Premium Essay

Crm "Business Strategy"

In: Business and Management

Submitted By latina
Words 505
Pages 3
“CRM is a Business Strategy whose outcomes optimize profitability, revenue and customer satisfaction by implementing customer-centric processes” (Garther)
Nowadays, in order to help any business to achieve their main goals, many companies have chosen to implement a Customer Relationship Management strategy to deal with their customers. Identifying relationships between the business goals and CRM implementation is necessary for any business,
The implementation of business strategy means the usage of appropriate methods and business processes in that way, which will effectively improve the relationships with your customers. In some cases it may require planning and executing marketing campaigns, driving leads to sales and ensuring that customers are being served quickly and in lowest cost. The main goal of implementing CRM into a company is to combine business processes, IT tools and people.
The process of choosing strategies to implement CRM may depend on the priorities of the business.
To implement CRM strategies business must cover 4 main areas: 1) Culture – The values and practices shared by the company’s employees. 2) Structure – The restructuration of every department within organization to deliver all necessary information to customers. 3) Process – The process of combining employees into one group (from time to time) to acquire communication and interaction skills 4) Technology - Introduction of new technologies in order to facilitate and organize the work process
As a technology tool Mashkin Group Inc. used a 3 major platforms for each of their three main divisions. Fist program was designed to utilize an inexpensive, off-the-shelf system with limited capabilities to store names, telephone numbers, and notes of salespeople. A second program was used by the IT department, to update the database for new arriving clients and this program...

Similar Documents

Premium Essay

Crm Presentation

...Customer Relationship Management (CRM) Services, Support, Sales, Marketing Jasim January 2016 Table of Contents Section 1 What is CRM Section 2 CRM in Telecom Business Section 3 Table of Content CRM within IT Landscape Section 4 CRM Data Source Section 5 CRM and Business Strategy Section 6 CRM and Organization Section 7 CRM as A Differentiator Section 8 Current Telecom Challenges Section 9 Current and Decision Making What is CRM ? “(CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.” “Customer Relationship Management – in short CRM - is a customer-oriented strategy. The company and its processes are customeroriented. The aim is to increase customer satisfaction and long-term customer loyalty to the company. This can be achieved by an individual customer care.” Source: SearchCRM Source: SmartCRM A management philosophy according to which a company’s goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants. Source: BusinessDictionary What is CRM ? Customer Service Sales Marketing Customer Support CRM in Telecom Business  Telecom operators are......

Words: 1319 - Pages: 6

Premium Essay

Business Processes

...CRM - Customer Relationship Management System www.xincrm.com Customer relationship management (CRM) is a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. phases The three phases in which CRM support the relationship between a business and its customers are to: Acquire: CRM can help a business acquire new customers through contact management, selling, and fulfillment. Enhance: web-enabled CRM combined with customer service tools offers customers service from a team of sales and service specialists, which offers customers the convenience of one-stop shopping. Retain: CRM software and databases enable a business to identify and reward its loyal customers and further develop its targeted marketing and relationship marketing initiatives. Benefits of CRM The use of a CRM system will confer several advantages to a company: Quality and efficiency Decreased costs Decision support......

Words: 935 - Pages: 4

Premium Essay

Crm Implementation

...PROPOSAL FOR CRM IMPLEMENTATION AT WeCare HOSPITAL Contents Introduction 3 What is CRM? 3 Bibliography 4 Abstract Customer Relationship Management (CRM) systems helps businesses to manage customer interactions more effectively and efficiently. CRM enables businesses to understand their customer’s needs and formulate the businesses strategies with careful analysis. This paper outlines a proposal for the management in implementing a successful CRM model in WeCare Hospital, firstly giving an insight in to why businesses needs to move from business centric to customer centric way of doing business and secondly, identifying the importance to shift from the traditional CRM systems to the technologically driven CRM system. Section I- Introduction Customer Relationship Management is a system for managing a company’s interactions with the current and future customers. It involves using technology to organize, automate and synchronize sales, marketing, customer service and technical support. It can also be considered as a strategic process merging businesses strategy and system to integrate information from different functional areas of the company (sales, marketing, finance, accounting, logistic etc.) to offer a comprehensive understanding of the customer and develop stronger relationships with them through out the customer life cycle. According to (Lin & Yen, 2001: Ngai 2005), Swift (2001, p.12) CRM is an “enterprise approach to understanding and......

