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3. Increasing Customer Loyalty
3.1. Key Terms in CRM
Customer relationship management (CRM) in building customer loyalty
A philosophy, technology, strategy and tactics, making use of customer information to stimulate increased customer loyalty.
Loyalty
The commitment by a customer to return to the business to make further purchases, and/or to recommend the business to others.
Word-of-mouth (WOM and eWOM) referrals
A powerful organic source of brand image development that occurs naturally, and where a firm can actively encourage satisfied customers to create conversations about the brand with others in their network. Also known as influencer marketing.