Customer Relationship Management ( Crm ) Practices

* A Customer Relationship Management System needs to be implemented. Such a system can be bought easily. But The Company should not buy any system just to have it. The decision has to be considered carefully from the aspects of both technical support and management. Management aspects will be addressed at a later point. Technical aspects are that the CRM System must support modern interface and network structures; this so two-way

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)

Customer Relationship Management allows the bank to manage the business relationship and the data and information associated with them. The idea behind it, is to gather all information regarding a client within the organization to give a unified and holistic view of each customer.

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.

Today, more and more companies find that cultivating customer loyalty is a key factor to achieve success. Customer relationship management (CRM) focuses on the relationship between customer and company. Due to this feature, many companies are trying to establish their own CRM system for helping them to connect new customers and boost old customers’ long-term loyalty. CRM systems include operations and analysis, and relationship marketing strategy and supporting, customer-centric business processes (Buttle 2004). With the development of information technology (IT), using CRM system

Customer relationship management - needs to be an end-to-end practice that includes such areas as: marketing, advertising, sales, order processing, order distribution, and customer support. CRM is term that is used to define business process and technology that support identifying, gaining, and managing customer relationships. With CRM, businesses have the opportunity to store customer contact information, leads, accounts and sales opportunities in one main location.

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) is a method that provides an interconnection between a company and its customers for a substantial growth in the business, especially in terms of interactions between the two. It comprises usage of a set of methodologies focusing on customer driving. It was duly noted that despite the economic challenges that many companies have faced over the past few years, mainly the global economic downfall in 2008, which critically affected developed economies in USA and Europe; as well as the current problems affecting European firms following the Eurozone sovereign debt crisis — expenditure on Customer Relationship Management products has continued to observe significant growth during the past five years,

There are several aspects of Customer Relationship Management (CRM). The key aspects include the following. Business to business relationship, this includes relationship with suppliers, distributers and partners or retail channels. This is an external network which works as a support system for the internal networks. The second aspect is data analysis, this is the backbone of CRM system. The customer data that should be analyzed is constantly added and then combined with predictive analytics to plan and strategize the targeted marketing campaigns, conceive new strategies and new product models, and finally analyze the success of CRM model. The third aspect is the customer interaction channels. These channels are direct indicators of the

CRM (Customer Relationship Management) is an integrated approach to identifying, acquiring, retaining and delighting customers. The purpose of this thesis is to analyze the impact of Customer Relationship Management Process on Customer Retention with reference to Banking Sector. We describe the objectives of Customer Relationship Management (CRM) in Customer Retention which is very important for the survival of companies in today’s competitive environment.

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 role of customer relationship management is significant to facilitate the customer satisfaction within several industries including banking. Integration of marketing strategy, customer relationship and customer satisfaction processes results into reduced cost and performance improvement. Business allows the optimal use of resources resulting into optimal performance; it is facilitated through several initiatives of customer service and marketing tactics. The assimilation of information systems and customer relationship management processes facilitates effective flow of communication for all the participants of the systems. The increased flow of information allows the organizations to optimize the business processes performance. Cost reduction, shorter lead time, and improved communications are substantial benefits of customer relationship management.

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.

Examination Paper: Customer Relationship Management IIBM Institute of Business Management Examination Paper Customer Relationship Management Section A: Objective Type (30 marks) • • • This section consists of Multiple Choice questions & Short notes type questions. Answer all the questions. Part One questions carry 1 mark each & Part Two questions carry 4 marks each. MM.100