Impact of Crm on Customer Retention
ABSTRACT CRM (Customer Relationship Management) is an integrated approach to identifying, acquiring, retaining and delighting customers. The purpose of this thesis is to analyze the impact of Customer Relationship Management Process on Customer Retention with reference to Banking Sector. We describe the objectives of Customer Relationship Management (CRM) in Customer Retention which is very important for the survival of companies in today’s competitive environment. CRM helps organizations maximize the value of every customer interaction and drive superior corporate performance. The challenge is to make it easy for customers to do business with the organization any way they want at any time, through any channel, in any language or currency and from any country and to make customers feel that they are dealing with a single, unified organization that recognizes them at every touch point. In fact, the generally accepted purpose of CRM is to enable organization to better manage their customers through the introduction of reliable systems, processes and procedures for interacting with those customers for organizations. Therefore enough knowledge of environment, expectations of customers and their desires are very important to find the best solution for facing un-expected behaviors of customers and then behave in such a way to change the mind of customers in the direction of companies’ profit. INTRODUCTION Marketing is one of the core disciplines of successful management today. It impacts on society everyday in a myriad of ways – creating new products and services; helping organizations understand what people want and need; helping people find products and services that meet their needs; communicating information that makes people’s lives more efficient; creating exchanges that generate employment and wealth. But marketing also raises ethical issues about excess consumption, unhealthy obsessions and addictions, the impact we have on the environment and the
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