Statistical Methods in Customer Relationship Management

9.5 Conclusion

The three marketing methods discussed here are only a selection of the emerging trends in marketing, and not a conclusive list of trends. Each of these methods works in different scenarios and presents a varied set of alternatives. Apart from their novelty aspect, social media open up a new source of information for marketers that can be used as input for developing CRM models. Mobile marketing offers a new, better, and more effective channel of communication to reach out to individual customers. Customized campaigns show promise in providing firms with the much needed competitive advantage in engaging and managing customers. Adopting one or all of these methods, as the company situation demands, will ensure firms' future success in ensuring a profitable customer relationship.