Essay about Customer Relationship Management Systems ( Crm )

930 Words Oct 7th, 2016 4 Pages
Companies can benefit by engaging in one-to-one marketing with their customers. Companies might want to engage in one-to-to one marketing because they can potentially lower customer acquisition costs, create more favorable customer retention rates, and drive profit margins up. One-to-one marketing consists of identifying, differentiating, interacting and customizing your products or services to your customers (Peppers & Rogers). It is important to gather customers ' information and enter the data into a Customer Relationship Management system (CRM). Also, it is important to input potential customers in the CRM. The CRM should contain all customer interactions and should also have systems in place to measure "the profit you make today on a customer plus the change in the customers lifetime value divided by the beginning lifetime value that 's your return on that customer." (Peppers, 2009).
Identifying Customers A company should start to gather detailed information about its customers (Peppers & Rogers). Some of the information a company should input into the CRM include the customers ' buying habits and buying preferences (Peppers & Rogers). The company should also find out what some of the problems that your customers are facing. Additionally, for a business-to-business relationship the company will need to gather information about the decision makers. For example, I run a little video marketing business where I produce videos for other businesses. In my video…

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