Customer relationship management systems http://www.edenred.com.sg/crm.html are best understood as systems for the identification and targeting of customers and the acquisition and retention of the best. They are underpinned by a management philosophy in which the objectives of a business can be best achieved by identifying and satisfying the needs and wants of customers.
In other words, these systems provide assistance in building profiles for prospects, understanding and analysing them and building relationships with them over a period of time. They are often integrated with other databases within the company, such as customer contacts and purchase details.
Customer relationship management must go beyond purely business objectives and achieve a level at which strong personal bonds are created with each and every customer. Building these bonds are not easy but, in the long run, they will provide for durable and sustainable relationships which will have the effect of catalysing new business.
Moreover, once this stage has been set, any business is in a better position to identify and anticipate the needs of customers and setting up processes to help serve them better. Despite the sophistication of any business strategies, it is customer relationship management, which will help in the execution and implementation of these strategies. Many world-class organisations spend a lot of money and effort in ensuring that they have world-class systems.
Any customer relationship management system starts with historical data and a detailed analysis of existing and target customers. This provides the factual underpinning for any exercise involving the identification and anticipation of customer needs. Naturally, the more detail that is available, the easier it will be to achieve these objectives.
Customers are often segmented in order to achieve better correlation with business objectives and brings about a sharper focus. The data should be available in a centralised manner so that anyone who is involved in the implementation of business strategy and especially the sales people can get easy access.