Customer Relationship Management

900 Words2 Pages

Customer relationship management or CRM for short is a model for managing a company’s interactions with current and future customers. When CRM is utilized correctly it will increase profitability and customer loyalty, which are both very important to an organization. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Customer relationship management is very important in many ways to help a company become and stay successful. CRM can help businesses gain a competitive edge through communication, marketing, gathering customer information, social media and mobile technology. Customer relationship management is a continually evolving domain and now social media technologies have revolutionized the way businesses and consumers interact. (Choudhury & Harrigan, 2014) There are many benefits that come with implementing customer relationship management. It is essential to have a customer relationship management program in place for a business to be successful. Managing customer relationships effectively and efficiently is made possible by having a customer management relationship solution in place. Being able to track customer data is critical to an organization, this allows them to develop targeted and effective marketing campaigns and accurate sales reports. Interacting with customers frequently is a very important part of a business and by having a customer relationship management program in place supports that and makes this possible. CRM makes it easier for businesses manage a large supply of customer information and supports customer loyalty. The editors of CRM Magazine also point out, “Once thought of as a type of software, CRM has evolved into a custome... ... middle of paper ... ...anagement. Journal of Strategic Marketing,22(2), 149-176. doi:10.1080/0965254X.2013.876069 CSC: Next Generation IT Infrastructure, Services & Solutions. (2014, April 3). Retrieved May 1, 2014, from http://www.csc.com/ Richard, J. E., Thirkell, P. C., & Huff, S. L. (2007). An Examination of Customer Relationship Management (CRM) Technology Adoption and its Impact on Business-to-Business Customer Relationships. Total Quality Management & Business Excellence, 18(8), 927-945. doi:10.1080/14783360701350961 Ryals, L. (2005). Making Customer Relationship Management Work: The Measurement and Profitable Management of Customer Relationships. Journal of Marketing, 69(4), 252-261. doi:10.1509/jmkg.2005.69.4.252 Sage ERP White Paper (2012). The Future of Customer Relationship Management; Mobile Technology and Social Media. Retrieved May 1, 2014, from http://www.derosamangold.com

Show More
Related

  • Operations Management and Quality: Pars Food Ltd

    1106 Words  | 3 Pages

    Younggui Wang and Hui Feng. (2012). Customer Relationship Management Capabilities; Measurement, antecedents and consequences,50(1),pp115-129. Doi:10.1108/00251741211194903.

    Read More

  • Problem Management Case Study: Vermont Teddy Bear

    963 Words  | 2 Pages

    Or, then again perhaps, VTB can use the CRM structure to discover about better customer advantage, deliberately pitching, and market designs. According to Bang (2005) CRM is viewed as an educated business philosophy to make and keep up whole deal customer associations. For example, CRM system would be an enabling specialist of business comes about like future repeat purchases. VTB's should use the CRM as a focus business methodology to robotize customer advantage. All things considered, customers tend to put orchestrate at long last and expect the package passed on time. Henceforth, on the operational side, data must be gotten, fused, arranged and fulfilled, to satisfy its targets (Bang 2005). The operational viability of the CRM structure is to accumulate the data from customer to be deciphered later on to

    Read More

  • RBC Financial Group Case Analysis

    736 Words  | 2 Pages

    RBC Financial Group uses a customer relationship management (CRM) strategy that provides a variety of services for a variety of clients. The strategy allows for individual customers to trust RBC and develop a personal relationship with each and every client. One major factor that allows CRM to operate effectively is the use of technologies and analytics to help classify each client’s financial situation. These customer profitability-based techniques allowed RBC to categorize their clients into A, B, and C groups so that the sales teams could optimize their efforts in catering to these different clients. This strategy holds the following strengths: optimizing sales efforts to different customers, easily accessible electronic sales leads, centralized and standardized financial decisions, and building personalized and sustainable customer relationships. There are a few weaknesses to the system though including the complexity in predicting future positions of companies despite the use of analytics as well as the complexity in creating consistency when using these

    Read More

  • The New Customer Relationship Management ( Crm ) Software

    1329 Words  | 3 Pages

    Rankin is responsible for the technical implementation of the new customer relationship Management (CRM) software being installed for western and eastern sales offices in both cities. The software is badly needed to improve follow-up sales for his company, Reflex Systems. The current situation that Mr. Rankin is extremely difficult because the team members are the most important component of any project. What exactly is the situation? First, there is a lack of passion among the team members which can be connected to a lack of communication. The lack of passion can be connected to the long work hours that this project requires. The team members are unaware of the project due date which can cause frustration. One team member, Sally, already left the team. When she asked Mr. Rankin for “quality of life,” he responded to stick it out. Mr. Rankin kept asking himself what was wrong with them team, but he also needed to ask himself what is wrong with his leadership style. He currently has two teams one in Chicago and one in Los Angeles. The members of this teams are different. While Chicago is overwhelmed and stressed out, Los Angeles is less stressed and is meeting their deadlines. What should Mr. Rankin do next? I am going to analyzes his current leadership style and the current problem with the team, then I am going to make recommendation on the steps Mr. Rankin should follow and lastly, I am going to describe the resulting environment after my suggestion are implemented.

