Future of CRM

Abstract

This chapter discusses the current and future states of CRM. As it stands, there are three current CRM perspectives: (1) Strategic CRM, has as an objective to mold the interactions between a firm and its customers in order to maximize CLV for the firm. (2) Analytical CRM, which is designed to help firms migrate from relying entirely on traditional marketing metrics to customer-based value metrics. (3) Operational CRM, is gaining significant traction among firm due to changes with respect to (a) consumers, (b) marketplaces, (c) technology, and (d) marketing functions. This chapter also discusses three key areas in which CRM will be expanding in the near future: (1) Social CRM (2) Global CRM and (3) Database CRM.