Customer Relationship Management Essay example

1800 Words Feb 2nd, 2014 8 Pages
A RESEARCH PAPER

ON

CUSTOMER RELATIONSHIP MANAGEMENT

Submitted to:

Kamalpreet Kaur

JRF

Punjabi University, Patiala

INTRODUCTION
The essence of the information technology revolution and, in particular, the World Wide Web is the opportunity to build better relationships with customers than has been previously possible in the offline world. By combining the abilities to respond directly to customer requests and to provide the customer with a highly interactive, customized experience, companies have a greater ability today to establish, nurture, and sustain long-term
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Many companies didn't understand the benefit of the data they were collecting and how it could help them better cater to their customer's needs.

With the introduction of the information age in the late 1980's, customers were given new capabilities to make better decisions about which companies they would most like to buy from. At the same time, global competition made it easier for companies to switch suppliers if they were not happy.

For these reasons and others, companies started to look at the data they had collected about their customers. They looked for ways to turn it into information they could use in a consistent way for a competitive advantage. Initially, it was referred to as database marketing or data mining.

Some of the first attempts lead to the creation of customer focus groups. These focus groups would gather occasionally to give feedback to companies about what was working well, and what issues and concerns the customers and users had.

Even though companies were collecting data and information through user groups and surveys, they did not have an efficient method of processing and analyzing it. Companies wanted to see the following data points on a real time basis:

• What customers had purchased from them?

• How much they had spent?

• What they did with the products they purchased?

• Who had been contacted within the customer?

• What new opportunities were available and being competed

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