Category:Customer relationship management - Wikipedia
Currently, in the banking sector of Pakistan, CRM Customer Relationship . SAP for banking is an from Wikipedia (c), the State bank of Pakistan industry. CRM or Customer Relationship Management is a strategy for managing an organisation's relationships and interactions with customers and potential customers. At its simplest definition, a CRM system allows businesses to manage business relationships and the data and information associated with.
Interactions with customers are generally stored in customers' contact histories, and staff can retrieve customer information as necessary.
The contact history provides staff members with immediate access to important information on the customer products owned, prior support calls etc.
Consequently, many call centers use some form of CRM software.
Operational CRM processes customer data for a variety of purposes: Designing and executing targeted marketing campaigns Designing and executing campaigns, e. Features include alerts sent to sales staff regarding: Campaign management functions include: Target groups formed from the client base according to selected criteria Sending campaign-related material e.
Staff members within the departments can share information collected when interacting with customers. For example, feedback received by customer support agents can provide other staff members with information on the services and features requested by customers.
Collaborative CRM's ultimate goal is to use information collected by all departments to improve the quality of services provided by the company. Geographic data can be analysed to provide a snapshot of potential customers in a region or to plan routes for customer visits.
However, as mentioned above, CRM is not just a technology but rather a comprehensive, customer-centric approach to an organization's philosophy of dealing with its customers.
CRM - Wikipedia
This includes policies and processes, front-of-house customer service, employee training, marketing, systems and information management.
Hence, it is important that any CRM implementation considerations stretch beyond technology toward the broader organizational requirements.
Information gained through CRM initiatives can support the development of marketing strategy by developing the organization's knowledge in areas such as identifying customer segments, improving customer retention, improving product offerings by better understanding customer needsand by identifying the organization's most profitable customers. Some companies consider a CRM strategy only to focus on the management of a team of salespeople.
However, other CRM strategies can cover customer interaction across the entire organization. Many commercial CRM software packages that are available provide features that serve the sales, marketing, event management, project management, and finance industries. Successes[ edit ] While there are numerous reports of "failed" implementations of various types of CRM projects, these are often the result of unrealistic high expectations and exaggerated claims by CRM vendors.
The firm heavily invests in screening potential cardholders. They implement CRM by marketing the right products to the right customers.
The firm implemented personal greetings, collaborative filtering, and more for the customer. Consumer behaviourBiology and consumer behaviourand Buying decision Customer or consumer profiles are the essence of the data that is collected alongside core data name, address, company and processed through customer analytics methods, essentially a type of profiling.
A customer is abstracted to information that sums up consumption habits so far and projects them into the future so that they can be grouped for marketing and advertising purposes. One research study analyzed relationships between consumers in China, Germany, Spain, and the United States, with over brands in 11 industries including airlines, cars and media.
This information is valuable as it provides demographic, behavioral, and value-based customer segmentation.
These types of relationships can be both positive and negative. Some customers view themselves as friends of the brands, while others as enemies, and some are mixed with a love-hate relationship with the brand. Some relationships are distant, intimate or anything in between.
Companies can collect this information by using surveysinterviews, and more, with current customers. For example, Frito-Lay conducted many ethnographic interviews with customers to try and understand the relationships they wanted with the companies and the brands.
They found that most customers were adults who used the product to feel more playful. They may have enjoyed the company's bright orange color, messiness and shape. These days, companies store and receive huge amounts of data through emailsonline chat sessions, phone calls, and more. All of these are signs of what types of relationships the customer wants with the firm, and therefore companies may consider investing more time and effort in building out their relational intelligence.
Social media such as Facebook, Twitter, blogsetc. Understanding the customer and capturing this data allows companies to convert customer's signals into information and knowledge that the firm can use to understand a potential customer's desired relations with a brand.
This helps convert data into profits for the firm. Stronger bonds contribute to building market share. By managing different portfolios for different segments of the customer base, the firm can achieve strategic goals. The author research work can be approached.
Research can be further discuss that there are six sources of approached in various ways depending on the type evidence available which are the most commonly of research to be conducted.
Generally, in used in doing case studies: The and qualitative approach. The Quantitative research data collection technique used for the purpose of technique is used to gather quantitative data such as current research is presented in the following information dealing with numbers and anything section.Customer Relationship Management: Optimize your Banking Business
Statistics, tables and graphs, are often used to present the results of these methods 3. Research From the list of available qualitative data collection According to MyersQualitative research techniques, interviewing is the initial and most methodology was developed in the social sciences important component for conducting a case study to enable researchers to study social and cultural research as it describes the exact requirements and phenomena.
Examples of qualitative methods are provides the starting point for designing the case action research, case study research and study approach. According to Yinwhile ethnography. Qualitative data sources include conducting an interview, the interviewer has two interviews and questionnaires, documents and texts, jobs: Initially, from different banks depends on the type of research which is to be across Pakistan, two different questionnaires were carried out.
Since, the nature of the current research designed to conduct interviews from bank is more qualitative as it does not require customers and employees in terms of the use of quantitative data such calculations, exact results, CRM.
At least, ten persons volunteered for each numbers and anything that is measurable. The major questions used for these other hand, the current research is highly focused interviews are: For that reason, a case study approach and its techniques seems Creating Global Economies through Innovation and Knowledge Management: Other major problem is customers in Pakistan, the main focus was to that the I.
T staff is not fully trained in terms of identify the problems customers are facing using technology especially CRM.
Customer-relationship management - Wikipedia
The interview questions asked from the customers are used from To date, some of the other tentative findings from the following broad category. T personnel at some of the banks are customer information.
T personnel and bank managers are data but are not clear, concise and based on the following broad category. Without having credit or debit According to Kundi, et.
However, these banks especially in the banking sector of developing countries the rural areas of Pakistan are still dealing with a such as: In this paper, we have many problems. These problems are gathered from presented the background knowledge of CRM the interviews with different bank employees and and uncover some of the major problems and customers.
For instance, during the interview with weaknesses while using the CRM applications a bank manager at a bank in rural area of Pakistan, in the banking sector of Pakistan. Banks should realise that in order to keep their To highlight some of the major problems, we customers and attract new ones, they have to have conducted several interviews from provide all the information about their services. K banks are selected Emerald Group Publishing Limited, 12 5: Listed  Day, G.
Some of these major targets Marketing Science, 28 1: K in  Foss, B. A Practical Guide to Making the obtained interview results. Several issues are also needed to be addressed http: USA, [Online], Available from: