scholarly journals CHALLENGES OF ACQUISITION AND RETENTION OF CUSTOMERS IN A COMPETITIVE MARKET

2015 ◽  
Vol 10 (8) ◽  
pp. 2372-2380
Author(s):  
DR. EGBORO FELIX
Keyword(s):  
Customer Relationship Management ◽  
Community Building ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Relationship ◽  
Customer Acquisition ◽  
Collaborative Relationship ◽  
Customer Expectation ◽  
Reward Program ◽  
Service Customization

In a world of ever changing customer expectation, and competitive business environment, building corporative and collaborative relationship with customers seems to be the most prudent way to keep track of their changing expectation and appropriately influencing them.  One way in which that some companies are developing an improved focus on Customer Relationship Management (CRM), is through the establishment or consideration of splitting the marketing manager’s job into two parts: one for acquisition and one for retention.  Offensive marketing emphasize on customer acquisition while defensive marketing emphasizes customer retention.  The kinds of skills that are needed for people, in acquisition are in the factual aspect of marketing such as advertising, sales while that of retention is on satisfaction, loyalty, customers service, customization, community building and reward program.

ROI for a Customer Relationship Management Initiative at GST

2017 ◽  
pp. 1-22
Author(s):  
Mark Jeffery ◽  
Robert J. Sweeney ◽  
Robert J. Davis
Keyword(s):  
Customer Relationship Management ◽  
Return On Investment ◽  
Real Life ◽  
Relationship Management ◽  
Customer Relationship ◽  
Customer Acquisition ◽  
Net Income ◽  
Case Scenario ◽  
Customer Churn ◽  
Strategic Objective

In this return on investment (ROI) for customer relationship management (CRM) case scenario, students must calculate the ROI for analytic CRM enabled by an enterprise data warehouse. The case is based upon a real-life consulting engagement with a major Fortune 100 telecommunications company. In this case the executive management team's strategic objective is to grow the customer base by 5 percent annually by customer acquisition. The internal rate of return calculated from the data given in the case is more than 800 percent for one year, and sensitivity analysis shows this is a robust projection, suggesting it should be funded without question. However, the strategy of the firm is customer acquisition in an environment of high customer churn. As a result of these dynamics, the revenues and net income of the firm are actually decreasing by hundreds of millions of dollars each year. A better solution would realize that the executive team has the incorrect strategic objective. Customer acquisition is the wrong approach in an environment of high customer churn and executives should focus on customer retention and cross-sell and up-sell to high-value customers. The case discussion therefore takes students beyond CRM ROI to focuses on the key strategic concepts of customer relationship management.Students learn how to calculate return on investment (ROI) for analytic customer relationship management (CRM) initiatives. The case also discusses in detail the difference between operational CRM and analytic CRM. The case solution is relatively straightforward with a very good ROI. However, the true learning of the case is for students to understand the strategic context of analytic CRM and to question assumptions in any ROI model.

A conceptual framework to explain the relationship among electronic customer relationship management and electronic customer lifetime value: investigation the antecedents and presentation a structural model

2018 ◽  
Vol 4 (10) ◽  
pp. 185-193
Author(s):  
Mohammad Safari
Keyword(s):  
Conceptual Framework ◽  
Customer Relationship Management ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Lifetime Value ◽  
Customer Relationship ◽  
Electronic Business ◽  
Customer Lifetime ◽  
Lifetime Value ◽  
The Relationship

This study investigates the relationship between electronic customer relationship management (CRM) and electronic customer lifetime value and their analysis in the electronic business environment in the form of a conceptual framework. CRM is a tool that different industries, especially in competitive conditions, use to maintain customers and increase their satisfaction. An important concept that arises as customer lifetime value that specifies the expected amount of value that the client in a given period of time creates is undoubtedly related to the benefits that accrue to the organisation. The global nature of business as well as the development of information and communication technology is forcing organisations to take advantage of emerging technologies to maintain their competitiveness. The use of e-business is a prominent example. The results of this study could help both researchers and executives of organisations and businesses with the subject of research, and provide good insights for them. Keywords: Electronic business (e-Business), electronic customer relationship management (e-CRM), electronic customer lifetime value (e-CLV), relationship marketing;

