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Customer Relationship Management Essay

1084 words - 5 pages

Customer relationship management or CRM for short is a model for managing a company’s interactions with current and future customers. When CRM is utilized correctly it will increase profitability and customer loyalty, which are both very important to an organization. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Customer relationship management is very important in many ways to help a company become and stay successful. CRM can help businesses gain a competitive edge through communication, marketing, gathering customer information, social media and mobile technology. Customer relationship management is a continually evolving domain and now social media technologies have revolutionized the way businesses and consumers interact. (Choudhury & Harrigan, 2014) There are many benefits that come with implementing customer relationship management.
It is essential to have a customer relationship management program in place for a business to be successful. Managing customer relationships effectively and efficiently is made possible by having a customer management relationship solution in place. Being able to track customer data is critical to an organization, this allows them to develop targeted and effective marketing campaigns and accurate sales reports. Interacting with customers frequently is a very important part of a business and by having a customer relationship management program in place supports that and makes this possible. CRM makes it easier for businesses manage a large supply of customer information and supports customer loyalty. The editors of CRM Magazine also point out, “Once thought of as a type of software, CRM has evolved into a customer-centric philosophy that must permeate an entire organization. There are three key elements to a successful CRM initiative: people, process, and technology.” (Sage, 2012, p.3) CRM allows employees, departments, customers and partners to access and share business information at a faster speed. Having this information readily available increases productivity, allows employees to have the right information at the right time, makes for a more streamline business workflow, and allows customer-facing employees to have a complete view of the customers. As the level of technology increases the web has become the center of customer interactions and is an important aspect of customer relationship management. Communication is key to customer relationship management in the business world these days. New technologies come available on a daily basis which is a huge positive for the business world and makes promoting and communicating as easy as a hit of a button. Socialization and social media has become a huge asset to customer relationship management because it allows businesses to communicate to their customers more frequently. It is no longer enough to maintain a two-way relationship with the customer; rather, “CRM is evolving...

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