Benefits Of Customer Relationship Management Research Articles

Exploring the Role of Customer Relationship Management in Enhancing Customer Engagement

In this competitive market, customer is the most important property in an organization. It is not surprising that customer relationship management is increasingly used by the organizations to support different type of their customer. Customer is a source of information which is necessary for implementation of marketing strategy. According to changes in market place and active participation of customers in communicating marketing activities, customer relationship management becomes important. Customer relationship management is a phrase that describes how a firm interacts with customers. Most people think of customer relationship management as a system to capture information about customers. However, that is only part of the picture. Customer relationship management involves using technology to gather the intelligence you need to provide improved support and services to your customers. We reviewed previous studies, and identify these benefits which will be affected on customers. Our result will help the managers and companies to know and recognize the benefits of customer relationship management which are more significant for their customers. Keywords: Customer, Customer Relationship Management

A Study on Benefits, Challenges and Factors Impressing Customer Relationship Management (CRM) W.R.T. Private Commercial Banks at Bengaluru

Purpose: The main end of the present paper is to know whether the socio-economic characteristics impress on the CRM and to know the benefits of CRM, factors driving CRM, and challenges faced by the private commercial banks at the time of implementation of CRM. The presence of severe competition where the competitive struggle to claim a larger share and to attract major amount of customers, forces the banking companies to install CRM strategies and to fetch better results. It has been felt as a process aimed at collecting customer data, find profile of customers and use the knowledge of the customers in a particular marketing activities (Anu Putney et al. 2013) CRM is the strongest and most efficient approach in maintaining and treating close relationship with customers (Angumuthu, 2015). CRM is a management approach that seeks to create, develop and widen relationship with customers in order to derive maximum customer value, profits and shareholders value (Mallika Srinivastava, 2012). Approach: A designed questionnaire was steered as schedule in order to avoid any unexpected delay, incompleteness and non-response. Respondents were approached while they are in the bank premises either before or after their bank work, in a natural setting. A total of 217 questionnaires were in the hand and out of 217, only 200 were usable one and the remaining discarded forming 92% success rate. Chi-square, contingency co-efficient, Kendall’s co-efficient concordance weighted average, Garrett ranking technique was performed to analyse and present the data. Findings: The study revealed about the presence of favourable socio-economic characteristics revealing a significant and high relationship between the characteristics and CRM except bank at different branches which showed less significant and low degree and benefits include protection of data privacy, enhanced productivity and boosted sales. Further, the study also reveals about the factors like advanced technology, customer centric approach and safety factors driving CRM in private commercial banks. The challenges faced at the time of implementation of CRM includes choosing the right CRM, data security and time and cost of implementation of software.

Perceived benefits of CRM in selected Industries

Customer Relationship Management (CRM) is an enterprise approach to understand and influence customer behavior through meaningful communication in order to improve customer acquisition, customer loyalty and customer profitability. CRM can be viewed as an approach to accomplish upper hand. In addition, CRM is tied in with recognizing an organization's best customers and augmenting the incentive from them by satisfying and retaining those. CRM can be seen as a way to achieve competitive advantage. Therefore, the definition for CRM is “A business strategy to manage interactive customer relationships to optimize long-term customer value and satisfaction”. The aim of this paper is to identify and seek the opinion of the marketing and technical people in service and manufacturing organizations with regard to perceived benefits of CRM which are the promises of software package before implementation are realized through the implementation of CRM in both service and manufacturing industries.

Role of Information Systems in Customer Relationship Management

Applications of Information System (IS) have been instrumental in achieving Customer Relationship Management (CRM). Decision Support Systems (DSS) is an IS application that aids in decision making processes for many business concepts and CRM is one of them. CRM depends on firm’s tasks for developing and retaining customers while achieving their satisfaction and enhancing sense of belongingness for their products and services. Profit maximization, process of customer value and building strategic values for the firm are the three empirical benefits of CRM that are achieved through analytical, operational, and direction capabilities respectively. This research focus on applications of DSS models for CRM at analytical, operational and directional level (AOD). Three online retail firms of KSA are referred as data source for the analysis of CRM by DSS models. The research determined how a customer-oriented firm uses DSS to attain CRM and profitability at three levels namely; Analytical, Operational and Strategic.

Role of Information Systems in Customer Relationship Management

Applications of Information System (IS) have been instrumental in achieving Customer Relationship Management (CRM). Decision Support Systems (DSS) is an IS application that aids in decision making processes for many business concepts and CRM is one of them. CRM depends on firm’s tasks for developing and retaining customers while achieving their satisfaction and enhancing sense of belongingness for their products and services. Profit maximization, process of customer value and building strategic values for the firm are the three empirical benefits of CRM that are achieved through analytical, operational, and direction capabilities respectively. This research focus on applications of DSS models for CRM at analytical, operational and directional level (AOD). Three online retail firms of KSA are referred as data source for the analysis of CRM by DSS models. The research determined how a customer-oriented firm uses DSS to attain CRM and profitability at three levels namely; Analytical, Operational and Strategic.

