Role of Social CRM (Customer Relationship Management) in Customer Retention: A Quantitative Investigation

Abstract

Customer Relationship Management (CRM) is the perfect blend of people, processes and technology aimed at understanding customer needs to support business strategy and build lasting customer relationships. To remain competitive in the current economic climate, businesses can benefit from better customer relationship management. As more organizations recognize the need to be customer-centric in today's competitive economy, the combination of IT and relationship marketing enables building long-term customer relationships at the enterprise level. It also helps to build a foundation to Customer-centric practices and the use of customer relationship management in businesses and industries. To achieve efficient and successful customer relationship management, more and more companies are using customer-oriented strategies, techniques, software, services and innovative approaches. Organizations are realizing the need to have a deep and complete understanding of their customers in order to build strong partnerships and collaborative relationships with them.