“Role of customer relationship management (CRM) strategy in development of business organisation”

In today's competitive marketplace, customer relationship management is critical to a company's profitability and long-term success. To become more customer focused, skilled managers, IT professionals and marketing executives must understand how to build profitable relationships with each customer and to make managerial decisions every day designed to increase the value of a company by making managerial decisions that will grow the value of the customer base. The goal is to build long-term relationships with customers and generate increased customer loyalty and higher margins. CRM, or Customer Relationship Management, is a company-wide business strategy designed to reduce costs and increase profitability by solidifying customer loyalty. True CRM brings together information from all data sources within an organization (and where appropriate, from outside the organization) to give one, holistic view of each customer in real time. This allows customer facing employees in such areas as sales, customer support, and marketing to make quick yet informed decisions on everything from cross-selling and up selling opportunities to target marketing strategies to competitive positioning tactics. It's a strategy used to learn more about customers ’needs and behaviors in order to develop stronger relationships with them. After all, 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 process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends. A well-executed CRM program can improve customer satisfaction, increase staff productivity, slash operational costs and maximize the effectiveness of each customer interaction. However, simply installing much-publicized technologies won't achieve these results. Successful CRM requires a comprehensive understanding of the context in which the initiative takes place, careful analysis of the key improvement areas and rigorous planning and execution to ensure implementation of CRM best practices.