Customer Relationship Management Essay

7075 Words Feb 19th, 2013 29 Pages
CRM Best Practices: A Case Study of an Indian Private Bank
Kallol Das* and Renuka Garg**
The current study attempts to conduct a study of deployment of CRM Best Practices in the context of Indian retail banking, specific to an Indian private sector bank, one of the largest banks in the country with presence in 17 other countries.The research objective involves describing how the selected bank is deploying the CRM Best Practices toward building relationships with their retail customers. The case study method is the recommended research method in such situations when we deliberately want to cover the contextual conditions because they may be highly pertinent to the phenomenon of study. The study identifies 29 CRM Best Practices after
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Parvatiyar and Sheth (2001) define CRM as “a comprehensive strategy and process of acquiring, retaining and partnering with

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selective customers [italics added] to create superior value for the company and the customer” (p. 6). Sin et al. (2005) define CRM as “a comprehensive strategy and process that enables an organization to identify, acquire, retain, and nurture profitable customers [italics added] by building and

maintaining long-term relationships with them” (p. 1266). Payne (2000) asserts that CRM is concerned with “the creation, development and enhancement of individualized customer relationships with carefully targeted customers [italics added] and customer groups resulting in maximizing

*Associate Professor, Mudra Institute of Communications, Ahmedabad, Shela, Ahmedabad, India **Professor & Dean, Department of Business & Industrial Management, Veer Narmad South Gujarat University, Surat

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Journal of Marketing & Communication

their total customer life-time value” (as cited in Sin et al., 2005, p. 1265). Detailed literature review could not find any study on CRM Best Practices. Such a study is helpful from the perspective of benchmarking, which is widely regarded as “a continuous, systematic process for evaluating the products, services, and work processes of organizations that are recognized as representing best practices for the purpose of organizational improvement”

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