CRM & Consumer Behavior
Journal Article Summary (Long, Khalafinezhad, Ismail, & Rasid, 2013)
In this article, the authors have evaluated the effects of cutomer relationship management and its elements on consumer satisfaction and customer loyalty which are two very crucial aspects of the consumer behaviour. CRM is one of the most intgral startegies that can be used by the management of the firms. This can contribute well towards the productivity of the firm and its proftability as well. The research study has been conducted on 300 respondents and the techniques used is multiple regression analysis. The information that can be extracted from the research is that employees have a major role to play improving loayalty and satisfaction of the customers.
Social networks are varied useful tools in order to provide support to the enterprises so the at the chances of survival can be improved with the help of spreading the word of mouth in a better manner both within the organization as well as outside it. This allows the organizations to develop a virtual community which extends the boundaries of the organization outside its current market reach. This also allows the firms remain aligned with the environmental aspects of the community and infuse them within the networks and regulations as well as the business operations. However, the journal article focusses the general overview of the literature on this particular topic. The topic of discussion here is to develop an understanding of how the spread social networks influence on the economy of the enterprise.
Innovation is based on a new idea that is used to improve a product or a service. It can also be used in the processes and operations of the business as well. Diffusion is meant to communicate the new ideas across different channels as well as the networks so that it can reach more audiences that are connected through these networks. Hence it means that an innovative idea can be communicated across different social networks of stakeholders and this is very beneficial for the purpose of spreading the production. Innovation diffusion is a major issue within the high technology sectors of the economy including telecommunication and information technology. These sectors continue to grow and experience a high level of rapid changes related to continuous innovation (Long, Khalafinezhad, Ismail, & Rasid, 2013).
With these innovations, the institutional networks have to be in place to make sure that the innovations are diffused within the community. For the purpose of successful innovation diffusion, specialists like change agents and opinion leaders have a crucial role to play in order to carry out the activities across various communities of stakeholders. As per the experts, centrality and network density are the two aspects that are used to determine the propensity and the behavior mod the consumers and all other stakeholders. Here, network density represents the whole network and assesses the interconnectedness. The criteria or rationale of the technologies is to offer social benefits which are derived from positive network externalities which are directly linked to the mass adoption. These technologies include network based innovations that diffuse through the social networks.
Prior Research on the topic of CRM, customer Satisfaction, and customer Loyalty
According to a study (Khaligh, Miremadi, & Aminilari, 2012), the influecne of CRM on loyalty and retention of the cutomers in the telecom sector of Iran is assessed and evaluated. Fro the purpose of the study, data is collected from over 200 Iranian telecom services users and the results indicate that the commitment the management of the firm and the system is a must for successful implementations of Customer Relationship Management. The strategy should be designed as per the flexibility and should also explicitly adhere to the policies, especially policies and regulations related to pricing strategies specifcally. These can play an intgrela role in improveing customer loyalty.
This means that profitability is directly influenced by customer satisfaction and loyalty. In the successful execution of the CRM, the information is successfully collected from the internal and external sources. These sources include customer services, sales department, after sales services, procurement, and marketing etc. This is very important when it comes to gather information on regarding the customer trends. This information will be available to assist the employees in making quick decisions and this information also allows the management to make accurate decisions as well (Long, Khalafinezhad, Ismail, & Rasid, 2013).
Hence, customer satisfaction and loyalty will be achieved by the company by addressing the requirements of each customer and this will allow the firm to solve many issues related to the customer segment. This will enable the firm to achieve both satisfaction and loyalty with help of successful implementation of CRM. The firm should be able to discover various issues and requirements of the customers and make an adjustment to its policies in accordance with the needs and wants of the market and this improves the overall competitiveness of the firm.
Important aspects of Customer Relationship Management
For the purpose of this study, four important elements of Customer Relationship Management have been taken. These elements include relationship development, employees’ behavior, customer service and interaction management (Long, Khalafinezhad, Ismail, & Rasid, 2013).
These include having an interaction along the touch points. Primary goal is to find out when and how to get in contact with the firms. These interaction operations should be customized and should be managed across all touch points. These touch points are developed through data collection from cutomer records and data samples. These should be used for distribution of various products and services as well as to develop a communication infrastructure with the customers. This calls for interaction management which involves execution of few methods like getting the feedback from the customers and improve the interaction with the customers using the techniques such as social networks (Long, Khalafinezhad, Ismail, & Rasid, 2013).
