Abstract - Customer Relationship Management
The infrastructure that enables the delineation of and increase in customer value, and the correct means by which to motivate valuable customers to remain loyal – indeed to buy again. As we’ll see throughout this article, CRM is about more than simply managing customers and monitoring their behaviors – CRM has the potential to change a customer’s relationship with a company and increase revenues in the bargain. The most forward – thinking companies have recognized from past failures that CRM smacks of strategy, and thus technology alone can’t address high – profile issues such as new – customer acquisition and Web-based marketing. To the companies, CRM is much more that a standalone project accounted for by a single organization, it’s a business philosophy that affect the company – at large. The se firms have articulated their ultimate visions for CRM to communicate them to every facet of operations.
CRM promise to help companies get to know their customers well enough to understand which ones to keep and which ones they should be willing to lose – any why – and how not to overspend in the meantime. CRM also means automating many of the business processes and accompanying analysis and saving precious time in the bargain.