Date Added: Jun 2010
When it comes to marketing, customers are king. But managers across different departments should "hold court" with customers as well. For more than a decade, firms have eagerly adopted Customer Relationship Management (CRM) systems to better connect to their customers, hoping to drive firm performance. CRM creates the most value when it is geared toward the firm's business strategies, according to the author. Some academics have heralded CRM to be the new marketing paradigm. Others have seen it as a fad, resulting in 'losses or no bottom-line performance improvement.' "CRM systems got a bad wrap because firms either did not know how to use them or did not use them to their full capacity," noted the author.