Companies that successfully practice customer relationship management measure success by ________.

Question

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Companies that successfully practice customer relationship management measure success by share of customer and lifetime value of the customer. This means that they focus on building long-term relationships with individual customers and increasing the amount of business each customer does with the company over their lifetime. This approach is more profitable than simply acquiring new customers because it reduces customer acquisition costs and increases the likelihood of customer retention. By measuring share of customer and lifetime value of the customer, companies can track their progress in building and maintaining profitable customer relationships.

Companies That Successfully Practice Customer Relationship Management Measure Success by ________