The CRM system and its role in raising the competitiveness of enterprises

<p>The globalisation of countries’ economies and the growth of the market in the West are becoming important factors determining the activity of enterprises. In this changing economic environment, the search for new sources of concurrency advantage often determines the survival and development of an enterprise. Knowledge about the market, speed of decisions, innovations and customer relationship management (CRM) are becoming some of the key success factors. Following an analysis of the literature, this article presents the essence and definition as well as the benefits of CRM in terms of raising the competitiveness of enterprises for which the client plays a leading role.</p>

The current status of customer relationship management: experience of small businesses in the Jordanian food industry

This study aims at exploring customer relationship management (CRM) in Jordanian small food companies. More specifically, the study investigates CRM benefits, tools, and evaluation criteria in Jordanian food companies. The study is based on qualitative design; face-to-face and semi-structured interviews are conducted to collect data. The study employs thematic and textual analysis of each interview. Accordingly, the study adopts cross-interview analysis to highlight holistic view of the study themes. The study concludes that CRM is limited to some practices and the concept is relatively new in the sector. Profit maximisation, market share, brand equity, and positive word of mouth are expected benefits of CRM. Phone calls and social media are the common CRM tools in food industry. The study provides executives with insights into CRM practices by creating awareness among customers and managers of food companies to enhance the effectiveness of CRM and confirm benefits and advantages for interested parties.

Defining and measuring social customer-relationship management (CRM) capabilities

Companies find it necessary to develop new social customer-relationship management (CRM) capabilities to facilitate their customer-related performance. This study seeks systematically to conceptualize and measure social CRM capability, defined as a firm’s efficiency in integrating and converting social media marketing resources into desired sales revenue and customer-relationship outcomes. This definition focuses on the firm’s competency in obtaining, generating, organizing, and integrating information from customers’ social media engagement to maintain and improve the custome-relationship and its own financial performance. Adding to the conventional input–output stochastic frontier model, this study proposes including social media resource inputs and customer-related outcomes to measure social CRM capabilities. An empirical application suggests that social CRM capability is critical; investing in social media technology can lead to substantial CRM benefits and greater market value for the firm. Marketers should focus on developing strategies that emphasize customer-relationship building through social media, which allows for more customer involvement and interactions between the customer and the business.

Examining business value of customer relationship management systems: IT usage and two-stage model perspectives

Empirical evidence for the business value of customer relationship management (CRM) systems remains unsolid in IS studies. This study proposes a new model for CRM value according to IT/IS usage theory and “two-stage model.” Empirical tests show that operational benefits of CRM are reflected in firms’ high revenue per employee, which leads to high profitability; strategic benefits of CRM are reflected in firms’ high customer satisfaction, which leads to high profitability and market valuation. Firm size positively moderates the operational and strategic benefits of CRM, while the industry’s product differentiation level negatively moderates operational and strategic benefits of CRM.

Linking social media to customer relationship management (CRM): a qualitative study on SMEs

Australian small and medium-sized enterprises (SMEs) owner-managers were interviewed to understand the underpinning factors of social customer relationship management (social CRM), customer engagement behaviors, and social CRM as dynamic capability. Findings show that SMEs’ customers use social media to generate content, influence other customers through positive reviews, and mobilize others’ actions toward the brands or products. However, SMEs tend not to use social media for making important strategic decisions or calculating CRM indicators. Key issues are around a lack of resources, data management, and privacy and control. Resource constraints force SMEs to manage their social media on a reactive and ad hoc basis. This study confirms that social CRM can be characterized as a dynamic capability in SMEs, and recommends that automated and sustained ways of collecting and integrating social data with CRM can help SMEs realize the true benefits of social CRM, and thus outweigh their resource constraints in the long term.

Customer Relationship Management (CRM) Towards Service Orientation in Hospitals: A Review

Abstract Customer relationship management (CRM) is significant for hospital services as it has been for any other businesses. A hospital helps in restoring and maintaining the health of the people. In healthcare facilities, CRM practices are mainly patient focused strategies which involve a combination of patient interaction and management of hospital interface which is effective. A CRM system is an innovative technology which makes the process of acquiring, developing and maintaining relationships with customers more effective and efficient. The benefits of CRM could be improved customer service, reduction in cost and better retention of clients.

