Customer Relationship Management (CRM) - Revision history

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 *[[Customer Data Platform (CDP)]]: Explaining a marketer-based management system that creates a persistent, unified customer database accessible to other systems. Data is pulled from multiple sources, cleaned, and combined to create a single customer profile.
 *[[Customer Experience (CX)]]: Discussing the product of an interaction between an organization and a customer over the duration of their relationship. This includes the customer’s attraction, awareness, discovery, cultivation, advocacy, purchases, and service.
-*[[Customer Service]] and Customer Support: Covering the range of services provided by a business to assist customers in making cost-effective and correct use of a product, including assistance in planning, installation, training, troubleshooting, maintenance, upgrading, and disposal of a product.
+*Customer Support: Covering the range of services provided by a business to assist customers in making cost-effective and correct use of a product, including assistance in planning, installation, training, troubleshooting, maintenance, upgrading, and disposal of a product.
 *[[Social CRM]]: Explaining the integration of social media channels into CRM platforms. This strategy combines the engagement of customers through social media with the efficiencies of CRM tools.
 *Customer Segmentation: Discussing the process of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on.

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 == See Also ==
-*[[Social CRM]]
+Customer Relationship Management (CRM) is a strategy for managing an organization's relationships and interactions with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships, specifically focusing on customer retention and ultimately driving sales growth. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability. By integrating technology to organize, automate, and synchronize sales, marketing, customer service, and technical support, CRM systems provide comprehensive insights into customer interactions, preferences, and feedback.
 *[[Five Forces CRM Model]]
 *[[Strategic CRM]]

← Older revision		Revision as of 15:04, 14 March 2024
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	'''CRM Paradox'''<ref>[https://en.wikipedia.org/wiki/Customer_relationship_management The CRM Paradox -Wikipedia]</ref><br />		'''CRM Paradox'''<ref>[https://en.wikipedia.org/wiki/Customer_relationship_management The CRM Paradox -Wikipedia]</ref><br />
	Part of the paradox with CRM stems from the challenge of determining exactly what CRM is and what it can do for a company. The CRM Paradox, also referred to as the "Dark side of CRM," may entail favoritism and differential treatment of some customers. This may cause perceptions of unfairness among other customers' buyers. They may opt out of relationships, spread negative information, or engage in misbehavior that may damage the firm and its reputation. Such perceived inequality may cause dissatisfaction, mistrust and result in unfair practices. A customer shows trust when he or she engages in a relationship with a firm under the idea that the firm is acting fairly and adding value to his or her life somehow. However, customers may not trust that firms will be fair in splitting the value of their products or services. For example, Amazon's test use of dynamic pricing (different prices for different customers) ended with very poor public relations for the company. As seen in the Amazon example, although firms use both human and technological factors to assess a proper CRM process, experts suggest that focusing on the human factors, like management, increases the potential of successful CRM, since managers can make a coordinated effort on organizational changes within a company, which often affects customer satisfaction. CRM technologies can easily become ineffective if there is no proper management, and they are not implemented correctly. The data sets must also be connected, distributed, and organized properly, so that the users can access the information that they need quickly and easily. Research studies also show that customers are increasingly becoming dissatisfied with contact center experiences due to lags and wait times. They also request and demand multiple channels of communications with a company, and these channels must transfer information seamlessly. Therefore, it is increasingly important for companies to deliver a cross-channel customer experience that can be both consistent as well as reliable.		Part of the paradox with CRM stems from the challenge of determining exactly what CRM is and what it can do for a company. The CRM Paradox, also referred to as the "Dark side of CRM," may entail favoritism and differential treatment of some customers. This may cause perceptions of unfairness among other customers' buyers. They may opt out of relationships, spread negative information, or engage in misbehavior that may damage the firm and its reputation. Such perceived inequality may cause dissatisfaction, mistrust and result in unfair practices. A customer shows trust when he or she engages in a relationship with a firm under the idea that the firm is acting fairly and adding value to his or her life somehow. However, customers may not trust that firms will be fair in splitting the value of their products or services. For example, Amazon's test use of dynamic pricing (different prices for different customers) ended with very poor public relations for the company. As seen in the Amazon example, although firms use both human and technological factors to assess a proper CRM process, experts suggest that focusing on the human factors, like management, increases the potential of successful CRM, since managers can make a coordinated effort on organizational changes within a company, which often affects customer satisfaction. CRM technologies can easily become ineffective if there is no proper management, and they are not implemented correctly. The data sets must also be connected, distributed, and organized properly, so that the users can access the information that they need quickly and easily. Research studies also show that customers are increasingly becoming dissatisfied with contact center experiences due to lags and wait times. They also request and demand multiple channels of communications with a company, and these channels must transfer information seamlessly. Therefore, it is increasingly important for companies to deliver a cross-channel customer experience that can be both consistent as well as reliable.
		+
		+	In Customer Relationship Management (CRM), IT-enabled customer support services can transform how businesses interact with their customers. [[Information Technology Enabled Services (ITeS)]] solutions offer advanced tools for managing customer interactions, providing analytics, personalizing customer service, and enhancing customer satisfaction and loyalty.

