Definition of Customer Relationship Management
Customer Relationship Management can be defined as a system that manages a firm’s interactions with current, as well as future customers. This system, usually, utilizes technology in order to organize, automate, and even synchronize marketing, customer service and other business activities.
Customer Relationship Management is abbreviated as CRM. It consists of certain characteristics such as Relationship Management Feature, Sales Force Automation, Technology usage and Opportunity Management Feature. It even utilizes Social Media to maintain its data and keep updating the company with constantly changing industry and marketing trends.
Textbooks on Customer Relationship Management
Customer Relationship Management has now become a sensitive marketing technique for marketers as it consists of dealing with customers’ moods and choices that can impact the sales of the brand’s products or services. Hence, marketers need to refer to relevant textbooks that are written on CRM, and some of their details are as follows:
- Principles of Customer Relationship Management by Roger Joseph Baran,Robert J. Galka and Daniel P. Strunk (Published by Cengage Learning – Year 2008).
- Customer Relationship Management: Concept, Strategy, and Tools by V. Kumar and Werner Reinartz (Published by Springer Science & Business Media – Year 2012).
Examples of Customer Relationship Management
Example 1: An interesting example of CRM can be its utilization in customer contact centers. These systems can act as efficient CRM platforms. Their aim is to track and then record and then store information within databases in a manner that can increase customer relations for the firm. The CRM system codifies the information between the firm and its customers so that sales can be maximized along with profit too. This is possible by utilizing analytics as well as KPIs to decrease unproductive contact with customers and maximize revenue through improved marketing.
Example 2: Another interesting example of CRM can be its utilization in the B2B alias Business to Business Market. Experts believe that CRM has all the technology and tools to involve itself within each and every B2B transaction. Even though, CRMs were designed to manage customer-centric businesses, yet they can be efficient towards a B2B environment for improving customer management situations.
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