The Influence of Customer Relationship Marketing on Fostering Customer Loyalty

Sathyanarayana S, Prashant Pandey, Neelam Totlani, Priyanka Jayaraj, Vishal Kumar R, Pooja Nagpal

2023

Abstract

Relationship marketing (RM) is a customer relationship management (CRM) strategy that places significant emphasis on retaining customers, enhancing their experiences, ensuring satisfaction, and maximizing their lifetime value to the business. Its primary objective is to market to existing customers as opposed to solely focusing on acquiring new ones. Customer loyalty (CL) characterizes an enduring emotional connection between the brand and the customer, evident in the customer’s willingness to engage with the brand repeatedly and make ongoing purchases. This loyalty is a direct result of the positive experiences customers have with the brand, contributing to the development of trust. Relationship marketing enables enterprises to gain insights into their customers’ business profiles, requirements, and the means to meet those needs through their products and services. The objective of this research is to investigate the impact of RM on CL within select private banks in India. The study considers various factors encompassing RM, such as employee trust (ET), customer engagement (CE), customer experience (CEX), and customer satisfaction (CS)”, and examines their RM with CL. To gather primary data, a structured questionnaire was administered using Google Forms, and data analysis was conducted utilizing IBM SPSS 24. The findings of the study establish a positive association between RM and CL in private banks. Consequently, the study’s results hold the potential to benefit managers by reducing advertising and marketing expenditures. Additionally, this research can assist managers in optimizing direct interactions across various aspects, ranging from sales to customer service and marketing, thereby improving the total customer experience.

Paper Citation

in Harvard Style

S S., Pandey P., Totlani N., Jayaraj P., Kumar R V. and Nagpal P. (2023). The Influence of Customer Relationship Marketing on Fostering Customer Loyalty. In Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR; ISBN 978-989-758-687-3, SciTePress, pages 917-920. DOI: 10.5220/0012526700003792

in Bibtex Style

@conference{pamir23,
author={Sathyanarayana S and Prashant Pandey and Neelam Totlani and Priyanka Jayaraj and Vishal Kumar R and Pooja Nagpal},
title={The Influence of Customer Relationship Marketing on Fostering Customer Loyalty},
booktitle={Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR},
year={2023},
pages={917-920},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012526700003792},
isbn={978-989-758-687-3},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st Pamir Transboundary Conference for Sustainable Societies - Volume 1: PAMIR
TI - The Influence of Customer Relationship Marketing on Fostering Customer Loyalty
SN - 978-989-758-687-3
AU - S S.
AU - Pandey P.
AU - Totlani N.
AU - Jayaraj P.
AU - Kumar R V.
AU - Nagpal P.
PY - 2023
SP - 917
EP - 920
DO - 10.5220/0012526700003792
PB - SciTePress