CRM quickly established itself as the marketing technique of greatest interest among firms, as best-practice success cases from advanced markets became known shortly after CRM was introduced in Korea. However, interest in CRM has been rapidly waning as doubts have grown about whether marketing productivity improves through CRM sufficiently to recoup the enormous investment costs required to build CRM systems. In other words, the difficulty of measuring return on investment has become the greatest obstacle to CRM-related marketing investments. Because the impact on a firm can be significant if an expensively built CRM system fails, it is critically important to predict the return on investment for CRM investments in advance. However, methodological studies for measuring the return on CRM investments are virtually nonexistent. The purpose of this study is to measure the economic value of new CRM investments using the event study methodology. Applying this study's methodology to firms listed on the Korea Exchange and KOSDAQ market that announced new CRM investments, the results showed that new CRM investments increased firm value by an average of 40.3 billion won. Furthermore, investors assessed approximately 70% of the 40 CRM investment cases as enhancing firm value. Finally, it was found that CRM investment efficiency was greater for firms with a larger number of employees.