Customer relationship management explained

Customer Relationship Management (CRM) is a strategic approach, which focuses on the development of suitable relationships with key customer segments to deliver superior shareholder value. In doing so, it ties the potential of relationship marketing strategies with information technology aiming to create profitable, long-term, and mutually beneficial relationships with customers, employees and shareholders.
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Modern organizations have realized that, over time, customers have become more sophisticated and more demanding. Today, directing customers towards specific purchase decisions requires enormous amounts of money to be spent in advertising campaigns, and addressing in-depth market segmentation. In order to adjust to the new market realities, organizations need to focus on a more balanced attention to customer acquisition and retention, which is achievable through customization and personalization.
Focusing primarily on customer knowledge, CRM aims to develop long-term relationships with the right customers and employ a broader and deeper interest in them. Within this context, relationship marketing suggests that the interest in the customer does not end when the transaction is completed like in transactional marketing. Instead, the purchase is the beginning of a relationship in which mutual trust and commitment must grow. To achieve that, CRM employs the concept of customer value, which requires organizations to instill a customer-centric approach in their organizational culture and invest in their customers to appreciate profit maximization. Customers have goals they seek to meet and the organization should assist them in achieving those goals through lifetime customer relationships.
CRM, as a strategic approach, is concerned with creating improved shareholder value through the development of appropriate relationships with key customer segments. In doing so, it unites the potential of relationship marketing strategies and IT to create profitable, long-term relationships with customers, employees and shareholders. Requiring a cross-functional integration of processes, people, operations, and marketing capabilities through IT, CRM uses information to both identify with customers and co-create value with them. CRM, as a process of information use, increases the effective understanding of how to manage the firm's customer relationships. It is a strategy to help organizations improve the profitability of their interactions with current and potential
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