As a management strategy, customer relationship management (CRM) combines information technology and marketing, thus enabling enterprises and governments to manage their exchange with customers and clientele. Why use CRM? One of the biggest challenges facing Canadian businesses and government departments is communication. How do we optimize communication between parties to ensure ever-lasting relationships that are profitable to the enterprise and efficient to the government?
Today’s business environment is rapidly changing. The growth and widespread adoption of information technology has created new tastes, options and spending habits among consumers. With so many options to choose from, customers have very little incentive to remain loyal to a particular brand or company. In order for a business to remain competitive today, expanding its market share is no longer enough. If the business truly seeks long-term growth and profitability, it must focus on customer retention. A customer’s true value can only be realized on a long-term basis. By retaining its customers, the business earns a bigger share of the consumer wallet, thus ensuring steady revenues and, ultimately, profitability. To keep customers coming back, Canadian businesses need to establish closer relationships with their market and offer products consumers really want. Enter CRM.
CRM enables a digital media entrepreneur in Vancouver to keep tabs on the emerging trends and changing tastes of tech savvy clients. CRM allows large financial firms in Toronto to keep tabs on their clients’ use of mobile technology, which enables them to develop apps and services that cater to their specific needs. Organizations from coast-to-coast can truly transform their business practices with an organized, centralized interface that links past exchanges with the present. With CRM systems, this has never been easier.
In the public sector CRM can bring governments up to speed in the digital economy. By enabling government departments to transition from outdated information technology toward a dynamic management system, governments can keep pace with the needs of their citizens and track the use of their services. Through CRM, governments at the local, provincial and national levels can serve their citizens more effectively. The technology enables cross-departmental collaboration at all levels and promotes the use of more efficient e-services, which serve to enhance organizational performance while reducing costs. At the same time, CRM provides governments with more resources for enhancing their business intelligence, allowing them to track information and respond more quickly to the needs of citizens. A government that can respond to the needs of its citizens more effectively while reducing the burden on the public purse is sure to be met enthusiastically. Indeed, there is much to gain from digitizing and centralizing the government management system.
Embedding CRM into your business environment ensures seamless integration and access to information, regardless of who is currently employed in your organization. Businesses no longer have to worry about losing customers when employees move on; governments no longer have to deal with information asymmetries once bureaucrats shift departments or retire. The information is captured in detail, like a thread, seamlessly integrating the past with the current and providing opportunities for the future.
Canada’s digital advantage lies in the business intelligence made possible through relationship management. Governments, businesses and the public at large all benefit through the integration of CRM.