Topic 2: Customer Relationship ManagementHow can a customer relationship management system benefit an organization?Just do response each posted # 1 to 3 down below only.Posted 1Before the digitized world took over almost all aspects of life,including the way we shop, consumers were accustomed to a verypersonalized shopping experience. The owners and employees recognizedcustomers by name and knew their preferences and wants. (Rainer &Prince, 2018,p.309). That personalized touch with the consumer made itmore comfortable for the shopper and it increased the likelihood of thatconsumer to maintain loyal to the store they frequently visited. Allof that has changed now, for the most part, so companies were facing anew challenge. A new way to evolve in hopes to maintaining that personalshopping experience in this new day in age.With the change of times, also came a new managementsystem, the customer relationship management system. This system wasimplemented in hopes to return to a more personal style of marketing.Treat different customers differently because their needs differ andtheir value to the company may also differ. (Rainer &Prince,2018,p.310). A customer relationship management system canbenefit an organization by improving sales and or services based on acomplete history of its customers, identifying the most profitablecustomers and providing them with the highest level of service. Anotherbenefit from a customer relationship management system is that itunderstands and identifies the needs of those customers, it helps tobuild a relationship to the company and thus making the shopping experience once again more personalized.Posted 2Accordingto the book and the readings of this course, Customer relationshipmanagement (CRM) is an operations strategy that integrates informationtechnology into a firm’s marketing mix. CRM primarily manages acompany’s communication with its sales prospects as well as itscustomers CRM is a company-wide strategy where all the departments thatdeal with customer interactions are connected through CRM’stechnological processes, where each department works in synergy with theothers to minimize its costs and increase its profits. CRM aims tohighlight the importance of not only retaining old customers butenticing new ones, as well as the strategy, takes its roots from thenotion that ‘the success of the organizations in achieving their goalsdepends largely on the efficiency of management of its relations withcustomers.’However,CRM can be integrated by crucial account management (KEM) to ensurethat the organization has a technological advantage over its competitorsto maintain its top priority customers’ (Rainer & Watson, 2014).For a critical account manager to successfully integrate CRM into themix, it is necessary that the organization does not only have therequired IT infrastructure but also has employees who can successfullyinterpret the data collected and that the business architecture is suchthat the results generated from the technology can be implementedefficiently as well. In lieu of this, it is essential that the keyaccount manager does not only invest in a CRM software, but also intechnologically savvy employees as the relevant human capital ‘(1)enables companies to manage the technical and business risks associatedwith their investment in CRM programs, (2) is based on accumulatedexperience that takes time to develop, and (3) results from sociallycomplex processes that require investment in a cycle of learning andknowledge codification’ (Rainer & Watson, 2014).” Relationship effectiveness also increases when activity intensity ofthe organization as well as activity re-activeness increases, and esprit de corpsplays a significant role here in that when people find common goals towork towards, and it becomes easier for organizations to work together. Posted 3 Personalized information makes for better customer experience. CRMs help companies by proving the data to tailor their service or product. The biggest impact of a customer-focused business model would be customer retention. Although, business organizations expect a portion of “customer churn”, the ideal situation is to maximize the amount of customers they are able to keep. Analytical CRMs are extremely valuable for retention efforts. Understanding a customer’s needs at every level of interaction is very beneficial and gives organizations the advantage it needs to continuously compete in their market and prepare for what’s next.
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