Relationship marketing class lectures_51009132-Customer-relationship-management

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Customer relationship managementIntroductionThe better a business can manage the relationships it has with its customers the more successful it willbecome. Therefore IT systems that help support dealing with customers on a day-to-day basis aregrowing in popularity.Customer relationship management (CRM) is not just the application of technology, but is a strategy tolearn more about customers' needs and behaviours in order to develop stronger relationships with them.As such, it is more of a business philosophy than a technical solution to assist in dealing with customerseffectively and efficiently. Nevertheless, successful CRM relies on the use of technology.This guide will outline the business benefits and the potential drawbacks of implementing CRM. It willalso offer help on the types of solution you could choose and how to implement them.Why CRM?In the commercial world the importance of retaining existing customers and expanding business isparamount. The costs associated with finding new customers mean that every existing customer couldbe important.The more opportunities that a customer has to conduct business with your company the better, and oneway of achieving this is by opening up channels such as direct sales, online sales, franchises, use ofagents, etc. However, the more channels you have, the greater the need to manage your interactionwith your customer base.Customer relationship management (CRM) helps businesses to gain an insight into the behavi

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