A Critical Review On Perception & Benefits Of Customer Relationship Management (CRM) System In Indian Private Hospitals

The implementation of Customer relationship Management (CRM) Systems has been increased within organizations for the purposes of increasing customer loyalty accompany with decreasing expenses and increasing revenues. The perception of the benefits associated with the implementation of CRM systems is an essential step for the adoption and implementation of CRM systems. Therefore, this paper presents the study conducted to investigate the perception of the CRM systems in the private hospitals in the northern part of India as there is a lack of adoption of CRM systems in hospitals. Qualitative research approach that is interview based was adapted in the study. The management of 10 private hospitals in the northern part of India was interviewed. The results reveal that no hospital has adopted CRM system. In addition, there is a substantial lack of understanding of the benefits of CRM systems in hospitals. Some hospitals claim that the implementation of CRM system is not of their priorities and there are much important projects as the implementation of Electronic Medical Records (EMD). However, other hospitals indicate for an existence of future plan for the adoption and implementation of CRM system. Another issue that needs to be taken into consideration by the vendors of CRM systems is the high costs associated with the implementation of CRM systems in hospitals. Indeed, both the vendors of CRM systems and the managers of hospitals hold the responsibility of the lack of CRM systems implementation in hospitals.

Case Study of Hotel Taj in the Context of CRM and Customer Retention

To enhance profitability and guest satisfaction and loyalty, the organizations (hotels) should focus on implementing Customer Relationship Management (CRM) strategies that aim to seek, gather and store the right information, validate and share it throughout the organization . Hotel industry is a highly flourishing, lucrative and competitive market. To compete in such a market, the hotels should focus on maintaining good relations with the customers and satisfying the customers. Increasingly, the organizations are using Customer Relationship Management (CRM) to help boost sales and revenues by focusing on customer retention and customer loyalty. The present research was undertaken to study the Customer Relationship Management (CRM) practices in hotel industry. The purpose of this study was to determine the impact of Customer Relationship Management (CRM) on customer loyalty in the hotel industry. The study was conducted at the Hotel Taj Hotel, New Delhi. The objectives of the study were to determine if (CRM) has an impact on customer retention, to determine if the practice of effective CRM in organizations leads to a long or short term financial impact, to find out the extent or degree to which effective CRM leads to customer satisfaction and to assess if the services provided by the hotel meets the needs and wants of customers. It was found that most of the employees had a positive attitude towards CRM practices and the most common activities undertaken were studying the existing database of the customers and personal counseling. The benefits of CRM are increased customer satisfaction and increased customer retention.

Výzkum CRM systémů v České republice

Customer Relationship Management (CRM) is seen as a holistic framework for interaction of organizations with their customers. It is focused on gaining customers’ loyalty through providing the value positively perceived by the customers and usually incorporates information and communication technologies in the form of CRM systems. The paper discusses various aspects of CRM phi­lo­so­phy and utilization of information and communication technologies in relation to CRM. A survey that was conducted among three hundred organizations in the Czech Republic (among them some major companies, such as ČEZ, T-Mobile, Česká spořitelna and others). The objective of the survey was to discover the scope and level of using CRM systems, factors influencing decisions about CRM, understanding the CRM concept, evaluating CRM benefits, issues related to implementation and ot­hers. Organizations mostly perceive CRM as a profitable approach although they do not see it as a global philosophy but rather as a set of separated tools. The most relevant argument for CRM implementation include better contact management, better understanding the customers, higher number of retained customers, longer relationships with customers and higher customer satisfaction.

Casino CRM: Issues and Some Implementation

Customer Relationship Management (CRM) software allows companies to manage their contact with their customers. It is critical for every industry to have a wealth of information about each customer’s preferences. CRM allows companies to integrate customer information with marketing promotions that results in higher profitability for the company. For the gaming industry, CRM software has allowed them to manage their customers’ preferences, track their expenditures, and provide them with offers and services that generate value for each customer. However, technology must be supplemented by a customer-centric organizational policy to fully realize the benefits of CRM

A Study towards the Relation of Customer Relationship Management Customer Benefits and Customer Satisfaction

The purpose of this study is to investigate the efficacy of customer relationship management (CRM) benefits for customers in relation to customer satisfaction. A model has been developed and empirically tested through survey data collected from 150 customers of three Malaysian companies. The results indicate that the benefits of CRM for customers have had a significant positive effect on their satisfaction in marketing companies. Personalized service, responsiveness to customer's needs, customer segmentation, customization of marketing, multichannel integration, time-saving and improving customer knowledge are the benefits that we proposed would affect customer satisfaction in order to significantly improve marketing performance. Additionally, the results reveal that all the benefits found, with the exception of time-saving, enhanced customer satisfaction. This paper contributes to the existing literature by incorporating the benefits of CRM for customers and the relationships of these benefits with their satisfaction in the proposed model.

