Going beyond the buzzword: What exactly is CRM?

Abstract

Customer Relationship Management (CRM) is a business strategy for improving profitability by focusing on customer needs and creating an attentive relationship with the customer. It involves a personalized and interactive approach for the entire customer lifecycle. Successful implementation of a CRM approach requires changes in organization structure, culture, and skills, as well as front- and back-office information systems. CRM is a hot topic at the moment, and the marketplace of 'CRM solutions' is rife with confusing jargon, grandiose claims, and marketing hyperbole. This article attempts to explain what CRM actually is (and isn't), and provides some suggestions for how you should approach CRM for your business.