Towards Customer Knowledge Relationship Management: Integrating Knowledge Management and Customer Relationship Management Process

2008 ◽  
Vol 07 (03) ◽  
pp. 145-157 ◽  
Author(s):  
Haroun Alryalat ◽  
Samer Al Hawari
Keyword(s):  
Knowledge Management ◽  
Customer Relationship Management ◽  
Rapid Change ◽  
Relationship Management ◽  
Research Area ◽  
Business Environment ◽  
Customer Relationship ◽  
Customer Knowledge ◽  
Knowledge Process ◽  
The Impact

Due to the strong competition that exists among organisations and the rapid change in the business environment, knowledge has turned out to become a key source for organisations to enhance the competitive advantage. Integrating Knowledge Management (KM) and Customer Relationship Management (CRM) process is a new research area, therefore, scientific research and literature around it remain limited. In addition, the impact of KM process on customer acquisition, retention, and expansion to improve customer satisfaction remains under study and report. The aim of this paper is to present a conceptual framework of KM integrated with CRM called Customer Knowledge Relationship Management (CKRM) Process depending on analysis of various models presented in KM and CRM. The main highlighting is laid upon the concepts of the concept of customer knowledge (knowledge about customer, knowledge for customer, knowledge from customer). Therefore, this paper contributes to the development of KM process (Knowledge Process about Customer, Knowledge Process for Customer, and Knowledge Process from Customer). The paper investigated how the companies in Jordan developed KM process to improvement the CRM process. Based on data collected from the company, results from analysis indicated that the KM process had a positive effect on CRM process.

MODERATING CUSTOMER RELATIONSHIP MANAGEMENT (CRM) TO ENHANCE FIRM PERFORMANCE THROUGH CONTINUOUS PRODUCT DEVELOPMENT

2012 ◽  
Vol 02 (01) ◽  
pp. 01-08
Author(s):  
Oladele Olajide Patrick
Keyword(s):  
Firm Performance ◽  
Product Development ◽  
Customer Relationship Management ◽  
Banking Sector ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Relationship ◽  
Validity And Reliability ◽  
Cross Sectional Survey ◽  
Continuous Product

The banking sector in Nigeria went through various reforms in the last few years and this has resulted in stiff competition in the industry. Based on this the few surviving ones are making concerted efforts to stabilize in the ever changing competitive and uncertain business environment. More importantly, the banks have come to realized that building long-term relationship with their customer is sine qua non to achieving sustainable competitive advantage. This study examines the link between customer relationship management and performance on the banking sector. The researcher built a model using continuous product development to moderate the effect that CRM has on bank performance. Data using primary source was collected from the financial market through a cross sectional survey in Ekiti State, Nigeria. Two pretests of the questionnaire were performed for validity and reliability assessment. Based on extensive review of literature, a 54 item capturing all major sub processes in implementing CRM was evaluated. The Data collected were fitted into regression model. The result indicates that CRM implementation processes are associated with better firm performance more importantly when it is moderated by continuous product development.

The Impact of Customer Relationship Management and its Significant Relationship to Customers’ Satisfaction in Cooperative Banking (A Case Study of Kangra Central Co-operative Bank)

2017 ◽  
Vol 9 (2) ◽  
pp. 59 ◽  
Author(s):  
Manvinder Singh Tandon ◽  
Narender Nath Sharma ◽  
Vipan Kumar Bhulal
Keyword(s):  
Customer Service ◽  
Customer Relationship Management ◽  
Traditional Method ◽  
Customer Relations ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Relationship ◽  
Business Organization ◽  
The Impact

Customer relationship management is the durable and the most effective approach in maintaining and creating relationship with customers. Once this personal and emotional relationship is built, it is very easy for any organization to identify the actual needs of customer and help them to serve them in a better way. Business organization would not flourish until and unless their customers are happy; this is the reason, why Customer Relationship Management (CRM) is so important? In the present competitive business environment attracting and retaining customers is a challenging task for business organization. To grow, businesses do any only need to attract new customers but also to hold on to existing customers. CRM facilitates organization not only to gain customers but also to retain them. It focuses on improving sales and productivity by effectively catering to customer demands, queries and complaints. Though the traditional method of maintaining good customer relations is still being used yet the importance of CRM cannot be neglected. The more effectively a business can use information about its customer to meet their needs the more profitable it would be for the organization. Companies can provide excellent customer service if they are aware about their customers’ needs and react to those needs effectively. CRM helps you to understand, anticipate and respond to your customers’ needs and react in a consistent way. The paper analyses how organization use CRM as a technique to gain business distinction.

