CRM often refers to a software approach, but at RWC we argue that a holistic approach is necessary when serving our clients and their customers. CRM fails when the implementation of software and practices have not accounted for all CRM contexts. CRM needs to account for:
-Front office operations — Direct interaction with customers
-Back office operations — Operations that ultimately affect the activities of the front office
-Business relationships — Interaction with other companies and partners
-Analysis — Key CRM data can be analyzed in order to plan target-marketing campaigns
The objectives of a CRM strategy must consider a company’s specific situation and its customers' needs and expectations. Information gained through CRM initiatives can support the development of marketing strategy by developing the organization's knowledge in areas such as identifying customer segments, improving customer retention, improving product offerings (by better understanding customer needs), and by identifying the organization's most profitable customers.
