customer relationship management

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customer relationship management (CRM)

a strategic concept which focuses on business competencies, processes and technologies required to effectively service the needs and requirements of a firm's customers. As such CRM embraces key MARKETING activities and related INFORMATION MANAGEMENT in order to keep existing customers and attract new ones. The issue of customer retention has taken on a new imperative in the digital age, with the INTERNET and E-COMMERCE providing customers with greater opportunities to compare prices, switch suppliers etc. CRM recognises that businesses need to use these new technologies more proactively to their own advantage, either by developing IT capabilities in-house or relying on outside IT specialists, to provide call centres, sales force automation, marketing and data analysis and website management.
References in periodicals archive ?
Forrester included 10 vendors in the report, and Adobe received the highest possible scores in 17 criteria including Web Experience Management, Customer Profile and Segmentation, AI/Machine Learning, Customer Analytics, Vision, Execution Roadmap, Partner Ecosystem and Supporting Products and Services.
Every company's digital transformation needs to be based on an integrated framework where individual projects connect and feed each other--e.g., leveraging data and analytics as a foundational platform to analyze and provide insights used in social media communities, CRM, and customer engagement; leveraging customer journey mapping and customer experience surveys to feed holistic customer profiles; leveraging emerging technologies like AI in CRM systems to provide next-best-action recommendations for individual clients, and so on.
By repeating the cycle many times at high speed, the estimation of detailed customer profiles to a degree of precision that surpasses the analysis results of an expert is achieved.
To configure the appropriate customer profile, three initial questions are asked before the start of the configuration process:
There are a total of 100 million customer profiles in all.
It builds customer profiles, enables customized products and services offerings, and fosters trusted relationships.
According to Visiongain WAP is a relatively low risk for network operators and can assist with reducing churn as users become dependent on well-built customer profiles for information services.
ODI's idea is that Javlin can be used as a middle tier cache to store data and integrate and synchronize data from back-end data sources for e-commerce applications that could use marketing information, shopping carts and customer profiles. It plugs into EJB servers including WebLogic, SilverStream and WebSphere.
The NOP survey shows that customer profiles among the "new" credit card providers are often very different from the profiles of customers with the "Big Four" banks - NatWest, Midland, Barclays and Lloyds-TSB.
Traders enter their ID code at any of the 340 trading desks to call up their confidential customer profiles. A unique low area network (LAN) can accommodate virtually any combination of hardware and software employed by subscribing member firms.
A KEY DELIVERABLE in every successful CRM initiative is the creation and implementation of holistic customer profiles, which pull together data from customers' online and offline (i.e., nondigital) histories.

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