A Strategic Framework for Customer Relationship Management

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A Strategic Framework for Customer Relationship Management Introduction: This article explores the plethora of literature available on CRM and relationship marketing and emphasizes the need for a single, process-based framework that helps in making a comprehensive CRM strategy followed by its successful implementation. The objective is to highlight CRM’s role in enhancing customer value and, in turn the shareholder value. Various CRM and marketing experts, who provide their views in the article, emphasize the need for a cross-functional, process-oriented approach which identifies three alternative perspectives…show more content…
Next are the business/customer strategy and the value creation processes. The business strategy process can commence with a review of a company’s vision and its relation to the CRM model. It is followed by the review of the industrial and competitive environment. Here the traditional industry analysis is augmented by more contemporary approaches for deeper environmental analysis and the understanding the impact of disruptive technologies. Customer strategy on the other hand, deals with CRM perspective which requires a cross functional approach, especially when different departments are involved in strategy development. Other important facets are information management process and performance assessment. Information management is concerned with the collection, integration and use of customer data and information from all processes. It involves managing assets like the data repository, IT systems and analysis tools. Data repository provides a corporate memory of all customers. Systems include the organization’s computer hardware, software, middleware IT, front office and back office applications like SFA and call center management. Lastly, analysis tools support many activities involved in interfacing directly with customers with technologies like data mining. The article also talks about Multichannel Integration process, which takes into account the combinations of different channels with customer interaction perspective.
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