Customer Relationship Management (CRM) – Understanding the concept from Case
Today, using the management jargon has become a fad. You can hear words like customer care,
and customer relationship in many a conversation. Although a thorough science person, I wanted
to know the exact meaning of these management words.
I browsed the Internet and came across a very informative website, www.ibscdc.org. I was
thrilled to see that on www.ibscdc.org, a whole gamut of case studies is available dealing with
various management concepts. I read two of their case studies on customer relationship
management. They were titled ‘Customer Relationship Management at Harrah’s’ and ‘Corporate
Blogging in India: Customer Relationship Management Redefined?’
These case studies helped me develop an understanding on the concept of customer relationship
management or CRM and in knowing some of the corporate trends in CRM.
The CRM process helps companies develop strong relationship with their customers by gauging
their needs and their behavior. Using the CRM methodology, not only can a company know
about customers, it can also get insights into sales, effectiveness of the marketing strategies,
prevailing trends in the market, so on and so forth.
In a nutshell, it can be said that CRM helps
companies understand the customers and their value.
Going deeper into the concept, CRM methods enable the marketing division of a company to
know who are their best customers and then target their efforts towards them. Knowing the target
customers, effective marketing campaigns can be devised and the sales team can also have an
access to quality leads.
CRM also helps companies improve its telesales by optimal use of available information among
various employees and simplifying the existing processes. Further, employing CRM processes
helps foster individualized relationships with the customers. This way, customer satisfaction can
be improved and profits can be maximized. Moreover, the most lucrative customers can be
identified and the best of servic