Science, Innovation, Technology and Entrepreneurship series
Edited by Dimitris G. Assimakopoulos, Ilan Oshri and Krsto Pandza
Chapter 17: From Web 2.0 to Social CRM: the place and value
Since 2000, contemporary information and communication technology (ICT) as an emerging phenomenon has suggested several enhancements and provisions for the traditional customer relationship management (CRM) systems that have already been deployed, and for those on the verge of being implemented. The sole reason behind this strategy has been to better organize customers and proficiently manage them (acquisition, retention, and so on) (Rodriguez and Honeycutt, 2011; Xiong et al., 2011; Gebert et al., 2002). CRM systems were devised in order to streamline the processes related to marketing, sales, services and various other activities which involved customers. Therefore, the CRM system, a part of the enterprise’s CRM strategy, is the core element for maintaining and managing customer information. For years, CRM systems have been counted as one of the many technological facilitators for simulating and revitalizing CRM strategies. The main aim of CRM strategy is to try and administer customers’ behaviour and transfigure customer relationships into profitability. It also involves collecting customer data and monitoring customer transactions to determine customers’ thought process (Feiz et al., 2011; Nambisan and Baron, 2007).
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