The Value of customer relationship research paper

The Value of customer relationship

Modern business tends to build a relationship with customer whereas traditional business deals with customer to interact once. It emphasizes in a way of having business not to serve customers once, whereas serve as to serve afterwards.

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Indeed this revolution in business lead to a new term customer relationship management (CRM), which has been referred to as the new “mantra” of marketing. The versatility of Information technology, specifically World Wide Web (www) spikes the opportunity to every business to deal with customer in this new formation.
1 The Importance of Customer Relationship Management (CRM) and the achievement of CRM (Task 1)
1.1 Key aspects of CRM

Defining CRM: Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients to return, and reduce the costs of marketing and client service

There are several aspects of customer relationship management which are related to each other and play a key role in the outcome of the entire process.

External Relationships: Business to business relationships which includes relationships with partners, suppliers and distributors or retail channels. This is a completely external network that works as a support system for internal networks.

Data Analysis: Customer data to be analysed is added constantly and is combined with predictive analytics to plan out and strategize targeted marketing campaigns, newer product models, conceive new strategies and lastly to analyse the very success of the CRM model.

Customer interaction channels: Customer interaction channels are a direct indicator of the success or failure of a CRM model and needs to be constantly monitored. A better business has fewer calls/emails, lesser escalations and a high customer satisfaction to dissatisfaction.
1.2 Benefits of good CRM

CRM provides variety of benefits such as psychological incentive to profit increasing. With a CRM system the company makes their customers partners, not just business objects.

Increase Customer Lifecycle Value: In modern times business just not only hunt customer but also support a customer to survive with this company as its lifecycle last. Proper CRM can increase the lifecycle of customer –Business relationship.

Strategic Consistency: CRM offers business and technological alignment, to achieve strategic company goals more effectively. Additionally, the alignment results in a more consistent customer communication creating a feeling of continuity.

Increase Efficiency: Sales, service and support staf……………………