Relationship development deals with the research of structures and assessment of the relationship between the suppliers and customers. One of the crucial activities that are involved in relationship development is monitoring and control of the whole process and this involves services like services and complaints management. The relationship processes include mechanisms, procedures, activities and schedules that are used to deliver the services and goods to the customers. The KPIs in this area are lifetime value of the customers, the rate of retention, as well as satisfaction of the customers, should be set by the firm itself (Long, Khalafinezhad, Ismail, & Rasid, 2013).
In order to understand the aspects that are necessary for the firms to achive the customer satisfaction and loyalty, service quality has a very crucial role to play. Service quality can have a very bebeficail impact obn the productivity of the firm. Service quality can be implemented as follows (Long, Khalafinezhad, Ismail, & Rasid, 2013),
- Providing good quality products and services at reasonable and competitive prices.
- Handling the complaints of the customers regarding products and services carefully
- Meet the expectations of the customers and provide them with a variety of options.
Employees that conform with the firm’s behavior and value will most probably improve the raltionsship between the firm and the cutomers. The effects of positive employee behaviour can be seen when the employees respond to the complaints of the customers in a timely fashion and this can be expressed in terms of improving speed of response to the customers and make sure that all the employees are friendly and very respectful towards the customers (Long, Khalafinezhad, Ismail, & Rasid, 2013).
The objective of this study is to evaluate the impact of CRM on customer loyalty as well as customer satisfaction. Several critical elements are identified based on the literature review for the study. There is a close link between CRM, customer satisfaction, loyalty as well as quality services, employee behavior, interaction management and relationship development.
In this study, the quantitative technique has been used and for the purpose of data collection, a set of questionnaires will be distributed. The assessment and evaliaution will be done over the data will be inferential statistical analysis for the purpose of attaining the final goal of the study. This is superior to use diverse methodical methods to derive the valuable outcomes. The assessment and interpretation based on underlying meanings and the different affiliation of the patterns. In addition, this is good for the investigator to have or use the different figures regarding the research. This is all about to host data from different sources and navigate them as the whole. Moreover, in this research, we will use we will assemble the data in form of different tables and charts and interpret them into the illustrations. This will help us to come up with evidence-based concepts, which can also help us to depict the effective outcomes.
In addition, there is unusual software such as SPSS and R to navigate the data in an effective and lucrative manner. Interestingly, we will organize all the variables through this effective and lucrative navigation process to make the research pertinent and flourishing. This is to mention that the data is to be interpreted by different multiple approaches. This is good to gather the data in form of numbers to have te best possible navigation. For Instance, to gather or collect the data, this is necessary to navigate the different financial reports and statistics. Furthermore, there are some sources regarding the quantitative research. These sources are surveys, observations, and secondary data. In this study, we will consider all these three methods to contain the diversity of data ad find valuable outputs. For Instance, relative to the secondary data, the researcher will navigate the accounts of the organizations and derive some numbers (Long, Khalafinezhad, Ismail, & Rasid, 2013).
This is good to have the secondary data from the financials of the company. On the other hand, this will be good for us to observe the aspects regarding the topic of the research and interpreted in the different numbers. Similarly, the surveys will also be effective to convert the observations into the numbers. There are two prominent techniques, which can be used in this research study. First, we can have the different graphs along with the interpretations. On the other hand, the testing of different correlations between multiple items is also effective techniques to make the research pertinent and successful. This research method contains the implication, as researchers are independent regarding the researched data. In this research method, the researcher can also use the primary data. However, this is better to convert it into the statistical form, as it can change the overall method of the research (Long, Khalafinezhad, Ismail, & Rasid, 2013).
This method is good to reduce the time, as researchers will have the data,which is already interpreted. It will reduce the cost and time of the research. The validity and reliability of the data in this research manner are based on the intention of the researcher. For Instance, this will be good for the researchers to use the current fiscal statements to have the data in form of numbers. To make the research pertinent, this is better to relate previous data and integrate it with the present numbers to have a good evaluation. This can help us to have healthier navigation at the end.
