Magazine article Marketing

EFFECTIVE CUSTOMER MANAGEMENT: Introduction - CRM Makes Strides in Shaking off the Ghosts of the Past

Magazine article Marketing

EFFECTIVE CUSTOMER MANAGEMENT: Introduction - CRM Makes Strides in Shaking off the Ghosts of the Past

Article excerpt

Customer relationship management (CRM) does not enjoy the best reputation in the management buzzword hall of fame. A lot of companies have been urged to invest millions in the technology and processes that supposedly help them establish a closer and more profitable relationship with their customers, only to be left disappointed, out of pocket and believing that 'CRM' should stand instead for 'Can't Recover Money'.

Just look at the numbers. Research estimates of the number of CRM projects that fail vary from 55% to 70%, a staggeringly high figure when you consider that companies in Europe will spend pounds 5.7bn on CRM systems and software this year alone.

As ever, of course, time is a great healer. In this economic climate, when the need to demonstrate a return is at the forefront of any new investment, CRM has been forced to become a more efficient, transparent and accountable business tool. A lot of people have learned from their mistakes and there is now a solid bank of knowledge out there to help those investing in CRM come through the process - and, it is hoped, gain the benefits they wanted.

Even the term CRM has been given a makeover, to distance it from the poor image of the past. …

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