Abstract
Companies collect customer information, store the information in databases, and analyze it to generate customer insights. The study focuses on the roles of customer relationship management (CRM) in making proper usage of the information, marketing analytics, and the marketing intelligence generated to develop fruitful customer relationships. Companies employ advanced marketing analytics and big data to understand customers and implement CRM effectively. The customer insights generated should be distributed and used properly. Although companies benefit from implementation of CRM, the implementation has its own drawbacks. Implementation of CRM will not solve all issues related to customers. It has its own drawbacks. However, proper implementation and effective utilization of CRM will help companies in developing customer relationships, in growing their businesses, and in achieving business excellence in the long run.
Highlights
Marketers collect information about customers to understand their needs, wants, and preferences, and to gain customer insights (Carmen & Marius, 2016)
The information is collected through competitive marketing intelligence which is stored in internal databases maintained by companies
The study discussed about the various aspects of collecting information from customers, storage and analysis of information, marketing analytics, big data, marketing and customer insights, and the roles played by customer relationship management in collection, storage, and analysis of information
Summary
Marketers collect information about customers to understand their needs, wants, and preferences, and to gain customer insights (Carmen & Marius, 2016). Managers may need help while applying the information to gain customer and market insights that will improve their marketing decisions (Mandal, 2018). Marketing managers may use advanced marketing analytics to learn more about the relationships within the sets of data. They may apply analytical models to improve the quality of analysis. Such analysis may help marketers make better decisions and may help in developing better customer relationships (Al-Weshah, 2017)
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