Answer to Question #208042 in Management for Prabhdeep

Question

SUBJECT : SERVICE MARKETING

What is the role of Customer relationship marketing (CRM) in delivering customer relationship strategy , give 7 points with elaboration for role ? Explain with suitable examples.

Answer 1

1.      A CRM has a historical view and analysis of to-be-acquired customers or all the acquired customers. This aids in reduced searchin and correlating customers and to foresee customer needs edfficiently and increase business.

2.      Using a CRM system, customers are grouped according to different aspects according to physical location or business that they do.

3.      The relationship apect of CRM is that it is cost-effective. The technologies used in CRM are also very cheap and smooth in contrast with the traditional way of business.

4.      All details in CRM are kept centralized thus available at any time. This decreases the prolcerss time and increases productivity,

5.      Efficiently dealing with customers and giving them what they want enhances customer satisdfaction. This improves the chance of acquiring more business which increases profit and turnover.

6.      A CRM has details of a customer thus it is very easy to track a customer and also evaluate the profitable customers.

7.      A CRM  deals with existing customers and also acquires new customers. These processes are effectively and easily done by an integrated CRM system.