Power CRM through Data Mining
Introduction
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The ideas behind customer relationship management are not new, they
emerged centuries before. There are lots of Stories that describe how even ancient
merchants used different techniques to attract new customers and satisfy them.
Today it’s widely acknowledged that how you treat your customers goes
a long way in determining your future profitability, and companies are making bigger
and bigger investments to do just that. Market analysts crack the exact figure, to be
in billions & also almost all the studies have shown that in the next few years
companies will pour billions of dollars into CRM solutions, software and services
designed to help businesses more effectively manage customer relationships.
Customers are also becoming savvier about the service they should be
getting and are voting with their wallets based on the experience they receive.
Especially in this era of information exploration customers are much informed than
they ever were, they have started analyzing and comparing one company’s service to the other .
So what is CRM?
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CRM has got a whole lot of meaning and definition imbibed in it, CRM to one company
means something and to another company it means something else. The definition and
the function of CRM wholly rest on the requirement and the perception of the company.
Though such variations exists a more generalized definition of CRM can
be stated as below. "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".
Customer relationship Management embeds the view of the customer in all
aspects of how an enterprise conducts business. All the processes and the operation are controlled and conditioned by how the customer views and is viewed by the organization.
In more simple but effective way it can be said that CRM is all about bringing the
customer to the center of all activities, instead of treating him as an outside entity.
Evolution of e-CRM
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As mentioned above CRM is essentially a business strategy for acquiring and maintaining
the right customers. Decades before when technology and business were not too close as
its now, CRM was an almost a methodology of acquiring, maintaining and retaining
the customers. But as the Technology advanced and flourished, it almost changed the entire outlook of CRM. With the aid of Core software applications, Client/server technology, integrated applications, Personal computers, Powerful Servers, faster communication bandwidths,and stable networks, and above all the web technology-Internet, needless to say CRM has emerged as a strong technology tool that supports the companies to conduct interactive, personalized and relevant communications with customers across both electronic and traditional channels.
A modern day eCRM suite can be represented as below.
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