YS > Social CRM > Ch2: Understanding relationships

What is a relationship and how do you know if you are in one?

How do customer-supplier relationships change over time?

Companies and customers may have different reasons for entering into long-term relationships; identify where the common ground lies, that is in which circumstances it is in the interest of both parties.

What is customer lifetime value and why is it important?

Why are long-term, loyal customers often companies’ most profitable customers?

Identify four generic strategies for increasing the lifetime value of a customer.

What are the main schools of relationship management theory and how do they describe and explain relationships between customers and suppliers?