In order to support the customer relationship with the products and services of a firm, there are three main pillars of relationship marketing, which are shown in the figure given below:
1. Customer Relationship Management: The first pillar is termed Customer Relationship Management (CRM).
This can be seen as a process where potential customers are first aimed at and obtained. Then these customers are served in such a manner that a long-term customer relationship is developed.
In this way, CRM is helpful in creating values for both customers and organizations. Different types of data, information, knowledge, and customer insights are elements of CRM.
2) Customer Experience Management: Customer Experience Management (CEM) is the next pillar of relationship marketing.
In CEM, customer experiences (i.e., channels encountered by the customers and interaction and transaction of the customers with the organization or the product/service) are managed by different processes and methodologies.
3) Customer Collaboration Management: The third pillar of relationship marketing is Customer Collaboration Management (CCM).
It is the strategy used to involve the customer in a relationship-building interaction, which is often conducted over social media.
It is also known as ‘CRM 2.0’ and ‘social CRM.’ Generally, organizations monitor and direct the CCM, whereas customers have full control over it.