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-'''Customer Relationship management (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|customer lifecycle]], with the goal of improving business relationships with customers, assisting in [[Customer Retention|customer retention]] and driving sales growth. CRM systems are designed to compile information on customers across different channels - or points of contact between the customer and the company - which could include the company's website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.<ref> [http://searchcrm.techtarget.com/definition/CRM Customer Relationship Management - Definition -Techtarget]</ref>
+'''Customer Relationship management (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|customer lifecycle]], with the goal of improving business relationships with customers, assisting in [[Customer Retention|customer retention]] and driving sales growth. CRM systems are designed to compile information on customers across different channels - or points of contact between the customer and the company - which could include the company's website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.<ref> [http://searchcrm.techtarget.com/definition/CRM Customer Relationship Management - Definition -Techtarget]</ref>
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-===See Also===
+== See Also ==
 *[[Social CRM]]
 *[[Five Forces CRM Model]]
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-===References===
+== References ==
 <references />

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 ===See Also===
 *[[Social CRM]]
 *[[Five Forces CRM Model]]
 *[[Strategic CRM]]

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 *[[Operational_CRM|Operational CRM]]: The primary goal of customer relationship management systems is to integrate and automate sales, marketing, and customer support. Therefore, these systems typically have a dashboard that gives an overall view of the three functions on a single page for each customer that a company may have. The dashboard may provide client information, past sales, previous marketing efforts, and more, summarizing all of the relationships between the customer and the firm. [[Operational CRM]] is made up of 3 main components: sales force automation, marketing automation, and service automation.
 *[[Analytical_CRM|Analytical CRM]]: The role of [[analytical CRM]] systems is to analyze customer data collected through multiple sources, and present it so that business managers can make more informed decisions. Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze the customer data. These [[analytics]] help improve customer service by finding small problems which can be solved, perhaps, by marketing to different parts of a consumer audience differently.For example, through the analysis of a customer base's buying behavior, a company might see that this customer base has not been buying a lot of products recently. After scanning through this data, the company might think to market to this subset of consumers differently, in order to best communicate how this company's products might benefit this group specifically.
-*[[Collaborative_CRM|Collaborative CRM]]: The third primary aim of CRM systems is to incorporate external stakeholders such as suppliers, vendors, and distributors, and share customer information across organizations. For example, [[feedback]] can be collected from technical support call, which could help provide direction for marketing products and services to that particular customer in the future.
+*[[Collaborative CRM (CCRM)|Collaborative CRM]]: The third primary aim of CRM systems is to incorporate external stakeholders such as suppliers, vendors, and distributors, and share customer information across organizations. For example, [[feedback]] can be collected from technical support call, which could help provide direction for marketing products and services to that particular customer in the future.

← Older revision		Revision as of 20:00, 9 February 2021
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	[[Value Chain]]<br />		[[Value Chain]]<br />
	[[IDIC Model]]<br />		[[IDIC Model]]<br />
		+	[[Five Forces CRM Model]]<br />

