Essay on Critical Aspects of Customer Relationship Management

Before conducting a market research or making a product, researchers must ask themselves will it be helpful. Most businesses will not see progress or big profits within the first few years of the new business. The business must plan ahead to determine psychographic, demographic and geographic segments. They must also be able to provide the customers with their needs and wants. A Dan Whittner (2010) states, “in hard times or easy, setting customer strategies focuses on one thing: understanding your customers’ needs. Dan, indentifies how listening to customers guides strategy”. He also states, “It is important to know the difference between talking with your customers and talking at them. Dan Whittner (2010) highlights how engaging customers grows a business”.

For most business owners, they would all be in agreement and say that the connection they have with their customers is very important to them because it decides if the business is going to be a great success, or if the business is going to take a nose-dive. As a result, of an increase in customer standards and financial difficulties most firms no matter how big they are, they are taking a second look and thinking about how technology can help them to develop healthier and stronger relationships, and how to capitalize on their business. The best way to handle this situation is to choose a good customer relationship management system this can help a business they can become more efficient while maximizing their productivity. However, CRM systems could only be used by enterprise organizations; that has all changed this system is now being used as an influential factor when determining how well an organization will do (Saab, 2011).

These personnel could include front office, sales staff, and customer support and service. In each interaction opportunity with customers, CRM data is used by staff to produce rapid, informed, and, desirably, helpful decisions in order to both satisfy the customer in the present, and maintain their loyalty in the future. Though there are many approaches and techniques for CRM, all successful applications have three things in common. First, it is important to recognize that people are the most vital link between an organization and their customers. Second, the process of CRM must be tested and sophisticated, as well continuously improving. Third, there is usually a relatively large degree of technology integrated into the

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)

In CRM systems, customers are often grouped according to different aspects. This can range from the type of business they do or their physical location. Customers are often allocated to different customer managers, also referred to as account managers. By doing this, the account managers are able to focus every customer separately and provide them with the customer service they need. A CRM system is not only used to deal with the existing customers but is also useful in acquiring new customers, which first starts with identifying a customer. Maintaining all the corresponding details into the CRM system is called an ‘Opportunity of Business’ and the sales and Field representatives can try to get business out of these customers by sophistically following up with them and converting them into a winning deal. All this is very easily and efficiently done by an integrated CRM system (Sarah Diffley & Patrick McCol, 2015).

The main goal of Customer relationship management is to create a strong bond between customers and the company. The strong bond can be build by focusing on the two main objectives of CRM. Providing the organization and all of the employees that treat customers with a single and complete view of every customer at every touch point and across all channels and providing the customer a single and complete view of the company and its extended channels (O’Brien, A & Marakas, G. 2004).

Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was “product-centric”, the companies just provided what they could produce. However, it is now become “customer-centric”, they provide products and service

Customer relationship management is one of the strongest and most efficient approaches to creating and maintaining relationships with customers. It ideates strong personal bonding between people and the development of this type of bonding drives any business to new levels of success. A strong customer relationship

The purchaser purchasing procedure is a complex matter as many internal and external factors have an impact on the buying decisions of the consumer. Before a business can create promoting schemes, they should understand the factors which influence buyer behavior and how they settle purchase choices to fulfill their requirements and needs. Buyer behavior result from profound qualities and dispositions. Customer Relationship management is the strongest and the most effective methodology in keeping up and making associations with customers. It is also unadulterated business as well as ideal and strong individual behavior within people. Although this is about growing long term relationships with the customer, nowadays, it can be

Today, more and more companies find that cultivating customer loyalty is a key factor to achieve success. Customer relationship management (CRM) focuses on the relationship between customer and company. Due to this feature, many companies are trying to establish their own CRM system for helping them to connect new customers and boost old customers’ long-term loyalty. CRM systems include operations and analysis, and relationship marketing strategy and supporting, customer-centric business processes (Buttle 2004). With the development of information technology (IT), using CRM system

Customer and customer loyalty have an increasing importance in today’s competitive world. The companies follow customer share intelligence instead of market share intelligence. The most used method for this is information technology based customer relationship management.

For example, when a customer is transferred from one customer service representative to another the CRM system would transfer all customer information and conversation notes so that the employee does not have to waste time asking all the same questions that the first representative asked before being able to attempt to help the customer. However, CRM’s primary focus is to create higher revenue by helping companies build a larger percentage of loyal customers through the use of building trust and relationships with their current and future customers. Acquiring new customers is extremely costly for a company. Surveys have shown that it could cost a company six times more to acquire a new customer than to keep a current customer. Not only that, but if a company is able to build a loyal customer base those loyal customers are worth much more than their own personal purchase volume. A loyal customer is likely to share their experience with others about companies that they are very loyal to and have a close relationship with. Therefore, the company is able to acquire repeat sales to the current customer and able to obtain new customers without any additional cost required to try to attract a new sales and customers. In addition, it has also been shown that it is 16 times easier to sell to an existing customer than it is to sell to a new

Businesses in today’s world face many obstacles on the road to success. They have to have sound business plans, solid product or services to offer, and they have to generate revenue to keep their businesses running. In order to achieve these things, a business needs to know what the customer wants from them. Many companies have come to realize that customers and the service they receive are very important in expanding their brand. Because of that recognition, most businesses of the twenty-first century have developed customer relationship management (CRM) initiatives to better relate to their customer bases.

Generating leads -- especially high-quality leads -- was often similar to the classic arts of alchemy that were employed by savants and some con artists in the centuries before the scientific method became the preferred method of understanding the world. Unlike intuitive inspirations, great sales personalities or even the most skilled rainmakers on the sales staff, an integrated CRM system plugs away constantly generating leads, valuable customer insights and actionable business intelligence in a structured way by using the real-world data of how customers and prospects behave -- what they read, where they navigate, when they buy

Customer relationship management (CRM) is widely implemented and centralized system which offers a place for interaction under a company. An employee can handle again the repeated problem which occurred in the past by re-investigate it. Besides, CRM provides a place to identify what customers wants. Employees can track customer’s expectation by their feedback and communication that can improve their buying experience and stay interact with customer in order to understand their true needs.CRM also has ability to let the company see the customer interaction in clear picture. Different customers from different segments require different products and services, but this complex situation can handle well by CRM. Furthermore, CRM provides quality and efficiency system in the company management that helps company achieves their success by building long-term customer relationship.