    Read More

  • Nordstrom Essay

    1256 Words  | 3 Pages

    Consumer purchasing decisions and behavior is continuing to change, not just in the U.S. but worldwide, shifting more away from the department store and onto the web. In such a changing environment, customer relationship management (CRM) becomes more important than ever, especially to a company such as Nordstrom who is the gold standard of customer service, the measuring stick by which other companies measure themselves (Spector & McCarthy, n.d.). The key for Nordstrom will be to adapt their traditional core strength, intimate and personalized customer service, to this new environment.

    Read More

  • Critical Analysis Of Relationship Marketing

    736 Words  | 2 Pages

    According to the authors of the article, Relationship Marketing is powerful when it comes to theory but troubled in practice. The authors state that in order to prevent its premature death, marketers need to take the time to figure out how and why they are undermining their own best efforts, as well as how they can get things back on track (Fournier et al., 1998). Marketers did not fully understand what relationships with customers were about and how they should be built as well as maintained. As for the key issues, the article mentions a few customer scenarios of how the customers think about relationship marketing and customer satisfaction rates are at an all-time low. Companies must stop claiming that they value customer relationships and offer solutions to problem when customers feel that their loyalty is being taken advantage of. The article talks about on how to regain trust from the customers as well as on how to measure customer satisfaction.

    Read More

  • Gulati & Kletter Executive Summary

    1778 Words  | 4 Pages

    Relationship marketing can be used in customer loyalty schemes extensively because it helps the organisations in spreading awareness about their service all over the world. Moreover, the relationship marketing is the strategy through which brand loyalty as it assist in building relationships with the customers slowly. This process would help the firms in improving profit margin because through it they would able to attract and retain increased number of customers along with their

    Read More

  • Mandarin Oriental Hotel Case Study

    2175 Words  | 5 Pages

    Customer relationship management They have determined the key factors in maintaining and building. their relationships with customers are to provide a problem free experience at their hotels and restaurants and to give each customer personal recognition. Their strategies to build these relationships. are the same as those employed to build their business, they are tied. to each other. They are currently developing a Group-wide Guest History network.

    Read More

  • Customer Loyalty Case Study

    998 Words  | 2 Pages

    In this section, theoretical background regarding the current issue will be given. In this case will be explained the customer metrics: customer satisfaction, customer retention and customer loyalty. All these metrics are very important terms of sales and profitability of the company. (J.Best, Market Based Managment, 2014)

    Read More

  • Relationship Management In Pizza Hut

    1084 Words  | 3 Pages

    Sometimes, the cost of the driving factors in customer relationship management systems outsourcing does not become a seller's reputation. In these scenarios, it is possible that the CRM service provider can disappear overnight, along with all official documents. It is also possible that the information remain with the service provider may have to get used for other purposes

    Read More

  • Tangible or Intangible Value?

    576 Words  | 2 Pages

    Richards, K., & Jones, E. (2008). Customer relationship management: finding value drivers. Industrial Marketing Management, 37, 120-130.

    Read More

  • What Is Customer Relationship Management?

    738 Words  | 2 Pages

    Companies are beginning to move their CRM application out of data centers and onto the cloud making CRM less expensive and easier to expand. (Shein, 2009) Technology advances are also allowing companies to begin to take better advantage of big data, combing internal data with social media and mobile to deliver more business value. (Goodwin, 2013) In the future, more devices will be connected to the Internet. Cars, buildings, bodies and many other things will be connected through sensors and it is expected that this increase in information will continue to drive the changes in CRM and how it is used to support sales, marketing and customer service. (Sartain,

    Read More

  • CRM And Customer Relationship Management

    1028 Words  | 3 Pages

    Social CRM recognises that we should facilitate the relationship between the the customer and the company instead of managing customers. (Malthouse, Haenlein, Skiera, Wege & Zhang, 2013) .

    Read More

  • Customer Relationship Management CRM The Heart of Marketing

    1526 Words  | 4 Pages

    Customer relationship management has become the marketing buzzword of the past two decades with business-to-business firms jumping in, many without really being certain of what they hope to achieve from it, and oftentimes being disappointed with the results.

    Read More

  • Coca-Cola's Customer Relationship Management Strategies

    1064 Words  | 3 Pages

    Customer relationship management is a cross-functional process to achieve a continuing dialogue with customers, across all their contact and access point, with personalized treatment of the most valuable customers and to ensure customer retention and the effectiveness of marketing initiatives. It is also provide the chance for customers to interact with the brand.

    Read More

More about Customer Relationship Management

Open Document