The Past, Present, and Future of Customer Management
16 Pages Posted: 12 Sep 2019
Date Written: August 30, 2019
The success of a business depends on its ability to effectively manage relationships with its customers, including attracting new customers and retaining and upselling existing customers. For decades, researchers in customer management have provided frameworks for conceptualizing the business importance of firm-customer relationships, developed models for understanding customer behavior and customer response to marketing, established the link between customer behavior and firm performance, and proposed policies for optimizing customer management activities. This paper provides a brief overview of customer management research from its historical origins to its recent developments. We highlight how shifts towards online marketplaces and the proliferation of new technologies have challenged classical customer management paradigms and inspired new lines of research. We also identify promising directions for future research, with an emphasis on novel data sources and modeling tools.
Keywords: Customer management, Customer relationship dynamics, Customer lifetime value, Direct marketing
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