There are always two sides to a coin.
While this usually means the good and the bad, but in the article, it meant different to me. The article scrutinized two vital sides or aspects of Customer Relationship Management - the customers and the company itself.
First, the CUSTOMERS.
Maximize the potential of your assets. Figuratively speaking, the most vital asset that lies at the center of every business is their customers. On a short-term basis, customers provide revenues to a company, supplying the blood that keeps it alive and breathing. But thinking on a long-term basis, the growth that a company needs to survive the competition also lies in the customers. Generating revenues is only half of the equation. Establishing customer loyalty and increasing customer base is the more challenging ones. But how does CRM enter the picture?
By delving deeper into their customers’ data using techniques such as data mining, companies can identify trends and patterns that indicate key selling scenarios. This may be obtained from basic customer data such as age or gender to more complex ones such as buying behavior of customers, culture, relations or other criteria. From here, marketing will come into the picture. As the article goes, “strategic CRM looks at what client information means and how it can be useful for developing a better business”. By understanding your customers, companies will be able to figure out where they stand and from here, they can ascertain the steps they can do to solidify their position and even expand their base.
Second, the COMPANY ITSELF.
Ideally, CRM should not just be a technology. But whether it is more than just technology depends entirely on the company.
CRM focuses on the customers but it is company-centric with the technology only paving way to a more efficient implementation of the strategy, serving as the veins and arteries of the