The Influence of Customer Relationship Marketing on Fostering Customer Loyalty

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

SPAST Reports, 2024, vol. 1, issue 1

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

Keywords: Relationship marketing; Customer loyalty; Brand resonance (search for similar items in EconPapers)
Date: 2024
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