The use of information technology to create a cross-functional enterprise system that integrates and automates many of the customer-serving processes in sales, marketing, and customer services that interact with a company’s customers and generates a customer profile available to everyone in the firm with a need to “know the customer”
When a firm obtains detailed information about customer preferences, needs, behavior and buying patterns and uses that information to:
1. Set prices
2. Negotiate terms
3. Tailor promotions
4. Add product features
5. Customise its relationship with the customer
CRM Themes
1. Targeting the right customers
2. Owning the customer’s total experience
3. Streamlining business processes that affect the customer
4. Providing an all-round view of the customer relationship
5. Letting customers help themselves
6. Helping customers do their jobs
7. Delivering personalised service
8. Fostering community
Benefits of CRM
1. CRM enables a business to identify and target their best customers so they can be retained as lifelong customers for greater and more profitable services.
2. CRM provides real-time customization and personalisation of products and services based on customer wants, needs, buying habits, and life cycles.
3. CRM tracks when a customer contacts the company, regardless of the contact point.
4. CRM systems enable a company to provide a consistent customer experience and superior service and support across all the contact points a customer chooses.
CRM failure
1. Short of understanding and preparation
2. Dependency on CRM to solve business problem without first developing the business process changes and change management programs that are required
3. CRM projects executed without the participation of the business stakeholders involved
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