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-'''Phases of Customer [[Service]] Management'''<ref>Taking CRM to the Next Level [http://www.springer.com/us/book/9783540002277 Chapter 3 Kracklauer, Alexander H. (et al.)]</ref><br />
+'''Phases of Customer Relationship Management'''<ref>Taking CRM to the Next Level [http://www.springer.com/us/book/9783540002277 Chapter 3 Kracklauer, Alexander H. (et al.)]</ref><br />
 Efficient Customer Relationship Management consists of four different phases. First is about the identification of profitable and unprofitable groups through [[Customer Value Analysis (CVA)|customer value analysis]]. Second it involves winning a [[Target Market| target customer]] who has been identified through the analysis. Third, it involves developing ties with the target customer. Fourth, a relationship developed with profitable target customers and efforts made to expand consumer spending. In the established consumer goods [[market]], customer retention is regarded as the core of customer relationship management.
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 *[[Collaboration]]: CRM systems give companies the ability to move away from tools, like spreadsheets, that appear to be entirely functional but fall short in a variety of areas.One of the biggest: collaboration. In even small organizations, the entire customer lifecyle is typically too complex to be managed effectively by one person. The use of cloud-based CRM platforms allows for employees in multiple departments to more effectively manage their customer relationships and to see the big picture at any time.
 *Data, data, data: For many organizations, data is one of the most valuable strategic assets, and CRM systems house some of the most valuable data. Of course, data in and of itself is often of limited practical use; its real value comes from data analysis and visualization tools. Here, popular CRM platforms typically offer a variety of homegrown and third party tools that enable companies to understand their CRM data and learn things about their customers that wouldn't be possible otherwise.
-*Increased accountability: When companies lack the tools to mange their customer relationships, customers are bound to fall through the cracks. CRM systems can help ensure that this doesn't happen by adding a layer of accountability to the customer relationship management process. A well-implemented CRM system helps employees across departments understand their responsibilities to customers throughout the customer lifecycle and when those responsibilities aren't met, it's easy to identify what went wrong, where, who fell short and how to make sure it doesn't happen again.
+*Increased accountability: When companies lack the tools to manage their customer relationships, customers are bound to fall through the cracks. CRM systems can help ensure that this doesn't happen by adding a layer of accountability to the customer relationship management process. A well-implemented CRM system helps employees across departments understand their responsibilities to customers throughout the customer lifecycle and when those responsibilities aren't met, it's easy to identify what went wrong, where, who fell short and how to make sure it doesn't happen again.
-*Improved customer experience: Ultimately, for all of the benefits CRM systems provide to the companies that use them, the biggest benefit of CRM systems is that their use leads to a better overall customer experience. Customers are more easily and accurately segmented, their needs identified, and because the status of a company's relationship with them is accurately tracked, companies can interact with them meaningfully at the right times, leading to more sales, faster sales and higher customer retention and satisfaction.
+*[[Customer Experience Management (CEM)|Improved customer experience]]: Ultimately, for all of the benefits CRM systems provide to the companies that use them, the biggest benefit of CRM systems is that their use leads to a better overall customer experience. Customers are more easily and accurately segmented, their needs identified, and because the status of a company's relationship with them is accurately tracked, companies can interact with them meaningfully at the right times, leading to more sales, faster sales and higher customer retention and satisfaction.
 '''CRM Paradox'''<ref>The CRM Paradox[https://en.wikipedia.org/wiki/Customer_relationship_management Wikipedia]</ref><br />
-Part of the paradox with CRM stems from the challenge of determining exactly what CRM is and what it can do for a company. The CRM Paradox, also referred to as the "Dark side of CRM," may entail favoritism and differential treatment of some customers. This may cause perceptions of unfairness among other customers' buyers. They may opt out of relationships, spread negative information, or engage in misbehavior that may damage the firm and its reputation. Such perceived inequality may cause dissatisfaction, mistrust and result in unfair practices. A customer shows trust when he or she engages in a relationship with a firm under the idea that the firm is acting fairly and adding value to his or her life somehow. However, customers may not trust that firms will be fair in splitting the value of their products or services. For example, Amazon's test use of dynamic [[pricing]] (different prices for different customers) ended with very poor public relations for the company. As seen in the Amazon example, although firms use both human and technological factors to assess a proper CRM process, experts suggest that focusing on the human factors, like management, increases the potential of successful CRM, since managers can make a coordinated effort on organizational changes within a company, which often affects customer satisfaction. CRM technologies can easily become ineffective if there is no proper management, and they are not implemented correctly. The data sets must also be connected, distributed, and organized properly, so that the users can access the information that they need quickly and easily. Research studies also show that customers are increasingly becoming dissatisfied with contact center experiences due to lags and wait times. They also request and demand multiple channels of communications with a company, and these channels must transfer information seamlessly. Therefore, it is increasingly important for companies to deliver a cross-channel customer experience that can be both consistent as well as reliable.
+Part of the paradox with CRM stems from the challenge of determining exactly what CRM is and what it can do for a company. The CRM Paradox, also referred to as the "Dark side of CRM," may entail favoritism and differential treatment of some customers. This may cause perceptions of unfairness among other customers' buyers. They may opt out of relationships, spread negative information, or engage in misbehavior that may damage the firm and its reputation. Such perceived inequality may cause dissatisfaction, mistrust and result in unfair practices. A customer shows trust when he or she engages in a relationship with a firm under the idea that the firm is acting fairly and adding value to his or her life somehow. However, customers may not trust that firms will be fair in splitting the value of their products or services. For example, Amazon's test use of [[Dynamic Pricing|dynamic pricing]] (different prices for different customers) ended with very poor public relations for the company. As seen in the Amazon example, although firms use both human and technological factors to assess a proper CRM process, experts suggest that focusing on the human factors, like [[Management|management]], increases the potential of successful CRM, since managers can make a coordinated effort on organizational changes within a company, which often affects customer satisfaction. CRM technologies can easily become ineffective if there is no proper management, and they are not implemented correctly. The data sets must also be connected, distributed, and organized properly, so that the users can access the information that they need quickly and easily. Research studies also show that customers are increasingly becoming dissatisfied with contact center experiences due to lags and wait times. They also request and demand multiple channels of communications with a company, and these channels must transfer information seamlessly. Therefore, it is increasingly important for companies to deliver a cross-channel customer experience that can be both consistent as well as reliable.
 ===See Also===
-[[Operational_CRM|Operational CRM]]<br />
+[[Operational CRM]]<br />
-[[Analytical_CRM|Analytical CRM]]<br />
+[[Analytical CRM]]<br />
-[[Collaborative_CRM|Collaborative CRM (CCRM)]]
+[[Collaborative CRM (CCRM)]]<br />