CRM
The author here cites this case as a support to influence the importance of customer relationship management's study in the present market scenario. Due to the facts of big bucks investment in this field while implementing CRM the case shows that it is becoming a rather de-motivating strategy for the companies to invest huge amounts of money in things that doesn't seem successful, analyzing the past records.
Customer relationship management is an approach to managing a company's interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service and technical support.
In the first example of Monster inc. the author clearly talks about the company failing to link technology with sales strategies that it wanted to implement. The delay in transfer of customers data to the salesperson is cited as one of the major errors for the fail of CRM strategy in monster inc.
The author then provides facts about different advisory companies claiming that CRM not only fails to generate good customer relation but rather sometimes it leads to forfeiture of old customers too. The employees irritation increases which eventually leads to a difficult time for the firm to sustain in the market with so much rival firms operating at a greater efficiency without CRM.
The focus then shifts from the CRM study to the executives being unable to understand the actual meaning and way of implementing the study let alone how much time it takes or its cost. The author reflects CRM as a way of effective customer acquisition strategy if only a traditional customer-acquisition and retention strategy has been conceived of and implemented beforehand. He also claims that most executives mistake CRM as a Marketing Strategy which is they allow software vendors to drive their approach to customer management, retrofit a customer strategy to match the CRM technology they’ve just purchased and when nothing works they then
Customer relationship management is an approach to managing a company's interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service and technical support.
In the first example of Monster inc. the author clearly talks about the company failing to link technology with sales strategies that it wanted to implement. The delay in transfer of customers data to the salesperson is cited as one of the major errors for the fail of CRM strategy in monster inc.
The author then provides facts about different advisory companies claiming that CRM not only fails to generate good customer relation but rather sometimes it leads to forfeiture of old customers too. The employees irritation increases which eventually leads to a difficult time for the firm to sustain in the market with so much rival firms operating at a greater efficiency without CRM.
The focus then shifts from the CRM study to the executives being unable to understand the actual meaning and way of implementing the study let alone how much time it takes or its cost. The author reflects CRM as a way of effective customer acquisition strategy if only a traditional customer-acquisition and retention strategy has been conceived of and implemented beforehand. He also claims that most executives mistake CRM as a Marketing Strategy which is they allow software vendors to drive their approach to customer management, retrofit a customer strategy to match the CRM technology they’ve just purchased and when nothing works they then