Customer Relationship Management (CRM): A Comprehensive Overview

This report provides a comprehensive overview of Customer Relationship Management (CRM). It begins with an introduction to the CRM concept and traces its history from the 1970s to the present, highlighting key developments like the adoption of cloud technology and integration with business intelligence systems. The report defines CRM systems and emphasizes their benefits to both customers and organizations, including improved customer relations, increased revenues, and better internal communication. It identifies suitable business types, particularly professional services firms and manufacturing companies, and details the advantages of CRM implementation for each, such as better data organization, improved contract management, and enhanced sales cycle clarity. The report concludes by summarizing the key points and emphasizing the significant benefits of CRM for various business sectors, supported by relevant bibliography.

CUSTOMER RELATIONSHIP
MANAGEMENT

INTRODUCTION
 Introducing CRM concept and software history
 Defining CRM system and its benefits to the customers and organization
 Identification of the types of client’s business that would benefit from the
implementation of a CRM system
 Rationale for the benefits perceived by such businesses

CRM HISTORY
 The CRM concept was originated in the early 1970s
 Effective usage of traditional method of conducting annual surveys
 First CRM system established by SugarCRM in 2004
 In 2009 the developers considered the potential sources of profit from
social media's momentum

CRM HISTORY
 Rapid migration of CRM to cloud for improved accessibility to the sole
entrepreneurs, small teams and huge wave of price reduction
 Startups like Base and Nutshell were hugely benefitted from the success of
CRM solutions
 In 2013 CRM products were linked with business “intelligence systems and
communication software”

CUSTOMER RELATIONSHIP
MANAGEMENT (CRM)
 Interaction approach with the current and potential customers
 Using historical data analysis about the customer’s previous records for
improving enhancing business relationships
 Primary attention is given on retaining the customers and driving the sales
growth
 Compiling information from range of communication channels

CUSTOMER RELATIONSHIP
MANAGEMENT (CRM)
 Compilation sources includes company website, chat history, telephone,
marketing materials, social media
 Learning approach about the target audience and depicting ways to best cater
to their needs
 Focusing on welfare of customer-centric business culture
 Integration and automation of Customer support, marketing channels and sales

BENEFITS OF USING CRM
 Improvement in customer relations through improved understanding of the issues and receiving
continuous feedback from the customers
 Increasing the revenues by popularizing marketing campaigns in a more effective way
 Ensuring product promotion by reaching to new customers
 Maximizing the cross selling and upselling by offering complementary products based on previous
purchases
 Ensuring better internal communication by sharing the customer data between different departments

TYPES OF CLIENT’S BUSINESS THAT WOULD BENEFIT FROM CRM
 Professional Services Firm
 Manufacturing Company

CRM IMPLEMENTATION BENEFITS IN PROFESSIONAL SERVICES
FIRM
 The scope of application of CRM with some dedicated account executives
 Better focus in collecting and organizing the customer’s data
 Keeping track of contact list, emails, upcoming events, planning documents
and past attendance
 Better reports which would include the information on the customer’s activity
and future prospect

CRM IMPLEMENTATION BENEFITS IN MANUFACTURING
COMPANY
 Opportunity for the large OEM to focus on renewal and upsell of business
 Maintenance and tracking of multiple phase contracts
 Collaboration tool between the manufacturing and support
 Discrete sales cycle approach with more clarity of the customer approach
 Better integration of “Enterprise Resource Planning” and CRM
 Better coordination among the various department involved in the sales process

CONCLUSION
 Introduced in the 1970s with a motive to automate the sales and replace the business relying on standalone
mainframe systems
 Efficient usage of historical data analysis for improving enhancing business relationships
 Facilitation of better internal communication by sharing the customer data between different departments
 Make the most of the cross selling and upselling channels of sales
 Significant benefit to Professional Services Firm and Manufacturing Company
 Better monitoring of the contact list, emails, upcoming events and attendance for Professional Services Firm
 Improved integration process of ERP and CRM for Manufacturing firms

BIBLIOGRAPHY
• Choudhury, M. M., & Harrigan, P. (2014). CRM to social CRM: the integration of new technologies into
customer relationship management. Journal of Strategic Marketing, 22(2), 149-176.
• Navimipour, N. J., & Soltani, Z. (2016). The impact of cost, technology acceptance and employees'
satisfaction on the effectiveness of the electronic customer relationship management
systems. Computers in Human Behavior, 55, 1052-1066.
• Nyadzayo, M. W., & Khajehzadeh, S. (2016). The antecedents of customer loyalty: A moderated
mediation model of customer relationship management quality and brand image. Journal of Retailing
and Consumer Services, 30, 262-270.
• Srinivasan, K., & Saravanan, S. (2015). Principles and Practices of Customer Relationship Management
in Ethiopian Banks. EXCEL International Journal of Multidisciplinary Management Studies, 5(8), 8-20.