Knowledge management intersects with customer relationship management (CRM) for increased organizational competitiveness

Abstract

Many organizations have developed and implemented customer relationship management (CRM) initiatives in an attempt to learn more about customers and to develop relationships with them to increase customer satisfaction and loyalty. However, without properly capturing and managing customer data and converting this data into valuable customer knowledge that can be shared and leveraged to improve and customize product and service offerings to customers, CRM initiatives will never reach their fullest potential of converting mere clients into loyal, lifetime customer assets. This research investigated how the incorporation of knowledge management practices and principles into CRM initiatives lead to greater customer loyalty. Loyal and satisfied customers allow an organization to retain and even increase their existing market share, ultimately resulting in an improved strategic competitive position in the market place. (Original abstract)