Customer Relationship Management and Customer Value 'a brand with existing and potential customers. A marketer needs effective strategies to create and capture customer value while gaining customer insights. Armstrong et al. (2016) states that “an important element of modern marketing is customer relationship management (CRM)”. CRM developed in the 1970s as a new tool to control and optimize sales force automation in business information management, not only for sales, but also for more interactions with customers, customer knowledge management and understanding behaviors and organizational models. At its core, CRM is very simple: it includes all the activities, strategies, systems, processes, tools and technologies that businesses use to manage and engage in their interactions with customers. CRM solutions can be applied in many ways, including websites, social media, phone calls, chat, mail, and many other marketing materials. CRM can be used to target high-value customers, increase sales and also create offers tailored to specific customer needs. In this essay, I will focus on explaining the importance of customer relationship marketing (CRM), describing the main trends affecting CRM, identifying approaches to obtaining customer insights, and developing strategies to create and capture customer value. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Customer Relationship Marketing (CRM) A notable importance of CRM is to establish a profitable customer relationship. Levitt (1960) explains that focusing on customer needs and satisfaction will help a business survive. An organization needs profitability to continue to exist in the long term, since CRM strategies are customer centric, it identifies customer requirements and needs, so as to increase customer satisfaction, which will help in retaining the brand and promote customer loyalty. Business profitability can come in the form of cash flow and goodwill. A profitable customer relationship extends to the idea of peers influencing peers. A survey by Hub Spot's data-driven research report (2020) shows that 93% of customer service teams agree that today's customers have higher expectations than before, that they have more of options, that they are more skeptical and are more likely to influence their peers. A customer will only influence another as a potential customer if he or she is satisfied with a brand's quality products and superior customer services. Using a case study approach, Ryals (2005) shows that one of the business units she studied achieved a 270% increase in profits, exceeding its target after implementing simple CRM measures . CRM is also important for producing high customer equity. Armstrong ET AL. (2016) states that “customer equity is the total combined lifetime value of a company’s current and potential customers.” Customer equity is explained as retaining customers to obtain their future value. Examples of things a business does to generate customer equity are customer appreciation, creating promotional offers andof discounts, offering the best value of their products and services, offering better convenience than its competitors, etc. CRM implementation, like any other, impacts trends and challenges that can lead to failure. It may have the ability to manage multiple parts of an organization including customer relations, sales, marketing and service management but still it may fail resulting in wasted resources and could also have negative impacts future. A major trend affecting a company's CRM. The process is the lack of technological integration. Here the company is struggling to manage the various CRM systems.Different CRM processes have their own software to manage the painstaking efforts of the CRM system, which further promotes the struggle of the companies. Advancements in technology could also pose a challenge in choosing the best trending CRM software that will suit both customers and employees. Another influential trend is the impact on costs, CRM requires the use of resources. It may require a high cost, but when used well, it can produce a greater result than its input. Lack of widespread usage within an organization is also a huge challenge in CRM implementation. It is the duty of marketers to make CRM software a vital, everyday tool for employees to create and record sales interactions. It is also important that all employees are aware of the purpose of CRM implementation. They must be encouraged to create the best customer experience with the CRM strategies put in place. A lack of communication can cause CRM implementation to fail. Within an organization, it is important for managers to hand over the entire CRM process to employees. No proper communication will disrupt the purpose of CRM and end up creating problems rather than solving them. Part of marketing management is obtaining information about customers. Customer insight is the process of understanding and interpreting various trends in customer data behaviors to verify the effectiveness of a brand's products and services. This will pave a path for business improvement and increase sales for financial benefit. Approaches to obtaining customer insights will provide insight into a business's performance so that you can identify and resolve any issues that arise. Below are the approaches to obtaining customer insights: Feedback Questionnaires: This is a question and answer process used by businesses to identify and measure customer satisfaction and happiness. Review: a review is a written opinion and reflection from a customer after an experience with the brand's products or services. Customer sentiment surveys: This is a list of questions presented to customers to indicate what they think of the company's brand. Behavioral targeting: This involves tracking customers’ online data to target advertisements and display marketing offers. Social Listening: This involves listening and analyzing trends happening in the brand's industry in order to make better marketing decisions. Chatbot Data: Businesses use a computer program called a chat-bot to process and simulate conversations with customers. Data obtained from interactions can be used for marketing and management decisions. Sampling: This involves collecting general data or observations from a group., 13(3), 247-252.

