Customer Relationship Management

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Recommended: Literature review of crm

Customer Relationship Management

A relative of mine works for a corporate firm on CRM (Customer

Relationship Management) software. He told me that their company is

doing well with their CRM initiative while most of the other

companies, using different software, are not achieving their goal of

customer satisfaction. That gave me a big click of interest towards my

research topic and I came up with a research questions as “How to

avoid CRM failure?” and how to choose a best CRM software vendor?

Customer Relationship Management is an interactive process for

achieving the optimum balance between corporate investments and the

satisfaction of customer needs to generate the maximum profit. CRM

refers to management of all interactions with customers in which the

enterprise indulges. Its main focus is on managing and optimizing

entire customer lifecycle. The customer lifecycle revolves around

marketing, sales and customer service.

According to Jill Dyche (2002), CRM promises to help companies get to

know their customers well enough to understand which ones to keep and

which ones they should be willing to lose and why -and how not to

overspend in the meantime. CRM also means automating many of the

business processes and accompanying analysis and saving precious time

in the bargain.

Today’s companies are interacting with consumers at unprecedented

levels and across different channels, such as E-mail, text chat, and

multi-functional call centers. Marketing, sales and customer service

are commonplace for CRM, so it is essential to acquire new customers

and retain those who have high value, since customers have real value

to the company’s success. And companies are pouring millions of

dollars into customer relationship management, but most initiatives

fail to deliver customer needs, so it is essential to have a proper

analysis of CRM before choosing a particular vendor. The objective of

good CRM is to increase the customer base by acquiring new customers

and effectively serving the needs of existing customers.

“The U.S. business-to-consumer e-commerce market is forecast to grow

from $41.7 billion this year to $163 billion in 2004, and companies

are realizing that customer relationship management will be a key

driver of this growth, says Robert DeSisto, a VP with corporate

consultant Gartner Group” (Jusko, 2001, p.12).

Gartne...

... middle of paper ...

...World Wide Web

http://www.selltis.com/newssalesandmarketing20020103.htm

. Sullivan, Tom (2001, February). Software selection process. InfoWorld

magazine.

. Robert, M., Deanne, M., John, A. W. (2001). Emerging Technologies

for Enhancing Supplier–Reseller Partnerships. Retrieved December 11,

2002 from World Wide Web

http://www.sciencedirect.com/science?_ob=MImg&_imagekey=B6V69-42BTKST-

23&_cdi=5809&_orig=browse&_coverDate=02%2F28 2F2001&_sk=999699997&wchp=dGLbVzblSzBS&

_acct=C000043018&_version=1&_userid=776986&md5=dc3b050988e40666b4698d136219cf4f&ie=f.

pdf

. Siebel systems (2002).Implementation best practices: Ensuring Customer

success

Retrieved December 11, 2002 from World Wide Web

http://www.siebel.com/bestpractices/implementation.shtm#

. Perkins, Bob. (2001). The Truth about CRM Software Satisfaction:

Leveraging the Economy of Trust. Retrieved November 11, 2002 from

http://www.crmguru.com/crminsight/2001c/0927.htm#2

. Hubley, Jen. (2002). Personalization tops privacy as key concern for

e-mail marketers

Retrieved December 12, 2002 from

http://searchcrm.techtarget.com/originalContent/0,289142,sid11_gci790282,00.html

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