Abc Of Crm

http://www.cio.com/article/40295

ABC: An Introduction to CRM
A no-nonsense introduction to the basics of Customer Relationship Management (CRM) and how to use it.
 
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By Thomas Wailgum

CIO —

Compiled by Susannah Patton and Tom Wailgum

What is CRM?
What is the goal of CRM?
That sounds rosy. How does it happen?
Are there any indications of the need for a CRM project?
How long will it take to get CRM in place?
How much does CRM cost?
What are advantages of hosted or on-demand CRM vs. on-premise and vice versa?
What are the keys to successful CRM implentation?
Which division should run the CRM project?
What causes CRM projects to fail?
What industries are leading the way in CRM implementations?
Which industry is behind the curve?

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What is CRM?

CRM stands for Customer Relationship Management. It is a strategy used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. Good customer relationships are at the heart of business success. There are many technological components to CRM, but thinking about CRM in primarily technological terms is a mistake. The more useful way to think about CRM is as a strategic process that will help you better understand your customers’ needs and how you can meet those needs and enhance your bottom line at the same time. This strategy depends on bringing together lots of pieces of information about customers and market trends so you can sell and market your products and services more effectively.

What is the goal of CRM?

The idea of CRM is that it helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers. With an effective CRM strategy, a business can increase revenues by:

    • providing services and products that are exactly what your customers want
    • offering better customer service
    • cross selling products more effectively
    • helping...