Topic: Marketing Strategies for Sustainable CRM
Abstruct: This paper explains how a CRM approach builds on a strategic vision that integrates people and processes with technology to maximize a firm’s investment. This paper describes how a company can manages their strategies to develop a sustainable CRM.
Customer relationship management (CRM) has attracted the expanded attention of practitioners and scholars. More and more companies are adopting customer-centric strategies, programs, tools, and technology for efficient and effective customer relationship management. They are realizing the need for in-depth and integrated customer knowledge in order to build close cooperative and partnering relationships with their customers. The emergence of new channels and technologies is significantly altering how companies interface with their customers, a development bringing about a greater degree of integration between marketing, sales, and customer service functions in organizations. For practitioners, CRM represents an enterprise approach to developing full-knowledge about customer behavior and preferences and to developing programs and strategies that encourage customers to continually enhance their business relationship with the company.
What is Strategic Marketing?
Oxford defines marketing as “the action or business of promoting and selling products or services, including market research and advertising.” In other words… the intent of marketing is simply to shorten the sales cycle. Strategic Marketing is doing this, well, strategically. Many smaller or mid-size companies (and even big ones for that matter) recognize the need for marketing, but don’t understand what’s involved to put together a successful, strategic campaign. Strategic Marketing calls for a more structured approach where we define what we’re trying to accomplish, measure and analyze the markets and media options and implement an integrated campaign that will help you capture the most value for our budgeted marketing amounts by achieving our defined objectives.
In other words, marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
What Is CRM?
Customer Relationship Management is a comprehensive strategy and process of acquiring, retaining, and partnering with selective customers to create superior value for the company and the customer. It involves the integration of marketing, sales, customer service, and the supply-chain functions of the organization to achieve greater efficiencies and effectiveness in delivering customer value. Before we begin to examine the conceptual foundations of CRM, defining what CRM is would be useful. In the marketing literature the terms customer relationship management and relationship marketing are used interchangeably. As Nevin (1995) points out, these terms have been used to reflect a variety of themes and perspectives. Some of these themes offer a narrow functional marketing perspective while others offer a perspective that is broad and somewhat paradigmatic in approach and orientation. A narrow perspective of customer relationship management is database marketing emphasizing the promotional aspects of marketing linked to database efforts (Bickert, 1992). Another narrow, yet relevant, viewpoint is to consider CRM only as seeking customer retention by using a variety of after marketing tactics that lead to customer bonding or staying in...
Please join StudyMode to read the full document