Chapter 3 : Crm For Enterprises

the execution of CRM strategy. To perform well, it is required for any company to properly acquire, enhance, store, distribute and use customer-related data. In the current condition of RBC, it is mentioned that they already started the initial CRM strategy. Unfortunately, the system was not sufficient to deliver RBC s customers expectation. It was recognized that some previous assumption done by the system were faulty. Therefore they need to do consider further analysis; they will be maximizing value within the system itself. Development of the CRM strategy starts with a situation analysis as follows:  Customer/ Segments  Market Offering : Top three segments some of the more significant pay-offs : Ability to deliver financial statements on assets, liabilities, equity, income & expenses, contingencies, inter-company transfers  Channel  CRM Vision : Direct, by using integrated system with RBC IT infrastructure : To provide behavioral-based solution focused on the customer and account

Practicing CRM in an organization is beneficial in many ways. Few of these benefits include: customer satisfaction leading to loyal customers, increased sales, consistency in services offered at all times of the year, help to evaluate efficiency levels of front line employees and decide the future plans for the organization etc. Following figure 1.3 shows the key components of a successful CRM.

Therefore, it can be concluded that the earlier research that has been done has limitations that qualify our findings and present opportunities for further research. Not much research has been done about the need of CRM in improving the performance of banks and creating a better relationship with customers. For this reason, this research has been done so that more insights into the topic could be identified. Moreover, the earlier research done on this topic could be used as an important tool for further research.

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)

Therefore, there is an overwhelming consensus among scholars and business practitioners that IT is the key success factor for CRM implementation. It is argued that IT allows achieving wider market coverage with less entry costs and increased marketing effectiveness (Exhibit 1) (Gamble, Stone, and Woodcock, 1999).

Extensive research has been conducted on Customer Relationship Management to link business performance to CRM competence. CRM implementations have that capacity of improving the overall organizational performance especially in the important areas of customer acquisition, retention and development. The availability of empirical evidence has established a different

The Customer Relationship Management, also known as CRM is an information system that deals with maintaining the company’s relationship with its customers always constant maintaining that friendly relation with its customers.

In today’s competitive market, all customer facing organizations (including banks), have realized the importance of customer insight, to grow further. A good CRM strategy is a key factor to differentiate with competitors and create good branding among customer base. Any Bank that cannot leverage CRM, have failed to improve revenue and customer satisfaction.

Measurements and feedback from the customer enable improvements in the CRM process. The customer 's viewpoint becomes aF integral part of the process, allowing it to change with the customer 's needs. In other words. companies base their actions not on the priorities of functional fiefdoms, but on the over"72 corporate objective of providing customer satisfaction.

Customer relationship management plays a vital part in a typical business 's marketing system. CRM is a process of gathering and analysing customer

Customer Relationship Management (CRM) is an important part of any companies ' sales mix. As part of a sales mix, companies must have a strong sales team; a well planned and executed marketing strategy, and a method to record pertinent information to manage customer relations. A CRM system is an important part in any company. They have a variety of uses from holding basic information such as names and address, to holding other information including relationship history, contract information, and recording customer satisfaction levels.

Advantages of implementing a CRM. A good CRM allows a company to have good data management, intra-team workflow, and communications integration, multilingual interface for international operations, marketing campaign automation, pulling customers-related information from social media, and BI analytics for deep insight into business trends and performance results, as well as targeting groups for notifications according to the contacts’ interests and share notes about customer interactions across departments, thereby increasing efficiency (“The Best CRM Software of

The primary target of CRM frameworks is to help the organization to examine the conduct of its clients and their quality. As the name proposes client, connection and administration of relationship, it records and stays informed concerning client 's information which is useful for the organization to make

This chapter consist of theories, ideas and concept of different authors, which will support the consider topic, because CRM is very important for the attraction of customer towards organisation. If CRM of the company is improve, then more customers will come as compare to the other competitors. By this way the relationship between organisation and customers maintain. We can say that CRM is the important factor of customer relationship. “That CRM is the key to strategic competition needed to keep the focus on customer needs and for a face to face with the customers throughout the organization” (Lin and Su, 2003) Different authors define CRM with different way, in which some have

Customer Relationship Management, also known as CRM, is a technology system that enhances communication between the user and the potential or existing customer. The system is most commonly used in a company to support sales, information technology, and customer service. CRM assists a company by providing and recording information to better help the company align with their customer service goals. According to B. O’Connell in “CRM: The New Know-Your-Customer Tool: Customer Relationship Management Software Is Coming,” CRM