Words: 1403 - Pages: 6

Premium Essay

Avoid the Four Perils of Crm

...Perils of CRM by Darrell K. Rigby, Frederick F. Reichheld, and Phil Schefter Arun G Antony (P13111) According to the "Harvard Business Review," a full 55 percent of customer relationship management (CRM) technologies and methods do not produce results. A wide array of CRM technologies exist to help companies target new customers, collect data on existing customers and streamline the customer acquisition process. Though many of these technologies and methods tout big returns, companies considering investing in CRM need to know how to avoid the four main pitfalls of customer relationship management technologies and methods. 1. Implementing CRM before creating a Customer strategy It seems obvious that you should draw up a plan before implementing anything. Yet a surprising number of firms dive headlong into CRM without carefully working out an exact customer strategy that the technology helps the company execute. In some ways it's similar to the rush to be on the web a few years back. It was so hip and "must-do" that everyone joined in. Yet most never stopped to ask why they were doing it or what they would get out of it. As a result, few websites to this day produce much of anything. Most were poorly thought out and almost nobody visits them. Only those who understand the Web and the role it plays in overall customer strategy have mastered how to utilize it. It may well be that the same thing is happening with CRM. Companies hear that Siebel or SAP or PeopleSoft CRM......

Words: 1132 - Pages: 5

Premium Essay

4 Perils of Crm

...Summary of ‘Avoid the Four Perils of CRM’ Different managers may define CRM in many different ways. Some may say it is the use of technology and software to achieve a better relationship with their customers, however the right way to define CRM is that CRM aligns business processes with customer strategies to build customer loyalty and increase profits over time. The difference here with this definition is that the terms technology and software don’t play an important role in defining CRM. Research has shown that many managers stumble upon one or more of the four perils while trying to implement CRM. All these perils are basically caused due to a basic assumption that CRM is a software tool that will manage customer relationship for us. The truth however is that it isn’t all about that CRM is actually the combination of customer strategy and processes, supported by the relevant software, for the purpose of improving customer loyalty and, eventually, corporate profitability. The following are the four perils of CRM. 1. Implementing CRM Before Creating a Customer Strategy 2. Rolling Out CRM Before Changing Your Organization to Match 3. Assuming that More CRM Technology Is Better 4. Stalking, Not Wooing, Customers 1. Implementing CRM Before Creating a Customer Strategy: It is very crucial to create and understand the strategies that the company plans to implement before trying to put a CRM system into practice.CRM will be very effective for an organization......

Words: 620 - Pages: 3

Premium Essay

Zalando – a Crm Success Story

...Zalando – A CRM Success Story « Business Development Strategies http://wearedevelopment.net/2012/03/11/zalando-a-crm-success-story/ BUSINESS DEVELOPMENT STRATEGIES Emerging Markets Zalando – A CRM Success Story MAR 11 Posted by Sebastian S. Vlasich 1 von 4 05.08.12 16:45 Zalando – A CRM Success Story « Business Development Strategies http://wearedevelopment.net/2012/03/11/zalando-a-crm-success-story/ Zalando GmbH, was founded by David Schneider, and Robert Gentz, in 2008. The company engages in the online retail of apparel and shoes and is based in Berlin, Germany. It is one of the most conspicuous and likewise mysterious start-ups in Germany. Founded only three years ago, Zalando has become the market leader, mainly due to operational excellence; and partly thanks to fancy television advertising in the online shoe retail market. Revenues in 2010 were 160 Million Euros and are expected to increase at least threefold in 2011. Recently, Yuri Milner’s DST Digital Sky Technologies (DST) joined the Samwer brothers as an investor in Zalando, due to the fact that the company has a professional management team an impressive growth record and great potential to capitalise on the fast-growing European e-commerce market. As a matter of fact, the Samwers and Mr. Milner were both early investors in the social media giant Facebook. Zalando builds relationships with its final consumers whom are the actual people who goes on the webpage and order products. The end......

Words: 1026 - Pages: 5

Premium Essay

Customer Relationship Management

...CRM From the outside, customers interacting with a company perceive the business as a single entity, despite often interacting with a number of employees in different roles and departments. CRM is a combination of policies, processes, and strategies implemented by an organization to unify its customer interactions and provide a means to track customer information. It involves the use of technology in attracting new and profitable customers, while forming tighter bonds with existing ones. CRM includes many aspects which relate directly to one another: * Front office operations — Direct interaction with customers, e.g. face to face meetings, phone calls, e-mail, online services etc. * Back office operations — Operations that ultimately affect the activities of the front office (e.g., billing, maintenance, planning, marketing, advertising, finance, manufacturing, etc.) * Business relationships — Interaction with other companies and partners, such as suppliers/vendors and retail outlets/distributors, industry networks (lobbying groups, trade associations). This external network supports front and back office activities. * Analysis — Key CRM data can be analyzed in order to plan target-marketing campaigns, conceive business strategies, and judge the success of CRM activities (e.g., market share, number and types of customers, revenue, profitability). Proponents of CRM software claim that it doesn't only allow more effective ways of managing customer......