Possibilities of Implementing Customer Relationship Management in the Function of Improving the Competitiveness of the Civil Engineering Sector

2015 ◽  
Vol 725-726 ◽  
pp. 977-983 ◽  
Author(s):  
Boban Melovic ◽  
Mijat Jocovic ◽  
Irina Lugovskaya ◽  
Nikolai Vatin
Keyword(s):  
Customer Relationship Management ◽  
Business Processes ◽  
Civil Engineering ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Relationship ◽  
Business Strategies ◽  
Crm System ◽  
Modern Business

Modern business strategies and quality of business environment are conditions for increasing competitiveness of companies in the civil engineering sector. Basic idea of Customer Relationship Management (CRM) is to shift the focus from the product to the buyer and in that way to build quality, long term and profitable relations. Products and services must be adjusted to the demands and specifications of certain clients. CRM is not a technology but a business concept, business philosophy. Basic aim of CRM in the civil engineering sector is gaining and keeping customers with the biggest purchasing potential. The article show that the implementation of the CRM system is in the direct positive correlation with business results of the companies from the civil engineering sector. In order to make the CRM strategy successful, it is necessary to determine appropriate strategy of creating long term, sustainable and profitable relationships with buyers, then to adjust business processes of the company and if necessary to adapt the organizational structure to creating the environment which is totally focused on the buyer.

Customer Relationship Management in Service Mediary-Driven Mobile Services

2011 ◽  
pp. 67-86
Author(s):  
Timo Saarinen ◽  
Jukka Kallio ◽  
Markku Tinnila ◽  
Jarkko Vesa
Keyword(s):  
Business Model ◽  
Customer Relationship Management ◽  
Service Providers ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Relationship ◽  
Critical Elements ◽  
The Future ◽  
Specialized Service

In this chapter we introduce the concept of Service Mediary, which provides a conceptual and technical platform for electronic services. Our analysis shows that it pays off to outsource customer relationship management in electronic channels to a specialized service provider. The I-mode case study demonstrates clearly the benefits this kind of cooperation offers to content and service providers. Especially the built-in billing and revenue sharing logic are critical elements to I-mode’s success story. Even more encouraging are the benefits of collaboration to customers, who will enjoy the fruits of the new networked e-business economy. A Service Mediary is in a position to understand the customer requirements and building a service offering which optimally matches those requirements. In the multi-channel business environment of tomorrow, no single company can develop cost efficiently all required services for every channel. The future belongs to specialized, closely cooperating companies, which can offer superior customer experience at a competitive price. A Service Mediary like NTT DoCoMo with its I-mode service can offer a true win-win-win business model: service providers, customers and the Service Mediary all win in this game. Based on the analysis of the I-mode case, we can conclude that Service Mediary as a business model has a great potential in the future.

Modelling eCRM Systems with the Unified Modelling Language

2011 ◽  
pp. 667-677
Author(s):  
Calin Gurau
Keyword(s):  
Electronic Commerce ◽  
Customer Relationship Management ◽  
Management Practices ◽  
Relationship Management ◽  
Business Environment ◽  
Customer Relationships ◽  
Customer Equity ◽  
Customer Relationship ◽  
Advanced Technology ◽  
Modelling Language

Electronic commerce requires the redefinition of the firm’s relationships with partners, suppliers, and customers. The goal of effective Customer Relationship Management (CRM) practice is to increase the firm’s customer equity, which is defined by the quality, quantity, and duration of customer relationships (Fjermestad & Romano, 2003). The proliferation of electronic devices in the business environment has determined the companies to implement electronic customer relationship management (eCRM) systems, which are using advanced technology to enhance customer relationship management practices.

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