The relationship between the two variables such as the satisfaction of the customers is directly proportional to the CRM having the positive result of the R equal to the 0.4. The value of the square of the R adjustments would be the 0.17 which means that it would contribute the almost 18 % to the dependent dimensions of the variable. The variable which is the significant over the variable as the β as per the 0.36 having the level of the significance less than .01 si the dominant factor where the β= 0.1 but the level of the significance would less than the .05. the regression evaluation of the for the CRM having the direct relationship or positive effect to the square proportion of the R having 0.18 is determined. The behavior or the attitude of the employees is highly a unique matter or most important variable of the customer satisfaction in which the value of the R = 0.4. The loyalty of the customer would affect if the customer satisfaction would not accomplish in terms of the behavior in terms of te development of the relationship in providing the services. Therefore the behavior of the employee is the most important factor that a company must need to consider n taking the customer satisfaction (Long, Khalafinezhad, Ismail, & Rasid, 2013).
The findings or the results indicate that the CRM is positively proportional to the variables which are the independent such as the loyalty of the customers and the satisfaction of the customers whereas the workforce behavior as per the development of the relationship is influencing the most customer satisfaction. The findings or the results that we have conducted from the past studies are proved to be correct with this finding result along with the employee relationship with the customers is important in terms of retaining the satisfaction level in the customers. The organization must need to regularly check te employee behavior along with the courteous manner of dealing with the customers that would highly increase the satisfaction among the customers.
The knowledge about the core services and the products also play a key role in the satisfaction of the customers especially when the firm is dedicated to attaining the utmost level of loyalty among the customers. Therefore the customer service is the vital element in which the organization has to pay a close attention or regularly improve the competencies of the workforce in the organization as too for motivating both the employees and the customers. The tools such as the framework of the analytical CRM in the data gathering technique of the customers are required to bring the relationship at the friendly rapport with the customers in which the extra inquiries must not include in the design making for improving the intensity of te customer relationship with the organization. The customers must need to act upon the promotion including te discounts as well as the premium services of the facilities of the organization (Long, Khalafinezhad, Ismail, & Rasid, 2013).
In the end, it is concluded that the customers must need to have the encouragement as the dynamic flexible part of the organizational culture in which the CRM must be an essential tool for bringing the satisfaction among the customers in which the customer service play a key role in the loyalty of the customers. The purchasing intentions of te customer are positively linked to the model applied in the organization of the CRM in order to bring the utmost level of the strong relationship with the organization. The key aspect in this regard is that serious type orf the convenience strategy for the customer satisfaction is essential that would provide the feedback in terms of the core services they receive for the organization.
Evolution of Customer Relationship Management, Customer Satisfaction, and Customer Loyalty
Evolution of customer relationship management
A couple of decades ago, customer relationship management was not as popular as today. It has gone through a wide range of transitional events which ultimately made customer relationship management as an integral and most important part of the business. In today’s business era, no one can deny the importance of the customer relationship management. The role of the Robert and Kate Kestnbaum is important to introduce new insights into the customer relationship management. The utilization of statistical modeling to assess the customer and transactional data and communication with other customers is an integral part of such innovative steps in customer relationship management (Foxall, 2014).
For the time being, lot of software is being used in customer relationship management. The use of the software is common to process the customer and transactional information to derive meaning full conclusion from that information. The trends are settled and important information is derived to evaluate the results. There are diverse ranges of software that are being used in the customer relationship management. This software includes Oracle, CRM, and other legacy software. The use of the statistical analysis in customer relationship management was not common in past. However, in the current business era, customer relationship management is dynamic and agile. The information of the customers and their transactions is used to assess different trends in the market. These trends could be fluctuation in demand and supply as well as anticipation of the seasonal fluctuation in customer demands (Morse, 2015).
Evolution of Customer Satisfaction
The customer satisfaction at its early stages was not as much formal as today. Before the 1980s, the customer satisfaction was assessed with a mere interaction with the customer to investigate about the level of their satisfaction regarding the products and services they use. The majority of the emphasis was given on the products and service itself instead of the end users. Moreover, the logistics were also the center of importance. However, the paradigm shifted and companies put greater emphasis on the customers. They started figuring out the demands of the customers and the specifications and features that are most liked (Ebert, 2010).
They understood that the real success comes from fulfilling the demands of the customers. The end user is the key to the success. If you do not focus on the end users, the superior products and services cannot be made. That is why different business strategies used to develop. These strategies range from finance to marketing, human resources and alike. For customer satisfaction, different evaluation strategies were adopted to investigate the perceptions of the customers towards the products and services. For instance, questionnaire survey and application of the statistical analysis was an important step in that regard (Das, 2008).
The incorporation of the formal research process enabled the companies to assess the level of the customer satisfaction in and adequate and essential manner. Te customer feedback management and tracking are also given emphasis. These are important techniques to figure out that how the customers are responding to the products and services provided by the company.
