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Acquiring new clients is far more costly than retaining the old profitable customers. This is the common believe with which firms operate in today’s global and competitive fierce battlefield of so called marketing. The main mantra is to retain as much loyal customers as one can and this has led to the emergence of Customer Relationship Marketing (CRM). CRM is field which enables the organizations or firms to evaluate in various ways the customer life cycle and the Customer lifetime value which includes the total benefit which the firm can derive from a single customer during the entire lifetime for which the customer will be associated with the firm. CRM concept involves integrated quantitative and qualitative analysis using various marketing tools and metrics. Today the marketing firms are busy creating a brand value which can lead to the creation of brand equity which they can cash upon and make loyal customers their brand advocates. It has become imperative for the firms to retain customers as switching costs for the firms are tremendous and profit margins are shrinking due to the global revolution of online marketing and purchasing activities. This has also led to the increase in the customer awareness levels at a very strong pace.
One of the major challenges for today’s firms is to understand the importance of CRM in their organization and reorient their future goals keeping in view the CRM implementation. According to the experts only ten percent of the world’s global organizations are able to understand the true value of CRM and implement and orient themselves accordingly. Remaining organizations aim to reap the benefits of the CRM immediately which is not possible, thus fail to understand and integrate CRM. CRM is a process and not a method to achieve profits. The true understanding of CRM is vital for the success in retaining customers and lowers the acquisition costs and hence it is becoming a very important aspect in today’s marketing world with almost all organizations whether global or local implementing it in the shortest possible time. Our aim is to help the people develop an understanding into the basics of CRM and how the firms have been successful in implementing it through analysis of case studies available at our websites. Our team is dedicated towards resolving all the queries which come and develop a detailed understanding of CRM to help professionals grow fundamentally and adapt to the latest changes in the global world. For further Assistance in marketing assignment help you can visit us and for help in assignments of engineering and management you can also visit our regular assignment help site.
- CRM Strategist Brent Leary on Social Media and Customer Relationship Management (VIDEO) (bizblog.blackberry.com)
- Why are Telecoms so bad at Customer Experience? (customerthink.com)
- Social CRM: How Can It Make Money? (insideview.com)
- Double Nominations for Sage CRM in Software Satisfaction Awards 2012 (sage.co.uk)