Words: 1456 - Pages: 6

Premium Essay

Customer Relations

...Relationships Customer relationship management has become the marketing buzzword of the past two decades with business-to-business firms jumping in, many without really being certain of what they hope to achieve from it, and oftentimes being disappointed with the results. Gummesson (2004) describes CRM as "the values and strategies of relationship marketing with particular emphasis on customer relationships- turned into a practical application." CRM has become a necessity to successfully and profitability manage customers and a firm’s relationship with them, with the market reaching a value of approximately $11.5 billion in 2002. (Xu et al. 2002). However, despite this large spending it is estimated that 70% of CRM implementations fail. (Xu et al. 2002). There are a number of reasons for these failures, such as a failure to implement it throughout the organization and resistance from employees. But in some cases the buyer-seller relationship does not merit a collaborative-style relationship; the customer may only require a transactional relationship. It is because of this reason than I believe that CRM does not always have to constitute the heart of B2B marketing. Many firms adopt CRM technologies because it is what their competitors are doing, without clarifying exactly what they hope to achieve from it. Many do not realize that they are already undertaking basic CRM practices, without the use of expensive systems such as Oracle or Siebel. Gummesson (2004) points out......

Words: 1112 - Pages: 5

Premium Essay

Union Bank

...a strategic IT plan” (PO1) sustains the business strategy and governance requirements. It also provides transparency of benefits, costs, and risks as part of the business requirements for IT. One of the most important objectives for Union National Bank to define a strategic plan is to manage IT value (PO1.1). IT value management is essential for Union National to consider in regard to its CRM (customer relationship management) package. The CRM package must support the bank’s business strategy. Each customer account has value, and the value can increase or decrease through many transactions. Money going in and out of accounts and customer interaction by management are examples of transactions that encourage customer value and satisfaction. Management must understand that each customer’s behavior to provide the best services for their needs. Effective and efficient delivery of information is of the utmost importance for the bank to manage IT value. Information is marketed through various vehicles such as the web, mobile phone, brochures, etc. The more vehicles Union National uses, the more frequently Union will meet its customers. Another objective related to the strategic IT plan deals with alignment of the business and IT (PO1.2). This is very important because alignment makes it easier for Union National to allocate resources across the various projects of the CRM. By aligning the business strategy with IT, the bank can focus on their......

Words: 528 - Pages: 3

Premium Essay

Themagiccrmofmacy. Inc.

...The Magic CRM of Macy's, Inc. Natalia Lawson University of Phoenix Information Systems Fundamentals CIS/207 Byron L. Kizzie February 4, 2013 The Magic CRM of Macy's, Inc. "Be everywhere, do everything, and never fail to astonish the customer." Macy’s motto. The history of Macy’s, Inc., one of the largest department store retailers in the world, has began with an opening of a small dry goods store in New York in 1858 ("Macy’s: A History," 2013, p.1). ‘First-day sales of the newly born store totaled $11.06 and reached $90,000 by the end of the first year.” Macy’s, Inc. conducted its business in 11 adjacent buildings by the end of the 19th century ("Macy’s: A History," 2013, p. 1). In the 21st century, “the store’s fiscal sales in 2011 reached $26.4 billion. Approximately 171,000 employees work at Macy’s, Inc., formerly known as Federated Department Stores, Inc. The giant retailer has two corporate offices in Cincinnati, 800 department stores in 45 states, the District of Columbia, Guam and Puerto Rico” ("Macy’s Fact Sheet," 2013, p. 1). In addition, the corporation conducts e-business on macys.com website. What has made and continues to make Macy’s, Inc. so successful and respectful? As a former employee of Macy’s, Inc., I can attest from my own experience that the corporation’s success is due to its highly organized and well-developed Customer Relationship Management (CRM) system. How the business requirements drove the system’s initial......

Words: 1623 - Pages: 7

Premium Essay

Rohan

...Term VI PGP (2008-09) 3 Credit Course Background – The primary purpose of any business is to win and keep customers. Its competitors also seek to do the same. Most successful firms have developed capabilities for attracting customers through their marketing programs. But they have shown mixed results when it comes to retaining these customers. Customer Relationship Management helps businesses in successfully implementing strategies aimed at winning and retaining customers profitably. It is also helping businesses shift from a short-term transaction based mode of operation in their interactions with customers to a long-term relationship mode. Objectives – The objective of this course is to help students understand the concept and practice of CRM derived from research and applications across businesses. These concepts and applications from real life case studies will help identify opportunities, which can be successfully implemented for long term profitability. Pedagogy – The teaching methodology will include a mix of lectures, discussions of pre-readings, presentations by practitioners, exercises and case analysis. The cases are integrative in nature but will also help develop an appreciation of specific elements of CRM. Group Project – Option 1 - Identify any organisation which is practicing some form of CRM. Start working with them to understand the objectives, strategy, structure and process of relationship management. Identify the key issues they......