Evolution of Customer Loyalty
The customer loyalty is important to retain the valuable customers to the business. The loyal customers provide a constant source of business. Therefore, organizations strive to provide a constant flow of loyal customers in order to preserve the financial conditions of the business. It is to be noted that nearly, 75% of the customers are enrolled in some sort of customer relationship programs offered by the organizations. This amount of the customers represents a significant number of customer populations throughout the world. The organizations also provide customer loyalty programs that are essential and adequate for the customers. The social media is an important factor that is needed to be utilized (Oliver, 2014).
Today is the era of communication and information technologies and lot of people have access to the internet. Thus, companies have recognized the importance of such mediums and are using in the customer loyalty program. The emotional attachment of the customers is important in order to assess their willingness to purchase the products or rendering the services. The social media surveys are being used in order to assess the level of customer loyalties. Thus, the use of the customer loyalty is an important part of the customer relationship management (Poynter, 2013).
The retention of the customer is a difficult task. The competition is tough and there are a large number of organizations that are striving to attract the customers with the offering of their own products and services. Therefore, the customers have the choice to choose among a large number of product lines that are available in the market. If the customer perceives that they are not getting the right product or service according to their demand, they may switch to other buyer or supplier. Thus, this will impact the financial position of the company due to lack of loyalty by the customers.
Proactive customer services
The companies are adopting a proactive approach to responding to the customers. This approach is essential in order to read what the customer demands and looking for specifications and features. They launch the products in the market that are up to the customer satisfaction. They are integrating different strategies in the business to provide state of the art services to the customers. For instance, the inclusion of the e-commerce channels in the business and their integration are important in that regard. There are different channels used in the realm of e-commerce. The use of the computers, PCs, laptops and other business applications and smartphones are being used (Quester, Pettigrew, Kopanidis, Hill, & Hawkins, 2013).
These applications must be integrated in an essential manner. The information flow regarding the customers and the transactions are important in order process the information. If information is available to a specific channel, it might hurt the transaction processing. Therefore, the companies emphasize on the integration of all channels. Therefore, this is also an important strategy for the proactive customer service and its availability.
Growth of loyalty programs
The research studies show that the loyalty programs are important to retain the customer with the business. The loyalty programs are offered in different types and natures. Different types of incentives and offerings are provided in that realm. The research shows that the 60% of the companies are using loyalty programs to attract the customers. These programs are quite important to retain the customers in the business. The customers are price sensitive and they are looking for the superior product specification and features. Thus, the loyalty programs are necessary for the organizations and the clients (Rajagopal, 2010).
Different hotels, clubs and other organizations exclusively provide loyalty programs that are based on the customer’s liking for the specifications and features. Therefore, it is important to note that such kind of initiatives must be taken in the realm of the customer relationship management. The loyalty programs are very popular in traveling industry. The frequent flyer programs are one of such strategy. The positive impact on the customers is to fly with the same Airline again and again. The company provides loyalty points which are important to attract the customers and stay in transactional relationships. The boutique hotels comprise 4% of the markets that are in the United States. The percentage of the customer in the market represents a substantial number of share in the market.
Customer satisfaction and investment
Customer satisfaction and Loyalty are interrelated and are often discussed and determined by the level of the prevailing strength of the relationship. Moreover, the role of the episodes in the relations throughout a customer’s and his/her life cycle are important that affect in that regard. Therefore, it is important to be noted that the companies can no longer only perceive and think about the ways to retain the customers. Moreover, one must understand that they think of the approaches that are continuously necessary to build the strong relationships in the process. If the lack of loyalty exists, it is sure that the service is longer being reactive to respond (Tarasi, Bolton, Gustafsson, & Walker, 2013).
The before according to Eloqua’s Kardon, says he is anticipating the emergence of a new paradigm. This paradigm depicts that the role of the customer in the level of success is based upon the consideration of the customer and manager relationship. The employees are the internal stakeholders and it is important that are so loyal to the company to focus on the product and services. Therefore, bonuses and salaries to customer retention are also seeing more and more viable in that regard. The employees will work with devotion and hard work. Thus, it is quite important to know that the role of the internal stakeholders is important in that regard (D’Antonio, 2010).
