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This approach is made possible by advances in information
technology.
Remember that CRM is an abbreviation for Customer Relationship Management,
not Customer Relationship Marketing. Management is a broader concept than
marketing because it covers marketing management, manufacturing
management, human resource management, service management, sales
management, and research and development management... displayed 300 characters
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Management is a broader concept than
marketing because it covers marketing management, manufacturing
management, human resource management, service management, sales
management, and research and development management. Thus, CRM requires
organizational and business level approaches – which are customer centric – to
doing business rather than a simple marketing strategy... displayed next 300 characters
The whole software and services will costs $15 million to $30 million annually (Buttle, 2004) So, why do companies want to pay this extra money? How can CRM improve their company?
CRM if developed properly can assist the company to increase the true worth economic worth of a business by improving the total lifetime value of its customers, because customer will get what they want(Greenberg, 2004)...
Furthermore, the company also needs to offer good customer service as to have a good relationship with their customer. The company must answer all request from their customers and as polite as they can within short period of time...
It involves a personalized and interactive
approach for the entire customer lifecycle.
Successful implementation of a CRM approach
requires changes in organization structure, culture,
and skills, as well as front- and back-office
information systems...
Remember it is all about the customer in this business and that should never be forgotten. So if you are able to pinpoint your customers then you will be able to directly affect your revenue positively...
Customer Relationship Management can improve: Contact and account management, sales, marketing and fulfillment, customer service and support, and retention and loyalty...
Winning back the lost Customers and Developing CRM strategy
Assignment 1: Study CRM of 3 different companies from different sectors and compare the strategy adopted for securing loyal customers...