Words: 1490 - Pages: 6

Premium Essay

Crm the Eight Building Blocks of Crm: Vision

...Building Blocks of CRM: Vision A successful CRM vision creates a positive perception of the enterprise, bolstered by loyal customer advocates. IT and operations leaders and CRM stakeholders should follow these six steps to a clear, actionable and successful CRM vision of how to get, keep, satisfy and increase customers. Key Challenges ■ Many enterprise IT operations and other leaders, as well as CRM stakeholders, find it hard to devise a well-thought-out CRM vision, even though it provides the basis for creating a customer-centric enterprise. ■ A number of enterprises are challenged to construct a customer-centric culture that can successfully capture, retain and grow their customer base, while realizing bottom-line growth. ■ Many enterprise IT and CRM stakeholders don't take time to craft clear customer objectives stated in a CRM vision, even though this, coupled with leadership, a supportive culture and properly oriented staff, contributes to success in customer interactions and in fulfilling business goals. Recommendations ■ Create a CRM leadership team. ■ Create a model of the ideal customer experience. ■ Create a corporate personality objective and model. ■ Understand the guiding principles of successful customer-centric strategies to help compose a vision of what the enterprise wants to deliver to customers. This will help enterprises plan and prioritize their investments, which improves the chances of success. 1. Vision......

Words: 509 - Pages: 3

Premium Essay

Importance Of Customer Relationship Management

...maintaining and creating relationships with customers. Customer relationship management is not only business but also strong personal connection within people. Development of this type of connection takes the business to new stages of success. Once this personal and emotional linkage is built, it is very quite easy for an organization to identify the actual requirements of customer and help them to serve them in a better way. It is a belief that more the sophisticated strategies involved in implementing the customer relationship management, the more strong and fruitful is the business. A CRM system consists of a historical...

Words: 1024 - Pages: 5

Premium Essay

Vinamilk

...Research Centers > CRM Research Center > The ABCs of CRM Customer Relationship Management Research Center [pic] The ABCs of CRM • What is CRM? • What is the goal of CRM? • That sounds rosy. How does it happen? • Are there any indications of the need for a CRM project? • How long will it take to get CRM in place? • How much does CRM cost? • What are advantages of hosted or on-demand CRM vs. on-premise and vice versa? • What are the keys to successful CRM implentation? • Which division should run the CRM project? • What causes CRM projects to fail? • What industries are leading the way in CRM implementations? • Which industry is behind the curve? What is CRM? Advertisers CRM stands for Customer Relationship Management. It is a strategy used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. Good customer relationships are at the heart of business success. There are many technological components to CRM, but thinking about CRM in primarily technological terms is a mistake. The more useful way to think about CRM is as a strategic process that will help you better understand your customers’ needs and how you can meet those needs and enhance your bottom line at the same time. This strategy depends on bringing together lots of pieces of information about customers and market trends so you can sell and market your products and services more effectively. What is the goal of CRM? The idea of CRM is that......

Words: 1661 - Pages: 7

Premium Essay

Cio Memo

...companies are moving toward best CRM solutions to get the benefits i.e. SAP, Oracle, Microsoft. In case of a large French telecommunications company, I suggest implementation of Customer Relationship Management for certain benefits and to eliminate issues which are currently faced by the company. In the gravity of this implementation here are certain success criteria in the back of my suggestion. Criterion 1: Application Strategy The application integration architecture is the most complete and integration solution in CRM for orchestrating agile, user friendly and user oriented business processes across all the enterprise business application. This will help the organization in: 1. Gain business and IT efficiencies 2. Increase agility which is a basic requirement in case of large French telecommunications company lower total cost of overall ownership Criterion 2: Product Integration Strategy For Tier I level organization like a large French telecommunications company the SAP provides best CRM solutions. The product integration strategy of a solution allows a company to focus either on: • Focusing on one product line and investing totally in that particular product line or • Companies can focus on supporting multiple application with or without overlapping in functionality but allows the customer to chose best of if its product application These aspects help the large French telecommunications company to encounter the issues in different business...

Words: 741 - Pages: 3