Customer Relationship Management
| Customer Relationship Management | |||
|---|---|---|---|
| Marketing ↓ |
Sales ↓ |
Services ↓ |
Finance ↓ |
| Customer Contact Management | |||
CRM is a business philosophy based upon the premise that "those organisations that best understand the needs of individual customers and are able to tailor their products and services accordingly, will be best positioned to achieve sustainable competitive advantage in the future".
Many aspects of CRM are not new to organisations, it is simply "doing our current business better". However, placing customers at the forefront of all thinking and decision-making requires significant operational and technology changes.
CRM is not an IT solution, but it is clear that IT can enable organisations to build a deep understanding of their customers, through the effective capture and utilisation of customer information. One of the first steps to introduce a CRM programme therefore, is to define an improved approach to the capture, storage and distribution of customer data.
A CRM programme represents a significant challenge and opportunity for an organisation. A recent quote from a Cisco SVP - "If your customer satisfaction is decreasing, you're in a death spiral. Customer satisfaction equals customer loyalty".
