Abstract
That a firm benefits most when customers stick around for the long haul is a central premise of relationship marketing. This conviction has manifested itself over the past decade in the form of numerous formal loyalty programs that aim to seek and foster customer relationships. Scant evidence for the success of such programs has accrued since. This has lead firms to re-evaluate their investments in customer relationship management. Optimal resource allocation models address issues of relative investments in customer acquisition versus retention, and on managing relationships with profitable customers so that the value of a firm's customer base is maximized.
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