Influence of CRM on Customer Satisfaction & Loyalty
CRM has significant effect on the loyalty and satisfaction of the customers. CRM always focuses on the long-term orientation for the customers. The longer will be the relationship, the more will be the inward flow of the revenues. Thus, the financial condition of the company depends on the loyal customers. The loyal customers are also intact with the company and purchase the products and the services frequently (Sokolowski, 2013).
The customer relationship management always handles the customers with care. The management is always aware of the customer demand and its liking and disliking. They evaluate the specifications and features that are prioritized by the consumers. Thus, they respond to such prioritization and make the products and services viable to the customers. Therefore, Affective customer relationship management is an important component in the management of the customers for the sake of the business financial viability (Rai & Srivastava, 2013).
The management is able to take decisions proactively. Today’s era is fast and dynamic and business competition is tough. Therefore, customer relationship management plays crucial role in order to attract, retain and facilitate customers. The business management is aware of the customer’s preferences and specifications. Therefore, the management is in a position to produce the products and services according to the customer’s preferences.
Targeting profitable customers
The customer relationship management enables the management to keep a record of the key customers in the business. This provides an important source of information that is essential in order to provide special privileges to the key customers. For instance, the cellular companies keep an eye on the key customers in terms of the data usage and the volume limit. This implies that such kind of customers is loyal and special to the company. Thus, the management provides special programs and offers in terms of the incentives to the customers (CRM Switch, 2013).
The key customer is the backbone of the business. It is not a wise to lose such customers that are in long-term relationship with the company. They provide a constant source of revenues and always profit the company. However, it should be noted that always relying upon the long term customer is not a wise decision. The management must effort to have equal focus on all types of the customers. Therefore, the focus on the key and ordinary customer is important to be profitable in that regard. Moreover, following implementation plan is important for customer relationship management for customer satisfaction and loyalty (Morse, 2015):
- The customer relationship management always effectively responds to the customer queries and investigations. For instance, they focus on the inquiries that are inquired by the customer regarding new products, specifications, and features as well as new offering and programs. The CRM respond to customer inquiries and make the satisfied with the help of the provision of the important information in that regard.
- The personalization of the customer services is also an integral part of the CRM. The personalized services enable the company to provide deliverables with customization and according to the needs of the customers. The after sale services and customer support is also included in that package.
- Customer needs and requirements must be fulfilled. Major emphasis is needed to be given to the customer themselves instead of the products and services. This is important because the organizations sometimes give emphasis on the products and services itself; however, fundamentally these are the customer who utilizes such products and services. Therefore, tailoring of the products according to the needs and wants of the customer is an important consideration in that regard.
- Customization of marketing and its related activities are important in order to make the customer loyal. The customization of the marketing activities means that the marketing is done according to the specification and features that are liked by the customers. When customers will see that the products and services are the representation of the marketing they see in both the social and mainstream channels, they will be more likely to purchase those products and service. Thus, this is an important factor to be understood.
- Multichannel integration means that all online and brick and mortar Channels must be integrated with each other. The information regarding the customers and the transactional data must be shared on all channels. If the information is missing in one or multiple platforms, the business processes might be affected adversely. Thus, the integration of the e-commerce and other channels in the company is necessary.
- The efficiency of the time required to contact the customers is important. The customer must be contacted as early as possible and delay in contact is needed to be avoided. The time efficiency is thus important in all of the aspects. Time is an important factor in business. Therefore, it is important to note that the intimate responding to the customer are quite important in all of its aspects in CRM.
- Customer empowerment means that the customers are well aware of the products and services. In that realm, the employees of the company are important to make the customers fully aware of the product’s specifications and features that are required in order to make purchasing decisions. Thus, the customer must be empowered with complete product knowledge along with its specifications and features.
can be concluded that CRM, customer loyalty,
and customer satisfaction has come up a long way since the time of its
inception. The major benefits of the customer relationship management are
improved products and services. Te role of the feedback process is important to
find out what sort of product and service features are needed by the customers.
The management of the company is in a position
to figure out such specification and respond accordingly. Thus, it is important
the real benefit of the customer relationship management must be provided to
the end users.When customers
provide feedback regarding the products and services, the customer relationship
management responds to such feedback and develops the goods and services
accordingly. Thus, it is quite important that effective
customer relationship management must be implemented. The loopholes in the practices could be toxic for
the effective evaluation and
implementation of the customer loyalty and its practices.The stiff completion is also a major force behind the acceleration
of the customer relationship management. The rivalry among the competitors to
gain market share force the organizations to engage in positive CRM.
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