Q. 1: What is the role of CRM in challenging economy?
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The Role of Customer Relationship Management (Crm) To Develop Lifetime Customer Profitability Analysis Model .Customer Relationship Management, or CRM, represents a business strategy as well as a technology solution to create and manage long-term relationships with customers. While technology solutions enable CRM, building customer relationships is a commitment by business owners to focus their attentions on the customer. Customer relationship management solutions focus on three key business areas: Sales, Marketing and Customer Service. By organizing key business functions, CRM helps to improve employee performance, streamline marketing and focus on business customers. The value of a Customer Relationship Management application is measured by its ability to streamline the business processes by creating a comprehensive system to manage and analyze customer data.CRM helping an enterprise to enable its marketing departments to identify and target their best customers, manage marketing campaigns and generate quality leads for the sales team. Allowing the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits; identifying the most profitable customers and providing them the highest level of service.
Q. 2 Why Many CRM initiatives, however, fail to deliver the expected benefits?
There are many reasons due to which the CRM fails to actives his goals. CRM failure rates have remained high during past many years, indicating that many organizations don't receive full benefit from their CRM initiatives. Many organizations fall into the trap of deploying tools and technology without creating a proper CRM-related business strategy.
For most organizations, customer relationships involve a range of interactions that together achieve (hopefully) positive results. Creating and executing a business strategy is difficult because CRM initiatives typically involve numerous components and moving parts.
The current crop of CRM systems are very useful for large companies with thousands of customers that want to "count" them in interesting ways. If you are like most small businesses, you probably only have tens or hundreds of customers your main problem is finding new customers and efficiently growing existing customers, not counting customers in interesting ways. Organizations confronted with more change than they can handle at one time, may find that the challenges faced by employees are exceeded by the challenges faced by the software. Because of the complex nature of even a modest CRM solution,
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