Advertisement

Implementing the CRM Strategy

  • V. Kumar
  • Werner Reinartz
Chapter
Part of the Springer Texts in Business and Economics book series (STBE)

Abstract

Implementing the CRM Strategy involves putting together a sequential order of operations that comprises of the following components: (1) the various elements of a CRM System such as the company to customer touch points that cover sales, marketing, and service functions, (2) ascertaining the ROI of the planned CRM initiative by considering the costs and implementation timeframe, and (3) the project and data requirements for the deployment of the CRM project. To explain the process of CRM implementation, this chapter reviews a case study involving British financial service company Capital One. This case highlights the factors that impact the implementation of CRM in an organization.

References

  1. Alshawi, S., Missi F., &, Irani, Z. (2011). Organisational, technical and data quality factors in CRM adoption — SMEs perspective. Industrial Marketing Management, 40(2011), 376–383.CrossRefGoogle Scholar
  2. Barton, D., & Court, D. (2012, October). Making advanced analytics work for you: A practical guide to capitalizing on big data. Harvard Business Review, pp. 79–83.Google Scholar
  3. Bergeron, B. (2002). Essentials of CRM: A guide to customer relationship management. New York: Wiley.Google Scholar
  4. Bohling, T., Bowman, D., LaValle, S., Mittal, V., Naryandas, D., Ramani, G., & Varadarajan, R. (2006). CRM implementation: Effectiveness issues and insights. Journal of Service Research, 9(2), 184–194.CrossRefGoogle Scholar
  5. Felding, M. (2010, September 15). C’est Delicieux. Marketing News, p. 6.Google Scholar
  6. Forbes. (2013). A smarter way to reduce customer churn. Forbes. www.forbes.com/sites/hbsworkingknowledge/2013/11/11/a-smarter-way-to-reduce-customer-churn/#38cae3159ac7. Accessed November 25, 2016.
  7. Garry, M. (2009). The fab five. Supermarket News, 57(42), 32–35.Google Scholar
  8. Gartner. (2001). CRM: What’s right for customers is the correct approach. https://www.gartner.com/doc/334337/crm-whats-right-customers-correct. Accessed November 25, 2016.
  9. Homburg, C., Vomberg, A., Enke, M., & Grimm, P. (2015). The loss of the marketing department’s influence: Is it really happening? And why worry? Journal of the Academy of Marketing Science, 43(1), 1–13.CrossRefGoogle Scholar
  10. Jayachandran, S., Sharma, S., Kaufman, P., & Raman, P. (2005). The role of relational information processes and technology use in customer relationship management. Journal of Marketing, 69(4), 177–192.CrossRefGoogle Scholar
  11. Krill, P. (2001). Data quality issues plague CRM. http://www.itworldcanada.com/article/data-quality-issues-plague-crm/32838. Accessed November 25, 2016.
  12. Medland, D. (2016, June 12). Missing the loyalty point completely with Customer Loyalty Programs. Forbes. https://www.forbes.com/sites/dinamedland/2016/06/12/missing-the-loyalty-point-completely-with-customer-loyalty-programs/#9b53353641e7. Accessed April 18, 2017.
  13. Peppers, D., & Rogers, M. (1997). Enterprise one to one. New York: Doubleday.Google Scholar
  14. Reitz, B. (2005). Worst to first to favorite: The inside story of Continental Airline’s business turnaround. Customer Management (MSI conference summary) (pp. 4–5). Cambridge, MA: Marketing Science Institute.Google Scholar
  15. Kelly, S. (2000). Analytical CRM: The fusion of data and intelligence. Journal of Direct, Data and Digital Marketing Practice, 1(3), 262–267.CrossRefGoogle Scholar
  16. Kumar, V., Ramani, G., & Bohling, T. (2004). Customer lifetime value approaches and best practice applications. Journal of Interactive Marketing, 18(3), 60–72.CrossRefGoogle Scholar
  17. Reichheld, F., Schefter, P., & Rigby D. K. (2002, February). Avoid the Four Perils of CRM, Harvard Business Review, pp. 101–109.Google Scholar
  18. Reid, A., & Catterall, M. (2005). Invisible data quality issues in a CRM implementation. Journal of Database Marketing & Customer Strategy Management, 12(4), 305–314.CrossRefGoogle Scholar
  19. Ruddick, G. (2014, January 16). Clubcard built the Tesco of today, but it could be time to ditch it. Telegraph. http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10577685/Clubcard-built-the-Tesco-of-today-but-it-could-be-time-to-ditch-it.html. Accessed April 18, 2017.
  20. Rust, R., Lemon, K., & Zeithaml, V. (2004). Return on marketing: Using customer equity to focus marketing strategy. Journal of Marketing, 68(1), 109–127.CrossRefGoogle Scholar
  21. Srinivasan, S., & Hanssens, D. (2009). Marketing and firm value: Metrics, methods, findings, and future directions. Journal of Marketing Research, 46(3), 293–312.CrossRefGoogle Scholar
  22. Thompson, E., & Sarner, A. (2009). Key issues for CRM strategy and implementation. Gartner Research Report Series. Google Scholar
  23. ZDNet. (2009). CRM failure rates: 2001–2009. http://www.zdnet.com/article/crm-failure-rates-2001-2009/. Accessed November 25, 2016.

Copyright information

© Springer-Verlag GmbH Germany, part of Springer Nature 2018

Authors and Affiliations

  • V. Kumar
    • 1
  • Werner Reinartz
    • 2
  1. 1.J. Mack Robinson College of Business, Center for Excellence in Brand and Customer ManagementGeorgia State UniversityAtlantaUSA
  2. 2.Department of Retailing and Customer ManagementUniversity of CologneCologneGermany

Personalised recommendations