STRATEGIC APPROACHES TO CUSTOMER RELATIONSHIP MANAGEMENT

Abstract

One of the most exciting new trends in business, customer relationship management is becoming more important. The situation has changed dramatically since consumers have become more knowledgeable and have begun to place a higher value on their own personal preferences; as a result, manufacturers have shifted their focus from primarily focussing on the product to primarily focussing on the customer and their needs. Customer relationship management becomes more important as a result of these factors, which in turn increase the complexity of the company and attract new ideas every day. Customers also grow more likely to transfer providers. Customer relationship management (CRM) is the sole instrument that, in today's cutthroat business climate, converts regular customers into lucrative ones and gets them to return to the company. Customer relationship management (CRM) isn't only about keeping customers; it also brings in new ones, helps existing ones out, and ultimately strengthens the business. However, there is a dearth of literature on the topic of CRM's impact on business outcomes.