Abstract
This chapter examines the strategic aspects of CRM in detail while also providing deeper insights into the distinct requirements and key success factors for developing and implementing efficient, effective customer management strategies. Section 3.2 introduces the four main components of a CRM strategy: customer-management orientation, integration and alignment of organizational processes, information capture and alignment of technology, and CRM strategy implementation. The following section explores the main steps for developing a CRM strategy, before the chapter concludes with an investigation of ways to manage relationships with key stakeholders, including suppliers, employees, and investors.
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Notes
- 1.
This case study is based on research by several INSEAD MBA students: Alper Aras, Natalia Boksha, Tatiana Kachalova, and Eyal Katzenstein.
- 2.
A component of savings also comes from gaining efficiencies in the sales process, measured in the hours saved because sales personnel use the CRM system. These saved hours, multiplied by the cost per hour to employ that salesperson, equal the total savings value achieved through sales efficiency improvements (IBM Corporation, 2003a).
References
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IBM Corporation. (2003b). CRM: Transformation for an on-demand world: The road to successful customer relationship management. IBM CRM executive brief, Copyright © IBM Corporation.
Reinartz, W., Krafft, M., & Hoyer, W. (2004). The customer relationship management process: Its measurement and impact on performance. Journal of Marketing Research, 41(3), 293–305.
Siebel. (2005). Siebels Customer Relationship Management (CRM) application. Accessed January 13, 2005, from http://www.siebel.com.
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© 2012 Springer-Verlag Berlin Heidelberg
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Kumar, V., Reinartz, W. (2012). Strategic CRM. In: Customer Relationship Management. Springer Texts in Business and Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-20110-3_3
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DOI: https://doi.org/10.1007/978-3-642-20110-3_3
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