisition.
Example: An airline company set up a frequent flier program to offer extra benefits like priority boarding, free upgrades, airport transfers etc to its loyal guests for a long-term retention.
Business Insight: This strategy reduces Cost Per Acquisition (CPA) drastically.
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