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    CRM in Virtual Business PDF

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    Indika Sampath
    Customer Relationship Management (CRM) refers to activities that help businesses establish and sustain customer relationships through technology and business processes like sales, marketing, and customer support. Implementing CRM presents challenges as each company has different processes and culture, so success requires hard work. Some challenges include viewing CRM as just software rather than an overarching plan, and reluctance from customers to share information due to perceived self-interest of businesses. For virtual businesses, implementing an effective CRM strategy is important for customer retention and requires research on best practices, a business case, skills planning, and initiatives to understand customer value and meet complex demands.

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    CRM in Virtual Business PDF

    Uploaded by

    Indika Sampath
    57 views5 pages
    Customer Relationship Management (CRM) refers to activities that help businesses establish and sustain customer relationships through technology and business processes like sales, marketing, and customer support. Implementing CRM presents challenges as each company has different processes and culture, so success requires hard work. Some challenges include viewing CRM as just software rather than an overarching plan, and reluctance from customers to share information due to perceived self-interest of businesses. For virtual businesses, implementing an effective CRM strategy is important for customer retention and requires research on best practices, a business case, skills planning, and initiatives to understand customer value and meet complex demands.

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    CRM IN VIRTUAL BUSINESS.pdf

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    Customer Relationship Management (CRM) refers to activities that help businesses establish and sustain customer relationships through technology and business processes like sales, marketing, and customer support. Implementing CRM presents challenges as each company has different processes and culture, so success requires hard work. Some challenges include viewing CRM as just software rather than an overarching plan, and reluctance from customers to share information due to perceived self-interest of businesses. For virtual businesses, implementing an effective CRM strategy is important for customer retention and requires research on best practices, a business case, skills planning, and initiatives to understand customer value and meet complex demands.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    57 views5 pages

    CRM in Virtual Business PDF

    Uploaded by

    Indika Sampath
    Customer Relationship Management (CRM) refers to activities that help businesses establish and sustain customer relationships through technology and business processes like sales, marketing, and customer support. Implementing CRM presents challenges as each company has different processes and culture, so success requires hard work. Some challenges include viewing CRM as just software rather than an overarching plan, and reluctance from customers to share information due to perceived self-interest of businesses. For virtual businesses, implementing an effective CRM strategy is important for customer retention and requires research on best practices, a business case, skills planning, and initiatives to understand customer value and meet complex demands.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    INDIKA SAMPATH SOORIYA GAMAGE

    S2000081

    WORD COUNT: 525


    DATE: 23 NOVEMBER 2020
    Implementation of CRM in Virtual
    Business

    What is CRM?
    Customer Relationship Management (CRM) is a widely-implemented strategy, and In general,
    it refers to activities that help businesses establish and sustain customer relationships by
    incorporating and synchronizing business processes such as sales and marketing, customer care
    and support through technology. In other words, the distribution of specific goods or services to
    consumers is a way of better analyzing consumer requirements. Over the time of service, such
    as relationship marketing, CRM progressed and then shifted towards customer retention through
    successful customer relationship management. (Savita Verma, 2011).
    What are the potential Challenges in CRM
    One of the critical challenges with a CRM strategy is that no framework will direct businesses to
    use it. Because each company has its own organizational culture and business processes, the
    implementation and use of CRM routines will look different, and success will take hard work.

    The CRM has been viewed most of the time as a software rather than a cohesive overarching
    plan that brings together individuals, processes, technology and relationships.

    CRM and the co-creation of value are beneficial to both customers and businesses in ideal
    circumstances. Causes of reluctance displayed by apparently happy consumers to participate in
    marketing relationships and loyalty enhancement services with retailers. In most situations, at the
    time of the purchase, the businesses obtain customer information and have no choice but to rely
    on the customer's information. This practice projects by presenting these data a view of the
    company's self-interest rather than the consumer's preference in the mind of the customer. This
    can obstruct the mind of the client to represent his natural actions, and by behaving strategically,
    it contributes to purposely altering their behaviour. The influence of this strategic consumer
    behaviour drives the creation of value in various directions, which can lead to unsatisfactory
    product and service growth. Thus the challenge for CRM is to trust information received from the
    customer (Preety Awasthi, 2014).

    Implementation of CRM & it's Benefits


    In business, customer retention plays an important role, especially if nay unhappy customers are
    their business might be vulnerable to the industry. They could harm the credibility of the business
    and spread a bad image that could hurt
    the image of the brand. Therefore in the
    modern e-commerce world, CRM plays
    a significant role. Management should
    have researched in collaboration with
    the best practices of the industry and the
    best practices that might correspond
    with the company to introduce an
    effective CRM implementation. Strategic
    viewpoint, business case creation,
    valuation and implementation of skills and planning initiatives should be pursued to succeed in
    implementing CRM (Freeland, 2003).
    The understanding of what goods and services are worth to clients is known as customer value.
    It looks at structures and processes, as well as consumer value-related mindsets and patterns.
    The demand on manufacturers to meet consumer requirements is rising and customer demands
    are becoming more complex. In order to help achieve customer loyalty and generate customer
    value, Lean concepts can be implemented across the organization and can be adapted. Here are
    some views about how it can be done:
    References
    Freeland, J. G., 2003. The ultimate CRM handbook : strategies and concepts for building
    enduring customer loyalty and profitability. 1 ed. New York: McGraw-Hill.
    Preety Awasthi, N. D. a. P. S. S., 2014. Contemporary challenges in CRM technology adoption:
    a multichannel view. Int. J. Electronic Customer Relationship Management, 8(1), pp. 1-3.
    Savita Verma, U. S. a. A. K., 2011. Customer Relationship Management Challenges in e-
    business. New Delhi, Indian Institute of Technology Delhi.

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