Vendor Relationship Management, also known by its acronym VRM, proves to be the inverse of Customer Relationship Management. Where CRM attempts to understand the complete needs of the customer, VRM operates under the goal of outlining the technologies, tools, and services that enable the customers to manage vendor relationships. Those vendors who work with these technologies, tools, and services gain the ability to develop superior relationships with their customers. Vendor Relationship Management has emerged to become a competitor with Customer Relationship
Research has found a 5% increase in customer retention boosts lifetime customer profits by 50% on average across multiple industries, as well as a boost of up to 90% within specific industries such as insurance.  Companies that have mastered customer relationship strategies have the most successful CRM programs. For example, MBNA Europe has had a 75% annual profit growth since 1995. The firm heavily invests in screening potential cardholders. Once proper clients are identified, the firm retains 97% of its profitable customers. They implement CRM by marketing the right products to the right customers. The firm's customers' card usage is 52% above industry norm, and the average expenditure is 30% more per transaction. Also 10% of their account holders ask for more information on cross-sale products. 
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