Implementing the CRM Strategy
Implementing the CRM Strategy involves putting together a sequential order of operations that comprises of the following components: (1) the various elements of a CRM System such as the company to customer touch points that cover sales, marketing, and service functions, (2) ascertaining the ROI of the planned CRM initiative by considering the costs and implementation timeframe, and (3) the project and data requirements for the deployment of the CRM project. To explain the process of CRM implementation, this chapter reviews a case study involving British financial service company Capital One. This case highlights the factors that impact the implementation of CRM in an organization.
- Barton, D., & Court, D. (2012, October). Making advanced analytics work for you: A practical guide to capitalizing on big data. Harvard Business Review, pp. 79–83.Google Scholar
- Bergeron, B. (2002). Essentials of CRM: A guide to customer relationship management. New York: Wiley.Google Scholar
- Felding, M. (2010, September 15). C’est Delicieux. Marketing News, p. 6.Google Scholar
- Forbes. (2013). A smarter way to reduce customer churn. Forbes. www.forbes.com/sites/hbsworkingknowledge/2013/11/11/a-smarter-way-to-reduce-customer-churn/#38cae3159ac7. Accessed November 25, 2016.
- Garry, M. (2009). The fab five. Supermarket News, 57(42), 32–35.Google Scholar
- Gartner. (2001). CRM: What’s right for customers is the correct approach. https://www.gartner.com/doc/334337/crm-whats-right-customers-correct. Accessed November 25, 2016.
- Krill, P. (2001). Data quality issues plague CRM. http://www.itworldcanada.com/article/data-quality-issues-plague-crm/32838. Accessed November 25, 2016.
- Medland, D. (2016, June 12). Missing the loyalty point completely with Customer Loyalty Programs. Forbes. https://www.forbes.com/sites/dinamedland/2016/06/12/missing-the-loyalty-point-completely-with-customer-loyalty-programs/#9b53353641e7. Accessed April 18, 2017.
- Peppers, D., & Rogers, M. (1997). Enterprise one to one. New York: Doubleday.Google Scholar
- Reitz, B. (2005). Worst to first to favorite: The inside story of Continental Airline’s business turnaround. Customer Management (MSI conference summary) (pp. 4–5). Cambridge, MA: Marketing Science Institute.Google Scholar
- Reichheld, F., Schefter, P., & Rigby D. K. (2002, February). Avoid the Four Perils of CRM, Harvard Business Review, pp. 101–109.Google Scholar
- Ruddick, G. (2014, January 16). Clubcard built the Tesco of today, but it could be time to ditch it. Telegraph. http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10577685/Clubcard-built-the-Tesco-of-today-but-it-could-be-time-to-ditch-it.html. Accessed April 18, 2017.
- Thompson, E., & Sarner, A. (2009). Key issues for CRM strategy and implementation. Gartner Research Report Series. Google Scholar
- ZDNet. (2009). CRM failure rates: 2001–2009. http://www.zdnet.com/article/crm-failure-rates-2001-2009/. Accessed November 25, 2016.