A Short Note On Customer Relation Management ( Crm ) Investments And Initiatives

From an organizational and profitability standpoint, an efficient, easy to use, and unified CRM system, captures all key and critical data from sales and marketing to commercial operations, all the while focusing on sales process, sales efficiencies, and increasing sales, all contributing to the bottom-line profitability of the organization. Data has proven that CRM platforms increase the productivity and profitability of individual departments and subsidiaries, these same platforms and characteristics will have the same ramifications on a larger scale organization, especially an organization that spans the global footprint, such as

An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers’ needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)

Ling and Yen, 2001 assume CRM to be a vital element of a business strategy while Wayland and Cole, 1997 find it as the means to develop long term relationships with customers, given all the facts. Various experts and scholars could have various perspectives but their basic aim is to generate a remarkable customer experience. To make the most of the system lies in the hands of the organization and not the system itself. An evaluation between two stores with similar quality services and products, shows that the one with an intense customer understanding and knowledge will have its customers coming back to its store for more (Linoff and Berry 2011). They also reason that campaign management, lead tracking and call centre softwares are the components of the same CRM system. Its a radical change for most of the companies to develop a system that revolves around customer relations. The crucial points that need to be emphasized are

Customer relationship management (CRM) is strategy used to manage a customer’s interaction with customers, clients and sales prospects. It usually involves the use of technologies to reach out to customers.

Therefore, there is an overwhelming consensus among scholars and business practitioners that IT is the key success factor for CRM implementation. It is argued that IT allows achieving wider market coverage with less entry costs and increased marketing effectiveness (Exhibit 1) (Gamble, Stone, and Woodcock, 1999).

Customer relationship management (CRM) involves managing all aspects of a customer’s relationship with an organization to increase customer loyalty and retention while increasing organizational profitability (Nordmeyer, n.d.). CRM systems focus specifically on customers. With CRM functions, a company learns more about its customers’ needs and buying behavior and combines this information with market

Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was “product-centric”, the companies just provided what they could produce. However, it is now become “customer-centric”, they provide products and service

Extensive research has been conducted on Customer Relationship Management to link business performance to CRM competence. CRM implementations have that capacity of improving the overall organizational performance especially in the important areas of customer acquisition, retention and development. The availability of empirical evidence has established a different

CRM is information industry that helps company to manage the relationship between customer and the organization. A company builds a customer database to know their customer better. This customer database describes relationship in sufficient details so that the organization, management and other related people can access the information easily. The company will understand more about customer’s

According to (FORMAN), “CRM is a business and technology discipline for coordinating all of the firm’s business process in sales marketing and services that involve its interactions with customers. CRM consolidate customer data from multiple sources and communication channels from to help firms identify profitable customers, acquire new customers , improve service and support , and target products and services more precisely to customer preference”.

In today’s competitive market, all customer facing organizations (including banks), have realized the importance of customer insight, to grow further. A good CRM strategy is a key factor to differentiate with competitors and create good branding among customer base. Any Bank that cannot leverage CRM, have failed to improve revenue and customer satisfaction.

In order to establish a suitable CRM system and increase the success rate, understanding CRM processes is especially important. Building CRM system, there are many works need to do(). Firstly, the target customer market should be identified. Different customer strategies are focused on different target customer markets based on their profitability. Then, firms set customer objectives, for example, acquire customer satisfaction and loyalty. After that, the leaders and managers should support and commit the implementation of a CRM system. At the same time, when companies change their targets, a plan about changing

Many theories have been proposed to discuss Customer relationship management(CRM). The review will focus three themes which mention repeatedly in the review. These themes are: the difference between CRM and Social Customer Relationship Management (SCRM), the increasing importance of social media on CRM and the reason of using social media.

CRM (Customer Relationship Management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. For example, an enterprise might build a database about its customers that described relationships in sufficient detail so that management, salespeople, people providing service, and perhaps the customer directly could access information, match customer needs with product plans and offerings, remind customers of service requirements, know what other products a customer had

Customer relationship management (CRM) is widely implemented and centralized system which offers a place for interaction under a company. An employee can handle again the repeated problem which occurred in the past by re-investigate it. Besides, CRM provides a place to identify what customers wants. Employees can track customer’s expectation by their feedback and communication that can improve their buying experience and stay interact with customer in order to understand their true needs.CRM also has ability to let the company see the customer interaction in clear picture. Different customers from different segments require different products and services, but this complex situation can handle well by CRM. Furthermore, CRM provides quality and efficiency system in the company management that helps company achieves their success by building long-term customer relationship.