Successful Customer Relationship Management: A Study on Micro, Small and Medium Enterprises

Customer Relationship Management (CRM) is becoming a vital tool to be implemented in Micro, Small and Medium Enterprises (MSMEs) to compete against the Large Enterprises (LEs) in the global economy. As the business firms are getting more and more customer oriented, CRM can be a useful strategy to make the customers satisfied and loyal. However, the outcome of the CRM investment is not always positive in MSMEs because firms in this sector do not have clear ideas about the factors on which success of CRM depend. So, this paper attempts to identify the success factors of CRM for MSMEs and to rank those success factors. Both primary and secondary data have been used to prepare the paper. Entrepreneurs of MSMEs have been surveyed through a structured questionnaire to collect the primary data. Necessary literature from the secondary sources such as journals, articles and different periodicals have been reviewed. This paper identifies twenty one (21) major success factors of CRM for MSMEs of Bangladesh. Kendall Coefficient of Concordance and chi square test have been used to find out the rank and the relationship in the rank of these 21 success factors of CRM. This paper has revealed that ‘Top management support’ is the most important factor with a score of 1976 for ensuring the CRM practices. ‘Willingness to share data’ has been ranked as the second most and ‘Employee commitment to ensure best CRM practice’ has been ranked as the third most important success factor for CRM.