Customer Relationship Management is About Retaining Customers and Customer Lifetime Value, Maximising New Business Opportunities, and Sustaining Profitability
In response to the growing trend towards Customer Relationship Management (CRM) this new published report focuses on the development and implementation of CRM strategies, and the effect these strategies have on call centre operations. CRM is a core issue for any organisation wishing to better understand and retain their customers, sustain profitability and maximise new business opportunities.
What is Customer Relationship Management (CRM)?
CRM is a business, marketing and communications maxim currently revolutionising the company-customer relationship. It is a concept for managing customer relationships across the different points of customer contact.
In essence, CRM is about retaining customers and customer lifetime value, maximising new business opportunities, and sustaining profitability. It is a business philosophy that is successfully implemented by installing and utilising CRM technology and by developing a customer relationship strategy and executing it.
What is CRM Strategy?
A company employing CRM manages the 'relationship' with the customers of the company through the manipulation of information about them. The information is shared and transformed into knowledge. Knowledge enables the company to understand the customer, and this information in turn is used to align the organisations capabilities in order to deliver better value to customers.
Effective CRM strategy has a multi-channel focus. Companies will have to effectively manage all customer communication channels including traditional letters, fax, and branch/retail outlets through to call centres including IVR and speech recognition and the emerging channels including email, the Internet, Video Kiosks and in the near future Interactive TV.
Implementing CRM Strategy
To satisfy customer needs in these situations requires a technological architecture which when utilised properly results in successful CRM practice. Technology is essential to the implementation of a CRM strategy as it underpins the business process.
However, the integration process is difficult and many companies will fail to successfully implement effective CRM due to strategic, organisational and process deficiencies. Some of these reasons include a misunderstanding of CRM goals, unconnected processes, incompatible IT systems, lack of expertise and resources and confusion over what technologies to use.
Why it works
Dow Jones Interactive reports that US companies lose about 50% of their customer base every five years. This is primarily because relationships with the customers do not extend past the stage of enticing the customer to the company. CRM emphasises the development and maintenance of the customer-company relationship.
Whilst the notion of developing better relationships with customers has been around since commercial activity was first initiated, it is only with the convergence of information technology, telecommunications and the internet that the whole concept of CRM really comes alive. For the first time major organisations with large customer bases now have the opportunity to offer customised one to one marketing.
The objective of this research was to produce a study to assess the development and implementation of CRM strategies and to assess the affect these strategies will have on call centre operations.
The industry sectors covered in this research will be banking, finance, insurance, telecommunications carriers, utilities and outsourcing bureaus.
Key Topics Covered Include:
-- Status of CRM Implementation
-- CRM Strategies - Key Initiatives & Decisions
-- CRM Decision Making
-- Scope of CRM
-- Budgeting for CRM
-- Distribution Channels
-- Usage of CRM Tools/Infrastructure
-- CRM and E-Commerce
-- CRM and the Call Centre
-- Handling Web-Based Transactions/Emails
Who should be interested in this study?
-- Company directors
-- Finance directors
-- Marketing directors
-- IT Directors
-- CRM Executives
-- Customer Service Executives
-- Call Centre Managers
For more information visit http://www.researchandmarkets.com/reports/c38489
|< Prev||Next >|