Customer Relationship Management (CRM) is an integrated approach aimed at
improving the customer's total experience. This holistic endeavor involves
understanding and optimizing customer interactions across all touchpoints
such as Web sites, retail outlets, call centers, help desks and kiosks,
across all company divisions or departments such as sales, marketing,
accounting, customer service, and purchasing, and across all stages of
company interaction such as presales, product/service and post-sales
experiences. The goal of CRM is not only to obtain new customers and to
increase the likelihood of sales, but also to reduce costs through
developing more efficient business processes, improving customer
relationships and increasing customer loyalty.
The value of a unified customer view is tremendous. First, it makes
it easier to customers to conduct business because all company
representatives have access to customer data across all channels. The
benefit for customers is that they do not have to provide duplicate data
for multiple transactions, saving time and improving data quality. And,
the employee interacting with the customer can more quickly respond to the
customer request by having a better understanding of the customer's
history. With a complete picture of customer interactions, companies can
greatly improve their ability to market to customers by providing
personalized Web and email content and tailored services that the customer
will value. It's also easier to reward loyalty with affinity and retention
programs designed specifically to meet the customer's needs.
In the world of electronic commerce, self service is a must-have
feature. This requires an integrated view of all customer data and
transactions such as credit card data, shipping and billing addresses,
order status and invoices. Besides being more loyal, customers may be
willing to pay more for th...