A Strategic Framework For Customer Relationship Management

CRM is a process that turns the customer’s data into customers’ loyalty through activities which is collecting customers’ data, analysing customer data and identify target customers, developing CRM through programs and implement CRM programs.

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

Chen, I, J. and Popovich, K. (2003) Understanding customer relationship management (CRM). People, process and technology. Business process management journal, Vol. 9 No 5. Retrieved from http://cis.csuohio.edu/~ichen/CRM.pdf

Customer Relationship Management (CRM): Customer relation management (CRM) is a cross functional enterprise system that computerizes numerous customers serving form in direct marketing, sales, customer service and accounting management. CRM allows a company to distinguish and focus on their best customer so that they can be held as a loyal customer for a longer period of time.

In light of these, considering customers’ needs and wants first and making business plan for that is key to success, and CRM makes that dream come true. CRM helps a company to understand their customers and know what they want. Through this, companies can get closer relationships with customers and they can differentiate themselves from other competitors by providing superior service and offering a consistent, convenient customer experience. Not only for customers, but also CRM is beneficial for companies ' internal control. First of all, in these days, the size of the company is getting bigger. Consequently, the

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

The second proposition suggests CRM refers to the collection of data and activities. Implementation of CRM solutions require firms to have customer relational orientation. P2: “The field of CRM has begun to converge on a common definition” [1]. CRM represents evolution beyond existing ideas and it requires integration across different functions. The concept of CRM solutions creating simultaneous value for both customer and firm, and CRM relates to strategy and intelligent use of technology gives us viewpoint of the proposition three.P3: “Companies have developed proven CRM practices that enhance firm performance.”[1]

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.

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)

Parvatiyar and Sheth (2009) defined CRM as a complete detailed action plan and process of acquiring, retaining, and partnering with selective customers so as to benefit both parties. CRM involves combining a number of elements which includes marketing, customer service, sales and the supply-chain functions of the firm so as to become more effective, efficient and better in delivering customer value. Building good relationships with customers can result to greater profitability, revenue, market share, sales, customer loyalty, and retention.

The report finds that it is important for Singapore Café to focus on our one-to-one marketing management and knowing who our customers are, where they are and what they need. However, in order to

A new focus and new strategic marketing efforts have changed from over the last twenty years. We no longer only focus on the 4 P’s of marketing with generalized and large segment marketing, because it does not focus on individual wants, desires, needs and personal customer attention (Bang, 2012, p. 400). Previous generalized efforts, does not keep the customer front and center and there isn’t enough focus on doing business ethically, sociably, or culturally. These days, customers have many options at their fingertips via the Internet. There are many companies reaching out and persuading people around the clock from all over the world. So, having a strong CRM program in place is vital. Having a competitive advantage is one thing, but relating with your customers on a personal, ethical, and in socially responsible manner will provide an advantage and sustainable customer relationships. A company must start with the basics,

The Customer Relationship Management, also known as CRM is an information system that deals with maintaining the company’s relationship with its customers always constant maintaining that friendly relation with its customers.

Reinartz et al recommended three sorts of CRM procedures and created parameters to quantify the level of corporate CRM process, where client maintenance and development procedures are coupled into a solitary CRM upkeep process. Despite the fact that the corporate activities utilized for expanding client offer can likewise be utilized to hold clients, recent studies show that expanding client offer may require systems not the same as the one for holding clients. Companies are always focusing on the quality of the outcome from the manufacturer but customer

A CRM strategy must search what are the business procedure and systems that affect clients, including marketing, sales, purchasing, customer service, technical support, and business intelligence/customer analytics. As with any approach, it is vital that you do your investigation, and are very certain from the outset about what your main goals are going to be, both in the short-term and the long-term.