Customer Relationship Management ( Crm )

This paper shall chronologically recap the growth and the development of customer relationship management and its role in the business world today.

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, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was “product-centric”, the companies just provided what they could produce. However, it is now become “customer-centric”, they provide products and service

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).

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

In this resolve, only 2% of the firms are refining successful customer relationship management projects; 18% are beginning to comprehend the projects from a holistic focus; 34% of the firms have initiated projects without any type of harmony; and 46%have not considered customer relationship management [6]. According to the intricacy of initiating a customer relationship management strategy, faced by diverse firms, some advising firms and companies managing statistic data have observed the mistakes happened in the past. They propose few practices and contemplation to be taken into account [6–9].

AN EFFECTIVE CUSTOMER RELATIONSHIP MANAGEMENT (CRM) STRATEGY SHOULD ENCOMPASS RANGE OF ACTIVITIES INCLUDING CUSTOMER CENTRIC SERVICES AND PRODUCT DESIGN, IT ALSO PLAN ON WORKING SOFTWARE CAPABLE OF TRACKING, AUTOMATING, ORGANIZING COMMUNICATION WITH CUSTOMERS. IN CRM SOFTWARE IS A CLASS OF PROGRAMMING THAT COVERS AN EXPANSIVE ARRANGEMENT OF APPLICATIONS AND SOFTWARE INTENDED TO HELP ORGANIZATIONS OVERSEE CUSTOMER INFORMATION AND CUSTOMER COOPERATION, ACCESS BUSINESS DATA, AUTOMATED SALES, MARKETING AND CLIENT SUPPORT FURTHERMORE OVERSEE WORKER, MERCHANT AND ACCOMPLICE CONNECTIONS. NORMALLY, CRM PROGRAMMING IS UTILIZED AS A PART OF THE UNDERTAKING, HOWEVER NUMEROUS ITEMS SCALE TO A BUSINESS OF ANY SIZE.

Most people believe that CRM is just a system that will run their business without making any efforts which is totally wrong. The CRM is a strategy that is run by people to acquire, manage, select, grow and retain a strong relationship with the right customers with the best long-term profit potential. This cannot be done with a CRM system without a good strategy that puts the employees on the right track.

This paper discuss the Customer Relationship Management concept through customer satisfaction maximization and customer retention driven by drivers of quality, IT and database marketing. This paper gives an outline of QCi elements to assist a argument on how the

Excellent customer service is about being aware of customer needs and reacting to them effectively. CRM helps you to understand, anticipate and respond to your customers ' needs in a consistent way, right across your organization.

Successful CRM is crucial in maintaining the business so that partner companies would keep the strong cooperation bond and alliance. For instance, hotel reward points for air ticket programme would require both hotel and air company to work together for planning and development. Thirdly, effective customer relationship management smoothens daily operation. The speed of transaction with linkage to loyalty reward schemes will be fastened if an effective system is developed. This could easily track customers’ data, preferences, any record that is needed once loyal guests return. Entire staff would be able to know the way to serve particular guests without further question. This enhances customer satisfaction and establishes a stronger commitment between the company and customers.

steadily for the last few years and is now seen as the way forward for any

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

Fulfillment of customer requirements up to the possible extent is the core objective for each and every business organization. CRM shows the path to organizations to achieve their core objective. It helps them to raise more satisfaction of customer towards their products / services. Hence, we can say that CRM is serving with flowers and greetings.

The Indian banking industry is transforming from its traditional transactional concept to Relationship Marketing. The tag “Customer is King” depicts that the customer is the focal point for any business scenario. The CRM concept has been implemented with the intention of better understanding of needs, requirements and trying to maintain a long term relationship with the customer. Maintaining personalized attention approach, managing database, creating customer value and appropriate retention strategies is the