Customer Relationship Management Essay Example | Topics and Well Written Essays - 2500 words

Customer Relationship Management - Essay ExampleEngaging in CRM allows company employees, who work in various node contact departments such as customer support, marketing and sales, to become better placed and able to line rapid and well informed decisions on every aspect of the business ranging from competitive positioning tactics to up-selling and cross-selling opportunities. According to CRM Magazine, although it was once thought to be a type of software, CRM has gradually evolved and has now become a customer-centric philosophy that most organisations are adopting and developing various policies that help it permeate throughout the various organisations. CRM is seen to grok a set of three key elements that play an important role in the success of a well formulated CRM program. These three elements are fundamentally technology, people and process (destinationcrm, 2010). Customers have long been considered as being the biggest asset to any business enterprise and more often than not, this definition is seen to specially confine to those customers who will continue engaging with the business and hence remain its customers in the future (Rust, Lemon and Zeithami, 2004). Customers are usually perceived as the main primer coat for which companies as well as business enterprises exist. The value of a given customer can be calculated so as to show the customer lifetime value. The customer lifetime value (CLV) is commonly defined as the current value of the entire. The value of a given customer can be calculated so as to show the customer lifetime.