Definition: [ˈdeɪtəˌbeɪs ˈmɑrkətɪŋ] is a system of marketing and sales that constantly collects, improves and uses information and data in order to acquire new customers, keep them in the company, conclude more deals with existing customers and carry out incentive programs for their long-term dedication. The central aspect of database marketing is forecasting future purchases based on available information. For this, a number of models or behavior charts can be used that combine data on recent purchases and consumer surveys, and as a result, a relatively accurate forecast of future acquisitions is made. Specialists can also describe what the proposal should be for the transaction to take place.
Database Marketing In a Sentence:
- Currently, companies are working to combine personal information and consumer buying behavior to form a strategy of database marketing.
- One of the main benefits of database marketing is to provide companies with the information necessary to maintain customer loyalty (and profitability). The end result of data mining should be beneficial relationships with both the company and consumers.
Synonyms and related words: collection and storage of data, buyer behavior, transaction conditions.