A Structural Equation Modeling approach to understand the Impact of Gartner’s CRM Practices on Customer Retention
Keywords:
CRM, Gartner practices, Customer acquisitionAbstract
Customer retention is more important than customer acquisition. Customer retention is one of the vital activities for any firm at this juncture. Many firms strive to attain it but are more or less confused to adopt the right kind of practices to retain customers. Gartner studies have identified CRM practices that manage customer relationships throughout the customer life cycle i.e. customer acquisition, retention and development. This paper tries to understand the influence of Gartner’s CRM practices on customer retention in the selected retail store. It finds that among the different practices like CRM vision, CRM strategy, customer experience and organizational collaboration suggested by Gartner, only CRM strategy has the significant influence on retaining customers.
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