What is CRM?
Wikipedia Definition
of CRM (Customer Relationship Management):
'Customer
relationship management (CRM) is a broad term that covers concepts used by
companies to manage their relationships with customers, including the capture,
storage and analysis of customer information'.
CRM can be
summarized as the process of managing and enhancing customer interaction across
all possible touch-points. A non-exhaustive list of CRM dimensions includes
Customer Acquisition, Customer Service, Customer Support (Technical,
Transactional etc.) and Customer Retention.
CRM involves a more
customized marketing process than traditional mass media can allow and this has
been possible to to the great strides technology has taken over the past few
decades. But to deploy a successful CRM structure, a business needs to put some
basic technology in place including a detailed Customer Database, including
customer basic information and purchase contact history and a highly developed
horizontal integration across functional groups like technology, operations,
front-end customer support and marketing.
Not surprisingly the
most advanced CRM systems exist in Financial Services, Tele-communications, B2B
and high-end Technology industries, since these industries have the highest
one-on-one interaction with their customers.
By its very nature
CRM is suitable for some industries and not so cost-effective for others. CRM is
best suited for industries like Financial Services, Telecom, Hospitality,
Airlines/Travel, and Technology. CRM may not as efficient means for Fast Moving
Consumer Goods and high volume/low margin industries.
The above matrix
evaluates CRM vs. Mass Media as a Marketing resource on the basis of product
sales volume and unit price.
MetriScient™ 
