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.

For most business owners, they would all be in agreement and say that the connection they have with their customers is very important to them because it decides if the business is going to be a great success, or if the business is going to take a nose-dive. As a result, of an increase in customer standards and financial difficulties most firms no matter how big they are, they are taking a second look and thinking about how technology can help them to develop healthier and stronger relationships, and how to capitalize on their business. The best way to handle this situation is to choose a good customer relationship management system this can help a business they can become more efficient while maximizing their productivity. However, CRM systems could only be used by enterprise organizations; that has all changed this system is now being used as an influential factor when determining how well an organization will do (Saab, 2011).

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)

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).

The most important aspect of healthcare management is being able to form a relationship between the healthcare provider and the patients. Higher satisfaction will increase customer value and higher consumer retention. Customer relationship management (CRM) is a combination of people, processes and technology that seeks to understand a company 's customers. It is an integrated approach to managing relationships by focusing on customer retention and relationship development. CRM has evolved from advances in information technology and organizational changes in customer‐centric processes (Chen, I et al., 2003).

Periodic assessment of results in CRM is required to evaluate if the programs are meeting expectations and if they are sustainable in the long run. Performance evaluation also helps in taking corrective action in terms of modifying program features and relationship marketing objectives. Without proper performance metrics to evaluate CRM efforts, it would be hard to make objective decisions regarding continuance, variation, or cancellation of CRM programs. (Parvatiyar & Sheth, 2001).

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

Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.

Relationship marketing is very important concept to attract and keep the customers in organizations. In modern business world, marketing focus reflect the move away from transactional marketing to relationship marketing. Establishing, maintaining and enhancing customer relationships have always been an important aspect of business. However, over the last few years there has been a significant increase in customer relationship marketing (CRM). The concept of customer relationship marketing (CRM) is widely understood, both academically and professionally. Its goal is to bolster strong relationships and convert indifferent customers into loyal ones. Customer relationship marketing is determined by trust, commitment, empathy, power, cooperation, financial

Parvatiyar, A. and Sheth, J.N. (2001), “Customer relationship management: emerging practice, process, and discipline”, Journal of Economic & Social Research, Vol. 3 No. 2, pp. 1-34

For strategic customer management and solutions selling, a firm’s entire core processes need to be aligned and working collaboratively to create and deliver value to both the customer and the firm as a whole.

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

Operation strategies aligned on the internal or external customer and fortifying customer relationships pave a way to latter-day organizations to get a competitive edge on the market and make a significant profit. This signifies that enterprises must evolve their skills in relation to identification of customer needs and hopes and then dispense substantial benefits to their customers resulting satisfaction therefrom. Construction and development of customer relationships are conditions for synergism. Customer Relationship Management (CRM) is both a business operation strategy and information system, which ensures the efficacy of the implementation of the strategy. According to Frow & Payne (2005), CRM may be defined as “the

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.