Canon CRM

Essay by freshy99University, Bachelor's November 2009

download word file, 4 pages 5.0 1 reviews

IntroductionCustomer Relationship Management (CRM) is a business strategy designed to improve profitability, revenue, and customer satisfaction. It consists of software, services, and a new way of thinking to improve profitability, revenue, and customer satisfaction. Practicing CRM requires an efficient and integrated internal business system. Many businesses benefit from the organizational discipline CRM imposes, as well as from the technology itself. CRM involves centralizing all customer data and automating much of the tedious work in managing sales, marketing, and customer service so that professionals can spend more time helping their customers become more successful and less time on administrative tasks. CRM has also come to include a new type of business intelligence software called analytics that provides managers with a real-time snapshot of their sales, marketing, and service efforts. This will help them make real-time changes to the business to ensure they meet their growth and profitability goals instead of after-the-fact.

Benefits of CRMFirstly, the successful implementation of CRM with the advanced information technology such as data-warehouse, Internet, website, etc. can give customers the opportunity to gain the information they want about the enterprise from anywhere in any time. Organizations can also gain the profiles of customers through this technology.

Secondly, with the profiles in the database, organizations can use data-mining technology to analyze the target customers (not the target market), separate the profitable customers and non-profitable customers, then get the better knowledge about the profitable customers need, understand customer value, identify the perceived value of the product and deliver customer value effectively to sell more products to them and increase the profitability of organizationsThirdly, CRM increases the satisfaction of customer to gain the customer loyalty and retention. As mentioned before, retaining an existing customer is more profitable than acquiring a new one. Similarly, finding a new customer is more...