THE RELATIONSHIP BETWEEN A COMPANY AND ITS CUSTOMERS

Year 2012, Volume: 4 Issue: 2, 45 - 53, 01.12.2012

Hamid Tohidi Mohammad Mehdi Jabbari

Abstract

Purpose- In today’s highly competitive world, an increasing number of
organizations have realized the importance of becoming more customer-centric
and invested a large amount of time and resources in a Customer Relationship
Management (CRM) system with the aim of better managing their customers. The
aims of CRM are to satisfy, retain, and create repurchase intention and loyalty to
the customers on the services offered by the banks. Previous researches have
confirmed that technology factors such as trust (reliability, functionality), security
and privacy (data security and privacy) influence customer relationship
management performance. The study confirmed the relationship between the data
technologies and Customer Relationship Management performance.
Design/methodology/approach - Customer Relationship Management (CRM) is
a business strategy designed to help an enterprise understand and anticipate the
needs of its potential and current customers. Customer data is captured in several
different areas of the enterprise, stored in a central database, analyzed, and
distributed to key points (called touch points). Touch points can include a mobile
sales force, inbound and outbound call centers, Web sites, point-of-sale direct
marketing channels, and any other parts of an enterprise that interact with the
customer. The distributed data is intended to help foster effective, individual
experiences between the company and the customer.
A company's most important asset is information. A corporation's ability to
compete, adapt and grow in a business climate of rapid change is dependent in
large measure on how well the company uses information to make decisions -
decisions that also impact partner and customer relationships. Employees
throughout organizations need access to information on customers, vendors and
suppliers, ultimately transforming data into critical business knowledge.
Findings- CRM is designed to empower the entire enterprise when managing
customer relationships. Enterprises want their customers to see one, friendly,
corporate face, as opposed to a collection of disconnected departments trying to
work together. Ideally, an effective CRM strategy will enable the enterprise to
utilize all of its resources when interfacing with a customer, including marketing,
sales, finance, and manufacturing, as well as post-sales services. When carefully
and strategically employed, econometric, demographic, lifestyle, and
psychographic data; decision-support systems; the Internet; and customer access
techniques and technologies can help promote effective CRM, despite the size of
enterprise, the size of enterprise's customer base, or the size of relative market.
The ability to gain value from CRM projects is contingent on the enterprise's
capability to leverage and integrate all of these functions, technologies, and
consolidated data in a way that promotes departmental synergy, as well as
competitive advantage.
Practical implications-CRM is a key solution to realize the information
infrastructures which increase the responsiveness power during compositional
pressures thus survives the organization. Nowadays there is much competition for
maintaining the customers. In a completely economic viewpoint, commercial
institutions have understood that holding a customer is less expensive than finding
a new customer.

Keywords

Customer Relationship, Information, Data technology

References

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