Four Elements of Customer Relationship Management

In association with
11th Dec 2000
This paper argues that CRM can be defined by four elements of a simple framework: (1) Know: understand your markets and customers (2) Target: develop the offer (3) Sell: acquire the customers (4) Service: retain the customers. The paper then goes into detail about what CRM has to offer, and addresses the question, "Why now?". Finally, the transition from product-led business to customer-led business is discussed, and six management steps are suggested: developing the strategy, analyzing information, identifying needs, defining change, building the future and measuring results.

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