Crm Value Chain Analysis

The most effective Customer Relationship Management (CRM) systems are deliberately designed to align and enhance the strategic initiatives and programs of a given business or enterprise. They must take into account customer preferences, needs and wants as well, and strive to create a foundation of shared information and insight over time There are a myriad of studies that show how effective CRM systems are in transforming businesses and making them more customer-centric, profitable and responsive to rapidly changing market requirements. The level of adoption and continued use of CRM systems also assures a company's culture stays agile enough to respond to changing market conditions while also keeping the level of expertise and knowledge about customers continually growing (Chen, Chiu, 2010). Having a single system of record pertaining to all customer interactions give companies a competitive advantage in that they have greater insight into how prospects make buying decisions (Wang, Feng, 2012). When implementing a CRM system there are five critical success factors that are essential to its success and these include cost, risk, scope, time, and quality. The most effective CRM implementations that deliver the greatest value balance all five of these factors and synchronize them together to create strategies that deliver consistently profitable results. These five critical success factors are essential

Customer Relationship Management (CRM) has become a main focus for businesses with today’s markets becoming more saturated and competitive.

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)

Today CRM is a method of retaining and developing customers through increased loyalty and satisfaction. The service, quality and relationship experience are the one greatest competitive aspect for a Business’s survival.

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.

Losing track of customers and their needs, including a lack of insight into how they can best be communicated with is the most costly mistake a company can make. The loss of relevancy within a customer base immediately opens it up to competitors, drastically increasing the costs to get them back and re-establish value of products and services (Allen, Carletti, Leonello, 2011). Lack of customers will also lead to lack of insight into demand curves of products and the inability to forecast them accurately (Docters, Durman, Korman, Schefers, 2008). Integrating Customer Relationship Management (CRM) systems into the daily activity of a company is essential to alleviate this problem (Bielski, 2003). Failing to integrate CRM systems into the overall workflow of the company will lead to losing even more customers and lost revenue, and this is especially true for foreign subsidiaries of global companies (Davids, 1999).

Customer Relationship Management (CRM) is an important part of any companies ' sales mix. As part of a sales mix, companies must have a strong sales team; a well planned and executed marketing strategy, and a method to record pertinent information to manage customer relations. A CRM system is an important part in any company. They have a variety of uses from holding basic information such as names and address, to holding other information including relationship history, contract information, and recording customer satisfaction levels.

Customer Relationship Management (CRM) describes the practices, strategies, and technologies many businesses use to manage and critique customer services through customer behavior. A CRM system helps a business relate more to a customer and implementing a functional system will not only increase profits, but our relationship with our customers will grow stronger. CRM systems are designed to store information on customers across a vast majority of channels or points of contact between the customer and the business. For Tru Lit to utilize a CRM system, there should be an interactive website, telephone number, online chat, e-mail, and multiple social media platforms that our customers can easily access

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.

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

The idea of a CRM system is to help organizations use technology and employees to gain knowledge on customers. An important aspect is in communications, ie by listening to the customer needs, opinions, demands, services, support with an aim for business to collaborate closely with its market. With improvements in technology, modes of communications and marketing strategies, customers are flooded with lot of information. With various channels introduced and invested in: direct mail & email campaign, conventions, call centers dedicated and designed to the needs of its market versus the agendas of the companies behind it. So companies have an obligation and a need to constantly interact with customers to keep them educated about products & services, engaged with company catalogs, promotion materials, advertisements etc.

Rich customer relationships that generate loyalty and revenue are critical to sustained business performance. Now more than ever, organizations must be able to flexibly adapt to the unique needs of individual customers. To meet this challenge, companies of all sizes are deploying Customer Relationship Management (CRM) applications and strategies across their organizations. They are coordinating multiple channels: including the web, email, call centers, direct mail and face to face – to interact with customers and meet their needs.

Organizations accept CRM as a strategic focus medium for integrating fully with customers and help in the management and decision making process appropriately.

CRM helps organizations maximize the value of every customer interaction and drive superior corporate performance. The challenge is to make it easy for customers to do business with the organization any way they want at any time, through any channel, in any language or

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.