1. Title
What are the capabilities of modern Customer relationship management (CRM)? How does it impact customer retention?
1.1 Scope and Objective
Modern Customer Relationship Management (CRM) systems have advanced into powerful tools with diverse capabilities to build stronger connections between businesses and their customers. These systems are centralized hubs for managing and utilizing customer data across various touchpoints, including sales, marketing, and customer service channels. A significant aspect of modern CRM systems is data centralization, which allows businesses to combine customer data from different sources into a single database, which provides a comprehensive view of each customer’s interactions, preferences, and history. This centralized data repository forms the foundation for personalized engagement and targeted marketing strategies, ultimately enhancing customer retention.
Automation is a key feature of modern CRM systems, empowering businesses to streamline repetitive tasks such as sending follow-up emails, scheduling appointments, and updating customer records. By automating these processes, businesses can save time, improve efficiency, and ensure consistency in customer interactions, ultimately leading to enhanced customer satisfaction. CRM platforms also excel in lead management, facilitating the tracking, nurturing, and converting of leads into customers. By leveraging data insights and segmentation capabilities, businesses can identify promising leads, assign them to the appropriate sales representatives, and track their progress through the sales pipeline.
The systems are crucial in improving customer retention by delivering personalized experiences, increasing engagement, enabling cross-selling and up-selling opportunities, and optimizing customer service. By leveraging the capabilities of modern CRM systems, businesses can create meaningful connections with their customers, anticipate their needs, and deliver exceptional experiences that foster loyalty and long-term relationships. In a competitive marketplace where customer retention is essential for sustainable growth, CRM systems are indispensable tools for businesses striving to thrive. Digital age.
2. Relevant literature
• Ledro, C., Nosella, A., & Vinelli, A. (2022). Artificial intelligence in customer relationship management: Literature review and future research directions. Department of Management and Engineering, University of Padua, Padua, Italy.
• Nwachukwu, D., & Affen, M. P. (2023). Artificial Intelligence Marketing Practices: The Way Forward to Better Customer Experience Management in Africa (Systematic Literature Review). International Academy Journal of Management, Marketing and Entrepreneurial Studies, 9(2), 44-62. ISSN: 2382-7446.
• Singh, S. (2022). Adoption and Implementation of AI in Customer Relationship Management. In Transforming CRM Through Artificial Intelligence (Chapter 4). DOI: 10.4018/978-1-7998-7959-6.ch004.
• Raeisi Ziarani, M., Janpors, N., & Taghavi, S. M. (2023). Effect of Digital Marketing on Customer Behavioral Intentions with the Mediation of Customer Relationship Management. Electronic copy available at: https://ssrn.com/abstract=4320387. Received 12 November 2022; Revised 14 December 2022; Accepted 4 January 2023.
• Fairhurst, P. (2000). e-CRM. Journal of Database Marketing, 8(2), 137–142. Received: 19th September.
3. Structure draft:
1. Introduction
1.1 What is CRM
1.1.2 The main three types of CRM.
1.1.3 The essential traits for successful CRM implementation.
1.1.4 The problems faced by CRM.
1.2 Modern CRM
1.1.2 Modern CRM Features.
1.2.2 The modern CRM challenges.
1.3 Thesis Objective and Problem Statement
2. Modern CRM Capability
2.1 CRM Integration with AI.
2.2 Omnichannel Engagement.
2.3 Robust Analytics and Reporting.
2.4 Prioritize mobile accessibility.
2.5 Enhance Customer self-service (this might be included with AI).
2.6 Facilitate Customer Journey Mapping
2.7 Social Media Integration
2.8 Robust Security and Compliance
3. Impact of Modern CRM on Retention.
4. Conclusion