Customer relationship management influence on sales of selected companies

General awareness of information technology and business strategy Customer Relationship Management (CRM) among managers in the Czech Republic is for several years, but in comparison with Western states of the European Union the Czech companies are underdeveloped. Apparently also because of the economic crisis is CRM in the Czech Republic begins to be used more. The main goal of implementing CRM is to help to company increase the quality of relationship and communication with customers. In this article are the most common definitions of CRM.The main content of this article is about the analysing and comparing of Trading Income of selected companies doing business in the Czech Republic. There are compared selected companies with implemented information technology and business strategy CRM with companies without implemented CRM and how it could have an impact to the Trading Income of these selected companies. Has CRM implementation helped to increase the positive Trading Income during the economic crisis? Included is an analysis of Trading Income from 2007 to 2010 for selected companies grouped by number of employees. The conclusion summarizes the analysis of results and assumptions and benefits of CRM.

How to Make Iranian Banks Customer Oriented with Use of Customer Relationship Management Concepts? Methodology and Comprehensive Architecture

This paper focuses on finding solutions to two important questions regarding making Iranian banks customer-oriented with the use of customer relationship management (CRM) concepts: What is a practical architecture for the CRM of a bank that can bring about benefits of CRM to the organization, and what is the method to achieve such architecture? This research uses an Action Research (AR) approach in one of the largest Iranian banks to achieve answers to the aforementioned questions. In brief, it concentrates on the AR cycle and its reflexes. In the plan stage, extended literature review, pioneer banks studies, and benchmarking provide a preliminary plan. Later, in the act stage this plan can be confirmed, extended, or customized based on more precise examination of the organization, managers and employees’ interviews, and customer opinion surveys. In the check stage, university and bank experts will review the plans and in the last stage of the cycle, reflected results, lessons, and experiences that help system design in the second bank will be discussed. The efficient method of achieving the CRM architecture (which in the beginning we had only general knowledge about) as well as the improvements that can be done based on experts’ opinions in order to receive more applicable results, are among the issues that will be discussed in this paper.

A study of the relationship between customer relationship management contents and benefits in hospitals: An application of fuzzy set theory

Previous studies on customer relationship management (CRM) focused mainly on exploring how CRM techniques can improve organizational benefits, what key success factors and influential elements can adapt to CRM, etc. However, the integration of CRM contents into organizational activities to achieve CRM benefits requires further investigation. This study evaluated the interrelationships between CRM contents and CRM benefits using fuzzy set theory; and also provides suggestions on how to introduce CRM contents to CRM benefits in actual hospital settings. Analytical results based on a series of expert interviews indicated that CRM contents could impact the promotion of CRM benefits, especially focus on the category of data collection, the key item including data collection of optimum practices, internal processes, patients’ basic information, healthcare marketplace, etc. Decision makers could prioritize CRM contents and decide the implement schedule of CRM contents. Additionally, through evaluation of CRM contents, the decision makers can assess the importance of different categories of CRM contents and determine the priority for investing in CRM activities by ranking these categories. Key words: Customer relationship management (CRM), fuzzy set theory, analytic hierarchy process (AHP), CRM content, CRM benefit.

Customer research helps in applying CRM for surviving in recession

The purpose of this research paper is to come up with ideas on the, how Customer Relationship Management (CRM) can be used in the most effective and productive manner in order to save companies and minimize the effects of recession. The researcher has tried to focus on those strategies that are best to overcome recession and companies could adopt them in order to overcome downfall and decline in profits. This paper also explores the idea that how helpful is CRM to recover at that time. This research paper is of considerable importance as the world is experiencing global recession and by using CRM strategies, companies can map out a proper way to overcome the effects of recession, and also for those who intend to initiate the entrepreneurial projects in these difficult times. By using these CRM strategies, in accordance to the findings of this report, the effects of recession can be minimized. The scope of applying CRM in cutting recession is immense, and thus could not be studied wholly in any specific research project. Likewise many different companies have used different type of CRM strategies to overcome the harsh effects of recession, so every strategy could not be explained here due to limitation of time, resources and access to information. I have tried to suggest strategies that are best to overcome recession. CRM applications and practices are employed to make businesses more efficient and increase customer fulfillment. Although besides overcoming profit declines, there are more than enough benefits of using CRM but few of the most effective benefits of CRM are discovering new customers, increased sales volume, prompt revenue generation, customer and employee satisfaction, improved productivity, competitive edge, improved performance of HR department, balanced and proactive approach and effective business planning. This researchThis research study revolves around the three main ideas: Role of CRM to overcome the problem of decline in profits during recession, establishing better customer understandings and relations and avoiding effects of recession. Marketing research is the tool to collect the data whether about the customers or competitors, understanding customers' changing behavior, not cutting back companies marketing expenditure, getting more from CRM technology investments, re-assessing target customer portfolios are the key to success. Not only surviving in the recession period but even excelling in the business performance.