Page 341 - DMGT308_CUSTOMER_RELATIONSHIP_MANAGEMENT

Customer Relationship Management Ashwani Panesar, Lovely Professional University

Notes Unit 13: Emerging Trends in CRM

CONTENTS
Objectives
Introduction

13.1 Emerging Trends in CRM
13.1.1 Doing Business in the CRM Era
13.1.2 Most Affected Industries

13.1.3 CRM in India
13.1.4 Critical Success Factors
13.1.5 Marketing of Banking Services
13.1.6 Globalised Scenario
13.2 Summary

13.3 Keywords
13.4 Review Questions
13.5 Further Readings

Objectives

After studying this unit, you will be able to:
 Study the trends followed in CRM
 Know the emerging trends in CRM
 Determine the concept of Sales Force Automation

Introduction

CRM is, probably, one of the least clearly defined business acronyms, as there is no single
definition for it. It is probably easier to say what CRM is not. Unfortunately, CRM has also
become a misnomer for a range of solutions from vendors, each providing its own spin on the
idea. CRM is variously misunderstood as a fancy sales strategy. It is none of these. CRM is a
simple philosophy that places the customer at the heart of a business organizations processes,
activities and culture to improve his satisfaction of service and, in turn, maximize the profits for
the organization.
A successful CRM strategy aims at understanding the needs of the customer and integrating
them with the organizations strategy, people, and technology and business process. Therefore,
one of the best ways of launching a CRM initiative is to start with what the organization is doing
now and working out what should be done to improve its interface with its customers. Then
while this may sound quite straightforward, for large organisations it can be a mammoth task
unless a gradual step-by-step process is adopted. It does not happen simply by buying the
software and installing it. For CRM to be truly effective, it requires a well-thought-out initiative
involving strategy, people, technology, and processes. Above all, it requires the realisation that
the CRM philosophy of doing business should be adopted incrementally with an iterative
approach to learn at every stage of development.

336 LOVELY PROFESSIONAL UNIVERSITY