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These studies suggest that successful customer relationship management (CRM) implementation requires a strategic and technological approach, cross-functional processes, and a focus on customer lifetime value to improve firm performance and customer retention.
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Customer Relationship Management (CRM) is a strategic approach that integrates sales, marketing, and customer service to enhance customer value and company profitability. Despite its potential, many CRM implementations fail due to inadequate methodologies and integration issues.
Strategic and Technological Integration:
Critical Success Factors:
Customer Data and Information Management:
Customer Value and Profitability:
Customer Retention and Share Development:
Challenges and Pitfalls:
CRM is a multifaceted strategy that requires the integration of various business functions and technologies. Successful implementation hinges on a formal methodology that addresses strategic and technological aspects, effective data management, and a focus on customer value. Despite its challenges, CRM can significantly enhance customer retention, profitability, and overall firm performance when executed correctly.
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