Essay / Customer Relationship Management and Customer Value 'a brand with existing and potential customers. A marketer needs effective strategies to create and capture customer value while gaining customer insights. Armstrong et al. (2016) states that “an important element of modern marketing is customer relationship management (CRM)”. CRM developed in the 1970s as a new tool to control and optimize sales force automation in business information management, not only for sales, but also for more interactions with customers, customer knowledge management and understanding behaviors and organizational models. At its core, CRM is very simple: it includes all the activities, strategies, systems, processes, tools and technologies that businesses use to manage and engage in their interactions with customers. CRM solutions can be applied in many ways, including websites, social media, phone calls, chat, mail, and many other marketing materials. CRM can be used to target high-value customers, increase sales and also create offers tailored to specific customer needs. In this essay, I will focus on explaining the importance of customer relationship marketing (CRM), describing the main trends affecting CRM, identifying approaches to obtaining customer insights, and developing strategies to create and capture customer value. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Customer Relationship Marketing (CRM) A notable importance of CRM is to establish a profitable customer relationship. Levitt (1960) explains that focusing on customer needs and satisfaction will help a business survive. An organization needs profitability to continue to exist in the long term, since CRM strategies are customer centric, it identifies customer requirements and needs, so as to increase customer satisfaction, which will help in retaining the brand and promote customer loyalty. Business profitability can come in the form of cash flow and goodwill. A profitable customer relationship extends to the idea of peers influencing peers. A survey by Hub Spot's data-driven research report (2020) shows that 93% of customer service teams agree that today's customers have higher expectations than before, that they have more of options, that they are more skeptical and are more likely to influence their peers. A customer will only influence another as a potential customer if he or she is satisfied with a brand's quality products and superior customer services. Using a case study approach, Ryals (2005) shows that one of the business units she studied achieved a 270% increase in profits, exceeding its target after implementing simple CRM measures . CRM is also important for producing high customer equity. Armstrong ET AL. (2016) states that “customer equity is the total combined lifetime value of a company’s current and potential customers.” Customer equity is explained as retaining customers to obtain their future value. Examples of things a business does to generate customer equity are customer appreciation, creating promotional offers andof discounts, offering the best value of their products and services, offering better convenience than its competitors, etc. CRM implementation, like any other, impacts trends and challenges that can lead to failure. It may have the ability to manage multiple parts of an organization including customer relations, sales, marketing and service management but still it may fail resulting in wasted resources and could also have negative impacts future. A major trend affecting a company's CRM. The process is the lack of technological integration. Here the company is struggling to manage the various CRM systems.Different CRM processes have their own software to manage the painstaking efforts of the CRM system, which further promotes the struggle of the companies. Advancements in technology could also pose a challenge in choosing the best trending CRM software that will suit both customers and employees. Another influential trend is the impact on costs, CRM requires the use of resources. It may require a high cost, but when used well, it can produce a greater result than its input. Lack of widespread usage within an organization is also a huge challenge in CRM implementation. It is the duty of marketers to make CRM software a vital, everyday tool for employees to create and record sales interactions. It is also important that all employees are aware of the purpose of CRM implementation. They must be encouraged to create the best customer experience with the CRM strategies put in place. A lack of communication can cause CRM implementation to fail. Within an organization, it is important for managers to hand over the entire CRM process to employees. No proper communication will disrupt the purpose of CRM and end up creating problems rather than solving them. Part of marketing management is obtaining information about customers. Customer insight is the process of understanding and interpreting various trends in customer data behaviors to verify the effectiveness of a brand's products and services. This will pave a path for business improvement and increase sales for financial benefit. Approaches to obtaining customer insights will provide insight into a business's performance so that you can identify and resolve any issues that arise. Below are the approaches to obtaining customer insights: Feedback Questionnaires: This is a question and answer process used by businesses to identify and measure customer satisfaction and happiness. Review: a review is a written opinion and reflection from a customer after an experience with the brand's products or services. Customer sentiment surveys: This is a list of questions presented to customers to indicate what they think of the company's brand. Behavioral targeting: This involves tracking customers’ online data to target advertisements and display marketing offers. Social Listening: This involves listening and analyzing trends happening in the brand's industry in order to make better marketing decisions. Chatbot Data: Businesses use a computer program called a chat-bot to process and simulate conversations with customers. Data obtained from interactions can be used for marketing and management decisions. Sampling: This involves collecting general data or observations from a group., 13(3), 247-252.

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