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Customer Relationship Management as a Customer-Centric Business Strategy
Abstract
CRM is fundamentally essential for the future of the company. CRM technologies enable the company to understand customer behavior better, predict their future behavior, deliver customized customer experience, and establish long-term customer relationships. However, considering that CRM is only limited with technology would be a big mistake for the company. Companies cannot deliver outstanding customer value, service, and experiences only through investing in CRM technologies. Strategic integration of CRM philosophy into company culture and operating processes are required to deliver superior customer service and experience. In the absence of CRM strategy, companies fail to harvest the benefits of CRM. The main purpose of this chapter is to discuss the characteristics as well as the strategic objective of CRM strategy. This chapter explains the customer life cycle management and proposes a holistic framework for customer life cycle management. This chapter ends with discussing the strategies to turn customers into assets and create devoted customers.
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