ABSTRACT
What is CRM For many marketers who have been around for some time, customer relationship management (CRM) is a bundling together of familiar marketing techniques. There are two drivers that have given CRM particular impetus. Firstly, there is the power of data warehousing to hold information that enables these techniques to be used. Then, more importantly, the need for such analysis and decision-making has increased as competitive forces have turned many markets into commodities, where the buyer has a wider choice and is less loyal. The objectives behind implementing CRM should be to manage the relationships with customers in such a way that it delivers more value to the enterprise. This is spelt out by Prof. Adrian Payne (from CRM, CBI November 2000), ‘CRM is concerned with the creation, development and enhancement of individualized relationships with carefully targeted customers and customers groups, the desired results being to maximize the total customer lifetime value.’
